Costly medical bills, the potential need for nursing home care, the possibility of dying, and the need to provide security for a surviving spouse are a few important reasons to get financial affairs in order.
Just as people usually get to a point where they need a health care representative to make decisions when they can’t, it’s wise to appoint someone to make financial decisions should that time come.
Planning ahead ensures that family members will be provided for in the manner of your choosing.
Fill in this form and one of our caring staff will get back to you.
Planning for care
An important concern in later years is whether expenses for one spouse will gobble up resources and leave a surviving spouse with not enough money for their own needs.
Medicare
Medicare is the federal government’s insurance program for older adults and those with disabilities. Medicare will pay for limited time in a nursing home provided 24-hour nursing care is required. But people who need long-term assistance and those who need non-medical help such as preparing meals, doing laundry or remembering medications must pay for this care out of their own pockets. This can get very expensive!
Medicaid
Medicaid is the federal government’s program designed for low-income individuals. Sometimes it can be enlisted to pay for extra-care needs. Many people enter a facility as private-pay clients and eventually exhaust all their assets. At that point, they qualify for this program. Medicaid typically covers what Medicare doesn’t. However, choices of facilities are extremely limited when on Medicaid. Qualifying for this low-income program involves specific formulas for countable assets (bank accounts, stock, property) and exempt assets (house, car, belongings).
Long-term care insurance
Lon-term care insurance is an alternative that may help you protect your assets. This form of insurance is designed to pay for skilled and unskilled help for a long period of time. Depending on the terms of your policy, you may receive care in your home, in an assisted-living setting, in a residential care setting, or in a nursing home.
Long-term care insurance is not for everyone, however. It can be very expensive, especially if you are already ill. Unfortunately, the best time to enroll in long-term care insurance is while you are relatively healthy. Age is also a factor. The younger you are, the lower the premiums, but the longer you will likely be paying them. If you would qualify for Medicaid within six months to a year of paying for services on your own, long-term care insurance is generally not considered a worthwhile investment.
Long-term care insurance typically has many restrictions. Shop around carefully for a policy that meets your projected needs. It is not unheard of that a family has paid premiums for years, only to find that the particular circumstances of the condition are not covered by their policy.
Each state has a State Health Insurance Assistance Program that can offer tips and advice about the purchase of long-term care insurance. Contact the federal Eldercare Locator program toll free at 1-800-677-1116 to find the State Health Insurance Assistance office closest to you.
Power of Attorney: Someone to handle your finances, just in case
During the course of an illness, it may become difficult to get to the bank, file taxes, go to the assessor’s office, or balance the checkbook. Yet to protect you, most financial institutions will not discuss your finances with anyone who is not listed on your account. These circumstances can become a significant problem if you become homebound or bedridden. To alleviate this quandary, consider choosing a trustworthy person to be your “durable power of attorney.” Once you have made your choice, legally all you need to do is fill out a durable power of attorney form available at any stationary store. Be sure to find out if it must be notarized to be valid.
Giving someone power of attorney means that person has the right to make financial decisions in your place. For this reason, you must choose the person with care. If you have any doubts about the individual you have in mind, hold off on making a final decision.
Giving someone power of attorney, however, does not mean you lose control of your finances. You can continue to make all decisions and carry out all your transactions as usual. But if something happens to you and you become incapacitated, the person who has durable power of attorney may act in your stead. You have the option of limiting the person’s rights to managing your banking, taxes, or specific accounts.
You may also revoke durable power of attorney at any time. Simply send a written notice to each of your financial institutions and consultants. (The word “durable” does not mean “forever.” It simply means that if you become mentally incapacitated, e.g., from a stroke or Alzheimer’s disease, the person may continue to make financial decisions for you.) Until a durable power of attorney is revoked, it remains valid as long as you are alive. At such point that you pass on, however, the person serving as your durable power of attorney will no longer have access to your assets or decision-making rights regarding your finances.
Some people choose to open a joint checking account with the trusted person, which is a less-formal arrangement than durable power of attorney. This enables the cosigner to write checks after the death has occurred, which can simplify tasks such as bill paying. This setup does not allow the person to sign your taxes or conduct other legal transactions for you. If you decide you want to change the arrangement, however, it may be a little more difficult to revoke shared access to a joint account than it would be to revoke a power of attorney. Plus, unpaid debts of either of the co-signers could impact the credit of the other.
A durable power of attorney can only be granted while the individual who is ill is still mentally sound. If you have a terminal illness, there will likely come a time when you will not be able to make decisions for yourself. Without a durable power of attorney in place, especially if you are not married and you become mentally incapacitated, the courts will need to appoint a guardian to make financial decisions for you. This person might be a family member or a professional guardian.
Wills and living trusts: In the event of your death
The need to protect your partner is a key reason to get your financial papers in order. You will want to be sure that he or she is not left high and dry, especially if you are living with someone without being married. Inheritance laws do not acknowledge unmarried couples; thus, you must specifically stipulate your wishes regarding your house or other assets. This is particularly true for same-sex partners because surviving family members may not be aware of the partnership or may be unwilling to respect the union.
Everyone over age 18 should have a document that designates whom they want their assets to go to in the case of their death. Generally called a “will”, such papers also can describe who are to be the guardians of minor children in your custody. If you do not have a will, state law will divide your property according to its own formulas. It will even appoint a guardian for your children if their other parent is not able to care for them.
To be legal, a will must meet these requirements:
You must be mentally capable at the time that you create it.
The document must state specifically that it is your will.
You must sign and date the will in the presence of as many as three witnesses.
The witnesses must sign the will. They are not required to read the document. Their signatures simply affirm that they know it is you signing the will and that you were of sound mind when you created it. The people you choose to be witnesses should not be people who will be receiving assets from your estate.
It is advisable that you choose someone to be your estate’s executor—the person who will manage the distribution of your assets. Give a copy of your will to this individual and keep a copy at home and perhaps one in a safe deposit box.
After death, a person’s estate usually goes into probate, which can involve inheritance taxes and other expenses. It will also take time to distribute all the person’s assets. To spare survivors this ordeal as well as save on taxes, some people choose to make a revocable living trust. This document is similar to a will in that you can determine who receives what after you die. However, it is quite different than a will because you remove your name from your property while you are still alive and put all your assets into the trust.
The laws governing living trusts are very complicated; composing a living trust that truly meets your needs requires the skills of a lawyer. Not surprisingly, living trusts can be expensive. (Beware that there are many online living-trust scams that offer low-cost kits or paperwork. A trust really does need the personalization only an attorney can provide.) One advantage of a living trust is that you spend the money and devote the time to setting it up before you die or are incapacitated, thus sparing your survivors these expenditures. If your estate is not very large, however, a living may not be worth the expense.
To help you learn more about financial decisions and estate planning, Nolo Press, an organization dedicated to “putting the law in plain English,” also has an online encyclopedia with free articles explaining wills, trusts and estates.
Our family worked with Marsha Raines of Aging Well Rochester at a crucial moment when our mother was experiencing a decline in her physical capacities after living on her own for most of her adult life. Marsha was our guiding light throughout the process: explaining, with compassion, the various options for Mom; guiding us through the application process for both rehab and long-term care; and ultimately, settling Mom in at her wonderful new home where she is safe, comfortable and happy. I wholeheartedly recommend Aging Well Rochester!
Was connect with Marsha from Aging Well Rochester while searching for assistance with understanding the system and what is needed for elder parent. Marsha provided me with information, guidance, and took the time to explain differences between assisted living, independent living, and what questions to ask while interviewing for a new home for my mother. Valuable information. Marsha continues to follow up to assist if needed. Very pleased and so glad found Aging Well at a crazy time.
Coming to grips with a parent's decline and figuring out how to meet their needs can be a terribly stressful ordeal. Marsha and her team made it vastly less so. Marsha's calm demeaner, wisdom and professionalism were invaluable during the 8 months during which my father's needs were rapidly changing. She has a wealth of knowledge about resources available in the community and was able to bring them to bear quickly. I will be eternally grateful for the emotional support she provided during the entire journey.
At a time when you don't know what you don't know, Marcia knows! She asks the right questions, narrows the choices, and provides direction. She definitely helped us feel more confident as we moved forward, and she was thoughtful enough to follow up to be sure we were making progress. Highly recommend.
Marsha's experience and knowledge are invaluable to our family during this difficult time! We can now take the necessary steps for our parents' care with confidence. Extremely helpful!
Marsha and staff were exceptional in their guidance though the difficult and unfamiliar journey of finding quality care for our aging parents. For over three years, they were able to anticipate needs, advocate for our parents, and provide support for them through various crises. We are so thankful for their expertise and compassion through all the changes. We highly recommend Aging Well Rochester to anyone seeking help with aging loved ones.
I just want to thank Aging Well Rochester for their assistance to complete an urgent PRI for my stepmother and also one for my father in case we needed it. The nurse went above & beyond to do that for us as we fortunately found a bed quickly for my stepmother. All went well & she is now receiving wonderful care at St. John's Home. Thank you Marsha and your staff - you made a difficult situation much easier.
Marsha Raines was incredible--responsive, caring and very knowledgeable. She helped me navigate options and provided excellent counsel. I highly recommend Aging Well to you if you are facing a difficult and emotional situation with a loved one who needs ongoing medical/rehabilitation placement and services. Marsha exceeded my expectations. Christine L.
Our initial consultation with Marsha Raines was very informative as it provided our family with a starting point concerning a long term care plan for our aging father. Her knowledge, experience and compassion allowed her to assess where each of us were in dealing with the emotional stress of the situation and provide recommendations to get us moving in the right direct with a long term care plan. Marsha helped us narrow our focus to ask the right questions regarding our next steps in care for our father. Thank you Marsha!
We were exceptionally fortunate to have Marsha Raines of Aging Well Rochester assist us in placing my wife in an appropriate facility. She guided me through all the paperwork, answered every question I had and resolved every impediment that we found in the process!Thanks so much Marsha!
We received great service from Marsha. Highly recommend. Navigating rehab and long-term care can be daunting. Marsha breaks down the ins and outs and helps bring the family to consensus on the best next steps.
Our family reached out to Aging Well Rochester for an understanding of the options and to seek clarity as to next steps for our elderly father regarding his future care. Marsha provided our family with the assistance, guidance and resources necessary to make a decision that was best for our father. Marsha's response to e-mails and phone calls was always in a timely manner and we truly appreciated all of her knowledge and expertise and would not hesitate to recommend Aging Well Rochester!!
Marsha understands the world of aging and the decisions that need to be made. She has both the education and experience to navigate a complex system to secure the best care as well as the expertise to guide throughout the process. My wife and I are grateful for her depth of knowledge, experience, skill, and compassion. We plan to use her as a resource for years to come!
Marsha Raines and her team have been a gift to my family. I'm on the West Coast, and her local knowledge has been extremely valuable in locating care options and knowing what to look for. Her direct style does not shy away from talking about tough issues, and in fact, makes it easier to devise a care plan. Marsha is a gem.
I truly appreciate the advice Marsha has to share. She has a great way of putting things into perspective and knows her stuff! Thank you for the advice, help, and input while trying to figure out the next steps with my parents.
I hired Marsha Raines to help me find the best Nursing Home for my husband. She was professional, quick to answer any questions I had, told me all I needed to do, and quick find him the right place. She was extremely helpful and compassionate with this difficult undertaking . I highly recommend anyone searching for a home for their loved one call Marsha before doing anything else!
Marsha level of expertise in this field has been tremendous. She explained the changes that occurred in the nursing homes industry. She took the time to research nursing homes for me and this afforded me time to focus on my mother's medical needs. I found Marsha to be resourceful and committed to helping me through this difficult time. I would highly recommend her service to you.
We moved our mom to a memory care residence, and in just a few short weeks we realized that it was not the right place for her. Distraught that we had made a horrible mistake, we needed help. I contacted Marsha and she met with our family to help sort things out. She took our concerns seriously, consulted with other industry professionals to assess our mom, and found us a better place for her. Just two weeks later we were able to move mom to a wonderful residence that cares for her properly and gives us all peace of mind. We are so grateful for Marsha and her ability to navigate the challenging world of eldercare on our behalf.
My husband, Bradley, needed to be moved to an adult home due to my inability to continue caring for his needs. I had no idea where to turn until Marsha Raines name was given to me. It is very difficult to navigate this process while you are under stress and her kindness and actions got the process started making it much less painful. I highly recommend her for her insurance knowledge which was extremely helpful to me.Mary Ellen Hindson, Rochester, NY
Marsha Raines assisted our family through the most trying time of our lives with Mom. She was extremely knowledgeable about placement, finances local care available and placement. She was personally involved in contacting the care facility to assist in mom getting placement.Her recommendation of the Presbyterian Home was spot on. All grants recommended came through and we were able to continue her care until she passed away.Thank you Aging Well. I would recommend her services highly.
My parents needed more assistance than I could give working full-time in another state in 2015. They were facing medical issues and needed to move out of their beloved home of 60 years. Since then, Marsha and her team have been instrumental in supporting my parents, and me, through good times and bad. They arranged movers, set up and attended doctor appointments, arranged for aides and companions to assist my parents in living safely and independently, and checked in on them to be sure they were comfortable and happy. Marsha has been an incredible resource to me, providing information and advice when needed in a direct yet sincere manner. I feel relieved to know that Marsha is there to help when I can’t be, keeping me informed, and checking in when needed. She is an incredible resource and advocate for the elderly and their families.
I contacted Marsha two weeks ago. I quickly learned that a PRI, exam to determine the level of care was needed to go into a nursing home. I was given 10 local agencies that could do it. I chose "Aging Well". Marsha was so personable on the phone, getting all the fact. She was able to arrange the exam in 5 days. The nurse showed up on time and my aunt chatted away. Two days later I got an urgent call from my aunt begging me to find her a new place immediately, she had a horrible weekend and wanted out. So, I called Marsha back that same day and asked her to take our case on and help get my aunt placed ASAP. She was pleased to help. She sent me the 3 applications to the facilities my aunt wanted by the end of the day. She kept in close contact with me the next couple of days with words of encouragement while I scrambled to get the information. I submitted the first one. Marsha personally went into the facility and spoke to the intact person giving her more details of my aunt. 5 days later, I moved my aunt into the facility she wanted. Here is a photo of her reaction. Marsha is focused, very knowledgeable, explains the process well, upbeat and is very encouraging. I would work with her again in a heart beat. She is the best.
I have worked with Marsha for 5 years now and have been consistently impressed with her diligence and dedication to providing top notch innovative and caring service. She creatively reaches out to others in the community to put together programs that will provide her clients with the high quality care they need and deserve. She is an extremely responsive and creative care manager!
I have been working with Marsha since 2008 planning for the aging process and various transitions for my parents.She has always been incredibly helpful, knowledgable and available. Over the years she has grown the organization, but still maintains that level of support. Her manner is caring and supportive yet direct, a quality that I have found very comforting and helpful during stressful transitions. I can't recommend highly enough.
Aging well Rochester did an AMAZING job of helping my family deal with my experience and Hospitalization with Covid 19. Marsha worked with my children and family and the hospital staff to make sure that I would receive the care needed upon my return home. I can't thank them enough for making this experience as easy as it could be.
Living more than 500 miles away from Rochester, visiting my mother as often as we would like was a challenge. Luckily I found Marsha Raines and her colleagues at Aging Well Rochester. Their visits to my mom were so frequent and warm that the staff at the nursing home thought they were family! Actually that's how we think of them. In addition to the care and support for my mother, the feedback and advice Marsha and her colleagues provided us was always timely and helpful. I consider the day I found Marsha to be one of my luckiest. I can't imagine the last few years without Aging Well Rochester! Thank you for enriching my mother's life and ours.