Indiana Estate Planning & Elder Law

Friends of the Firm Friday - JDog Junk Removal & Hauling

 

JDog Junk Removal & Hauling recently sat down with our Medicaid Paralegal, Lisa Burris to share about their business and how their services may still be utilized - even during a current global pandemic. 

This junk removal and hauling company specializes in estate clean outs, clean outs due to hoarding, and senior downsizing.

Exclusively owned by military veterans and veteran family members, JDog Junk Removal is a national franchise. The Indianapolis JDog Junk Removal & Hauling location is owned by Patrick Cummings, a United States Navy Veteran with more than nine years of active service. Cummings operated JDog Junk Removal & Hauling - Drexel Hill Pennsylvania beginning in 2016, however he desired to return to his hometown of Indianapolis and relocated in August 2017.

JDog Junk Removal & Hauling emphasizes doing each job correctly the first time. Their team puts an extreme emphasis on the company's core values: respect, integrity, and trust. 

• When members enter a home, clients can expect that their dwelling and belongings will be respected.
• The price a client is quoted is what they will pay.
• When the team at JDog Junk Removal & Hauling leaves a client's home, it will be swept clean and free of clutter.  

JDog Junk Removal & Hauling serves Marion County and surrounding counties including Anderson and Lafayette.  You can reach them by calling (317) 719-2420.

Written by:  Lisa Burris

Recent Trends in Senior Living

The traditional senior housing market is undergoing a profound change. In 2018 senior housing occupancy fell to an eight-year low, even as the senior population continues to increase, as competition for the younger baby boomer market is ramping up and forcing a change to more traditional independent and assisted living options. Active adult concepts like Margaritaville are addressing this market segment that is turned off by the idea of "senior living." Atria Senior Living is in a joint venture with Related Companies to build $3 billion in senior luxury housing in major metro areas while overall multifamily development with an intergenerational mix of renters is also fragmenting the traditional senior housing market. Occupancy challenges in traditional independent living and assisted living communities are also finding the retention of a reliable workforce to be a continuing challenge. The truth is that the advent of smart home technology and on-demand services ordered via a smartphone, as well as home care aides,  are enabling apartment and single dwelling living for more extended periods than ever before. Younger seniors tend to want to age in place for as long as possible. 

Medicare Reform in Skilled Nursing Facilities

In the skilled nursing arena, Medicare fee-for-service payment reform brings forward three major provisions: the change to the case-mix classification system, the skilled nursing facility Value Based-Purchase Program, and the skilled nursing facility Quality Reporting Program. The case-mix model focuses on the patient’s condition and resulting care needs rather than the number of care services provided to determine Medicare payment. The Value Based-Purchase Program shifts the Medicare payments from volume to value driven. Finally, the skilled nursing facility Quality Reporting Program is designed, through innovation, to provide meaningful, quality measure reporting, a reduction of paperwork, and a lowering of administrative costs.

New Approaches to Senior Living Needs and Services

These and other changes in Medicare are helping to create an influx of capital into the senior care market incentivizing innovative partnerships and cross-continuum service development. Investors and providers will be partnering with Medicare Advantage payors, retail giants, home health, pharmacies, technology, and other provider groups to reinvent and manage the quality and cost of senior care housing, products, and services. This influx of investment capital combined with technology is destined to create fresh ways to approach senior living needs and the services that provide for them. Web-based platforms and data analytics software continue to address the battle for the retention of the health care workforce while Telehealth solutions are enabling elders in rural markets to reach providers and connect with specialists. Voice recognition software is increasingly being integrated into resident units whether they are private homes or pay for service facilities. Partnering opportunities and joint ventures will continue to create new service models that will, in particular, meet the needs of home and community-based services.

Data-driven Marketing to Children of Seniors

When aging in place is no longer a viable strategy a senior is faced with where to go next. Marketing senior housing to the younger baby boomers is changing, and it is data-driven. In particular, the adult Gen X children of these seniors are helping their parents to make informed decisions, and they typically get their information from online sources. Social media has become a tech tool replacing older marketing models of senior housing communities. Operators can tell their stories, address negative reviews, promote positive news items, and create conversations. Gen X adult children will be looking to social media platforms to get real and varied opinion to validate their parents’ choices.

As Medicare Advantage increases its integration in the overall health care system, data collection and its conclusions are more critical than ever. Potential residents will also be addressing concerns about health care data. More data is being gathered than ever before by Centers for Medicaid and Medicare Services (CMS) on hospital readmission rates, the prevalence of falls, and other related health information and consumers will demand to know what these statistics are before entering into a contract with a senior living community.

A Competitive Senior Living Industry

Seniors are being presented with more living options than ever before and the competition for their dollars will keep providers in the senior living industry highly focused and fiercely competitive. Questions facing seniors include: How and where do you want to live as you age? Are you well informed about the changing options available to you? Do you have a plan in place that is legally documented for the stages of your senior life? Hunter Estate & Elder Law in central Indiana can help. Contact us by calling (317) 863-2030 in Fishers or (765) 569-1060 in Rockville and let’s start planning together.

Changes in Assisted Living

With changes in medicine, technology, and socioeconomics, it’s no surprise that assisted living is changing, too. The rising cost of assisted living means that some families are looking to new alternatives, while those who consider traditional assisted living have new options to consider.

In-Home Care

Alternatives to assisted living include multigenerational housing and in-home care. As these options become more popular due to the rising costs associated with other, traditional options, the home health care industry will boom in response; the Bureau of Labor Statistics predicts job growth of 70% in the next ten years for personal care aides and home health care professionals. Technology designed to assist in senior care will likewise play a role in alternatives to assisted living, from computer systems tracking medicine intake and remotes for windows, lights, and thermostats to reminiscence therapy and memory care to assist those suffering from dementia. And not only will technology designed for individual use continue to develop, so will platforms for home care agencies and other professionals engaged in the long term care process.

Alternative Senior Housing 

Meanwhile, the nursing home model of care will continue to decline, while other forms of senior living will take its place. These will include cultural- and lifestyle-based communities, green senior housing like LEED-certified homes and communities, senior-friendly neighborhoods in city centers, and senior co-housing with shared spaces and shared duties. Assisted communities are likely going to emphasize meaningful socialization and recreational activities, while the buildings themselves are likely going to include amenities that remind Boomers of home and improve their independence, such as kitchenettes. Certain design trends may arise for enriched living experience and wellness enhancement, from restaurant-style dining to wellness centers. 

These changes are a part of the trend of a widening gap between the increasingly pricey assisted living options, and what people can pay for their long term care. As life expectancy lengthens and the quality (and therefore price) of assisted living rises, many will find the costs post-retirement to be beyond their means. That is one of many reasons why it is so important to plan in advance! There may be government programs available that can help with the costs of long term care.  Hunter Estate & Elder Law can help you to understand all of your options in long term care and planning. Contact our central Indiana office today by calling (317) 863-2030 in Fishers or (765) 569-1060 in Rockville to schedule an appointment.

See these articles for more details.

• A Place for Mom
• The Senior List
• Assisted Living Facilities

Staying Mentally Sharp as You Age

Age comes with wisdom. Unfortunately, it also comes with some forgetfulness. Fortunately, there are things you can do to keep the brain sharp, small daily habits which can reduce the risk of cognitive decline. Four key factors in staying mentally sharp are explained below.

1. Exercise

Exercise is one such daily habit. It increases blood flow, and thus oxygen to the brain; it also protects brain cells against destructive chemicals in the environment. Exercise also supports the production of new brain cells. Furthermore, research in the 2000s showed a relationship between cardiovascular risk factors and Alzheimer’s. Anything which can impair blood flow can cause strokes leading to cognitive decline, otherwise known as vascular dementia. The same activities that one would consider as beneficial to the heart, such as regular exercise, can therefore also be effective in protecting the brain. And, of course, there are other benefits to exercising regularly: it helps with energy levels, decreases anxiety and depression, and can help with sleep.

2. Sleep

Sleep is another factor to maintaining a healthy mind. But as many as half of adults 60 and older are affected by insomnia, which can result in memory loss, depression, and other symptoms. It’s important, then, to pay attention to sleep hygiene and sleep schedules to ensure sufficient duration and quality. If it takes more than 45 minutes to fall asleep, or you have trouble staying asleep, it may be worth looking into treatment.

3. Eating Well

Eating well is another way to protect the mind. It’s important to ensure you’re getting enough vitamins A, B, C, D, E, folic acid and niacin. The USDA and the HHS describe two eating plans: the USDA food patterns or the DASH Eating Plan. Foods like nuts, fish, and wine have also been linked to a healthy brain.

4. Mental Exercise 

Art, music, reading, writing, learning, and puzzles… these are also good for keeping the brain sharp. Art has been used as an Alzheimer’s treatment and to restore memory; and arts maintain and improve dexterity and fine motor skills! Adult coloring books have become popular in recent years, and can be found in many stores and online; watercolors and pastels are also relaxing.  Meanwhile, music has been linked to improved memory and cognition, and can both elevate your mood and lower blood pressure. Learning and intellectual challenges like puzzles exercise the brain and improve its capacity. Mental exercise is thought to maintain and stimulate brain cells. This includes pursuit of hobby, learning new skills, using brain training apps, or taking on other new kinds of projects at work.

Contact our central Indiana office to learn how we can assist in your long term planning.

Read more at:

• https://www.aginginplace.org/digital-and-trend-forward-games-for-seniors/
• https://time.com/4931877/keep-brain-sharp-prevent-alzheimers/
• https://www.health.harvard.edu/healthbeat/7-ways-to-keep-your-memory-sharp-at-any-age
• https://www.aplaceformom.com/blog/10ways-to-keep-the-mind-sharp/

Ways Seniors are Embracing Technology

Technology is providing seniors with a multitude of applications to improve their health, lifestyle, safety, and entertainment. While the younger generations may think these older Americans are the equivalent of technology dinosaurs, the truth is mid-life, and older Americans are becoming more digitally connected than ever before. The largest tech participating group of these seniors is generally more affluent and has higher degrees of education than their counterparts. Seniors with more limited incomes and lower levels of educational attainment are the most notably absent group in the digital divide between younger and older technology users.  Seniors are embracing technology in the following five manners:

1. Smartphones and Related Apps

Smartphone ownership and its associated application (app) usage, social media, and online gaming continue to increase at a rapid pace with a full 91 percent of technology users 50 or more saying they use personal technology devices to stay in touch with family and friends. Texting by seniors (86%) has become as pervasive as email (87%). Smartphones are also a handy tool for planning optimal routes to and from locations as well as receiving up to the minute traffic information. Simply put, older Americans now leverage smartphone use in much the same ways that its younger counterparts do and in some ways, seniors (aged 60 – 69) are leading the charge in smartphone use to manage their medical care. Online banking and money management are becoming more prevalent with senior users as they become educated about and employ privacy mechanisms to protect their identity and assets in an online and cloud storage world. 

2. Online Learning

Online learning is prevalent in the senior demographic. An AARP survey shows 23 percent of older adults embrace online learning by taking classes for certificates, obtaining degrees, and how to Do It Yourself (DIY) tutorials. This percent of seniors in online learning is likely to continue its increase as mental agility and longevity become increasingly important due to the alarming rise of dementia disease in the aging population. While there is no direct evidence linking online learning to the staving off of dementia, it cannot hurt a senior to continue with lifelong learning as it may provide a sense of control and well-being during their good years. 

3. Virtual Reality

The use of virtual reality in VE, virtual environment, is also on the rise for seniors. The growth rate is currently about 4 percent a year with 13 percent of adults aged 50 or more engaging in the technology. Nearly 90 percent of all virtual reality headsets are smart and mobile phone based. The ease of porting a smartphone into a headset which operates as the screen makes virtual reality a compelling tool for aging seniors. While it provides immersive realities for gaming entertainment, it also can give extensive exploration opportunities for those seniors with limited mobility. Imagine a senior who cannot walk being able to experience a tour of the ancient Greek site the Acropolis, enjoying a virtual scuba dive in the Great Barrier Reef, or taking part in a guided tour through a faraway museum without ever leaving their home, wheelchair, or bed. The mental stimulation and joy it can bring are just beginning to be tapped for the senior market. Virtual reality (VR) is projected to impact the gaming industry more profoundly than any other industry, and gamers include the senior market in a balanced way comparative to different age groups.

4. Wearable Technology

Wearable technology is gaining popularity among the senior market. They include products like smart watches, smart jewelry, fitness trackers, even smart clothing. While being worn, they provide intelligent assistance that can augment memory, intellect, communication, creativity, and physical abilities and senses. They also come replete with challenges such as interface interferences, power requirements, network resources, and privacy concerns. Wearable fitness trackers are becoming commonplace in assisted living, and nursing facilities as the technology will alert medical staff when a patient’s vitals are outside of their norm even if that worker is engaged in other tasks. 

Worldwide, corporations are very interested in wearable technologies, particularly as it relates to medical issues. Some seniors who would not qualify for implant surgery because of pre-existing health conditions might be able to use a wearable pacemaker rather than having a surgical implant procedure. Other techniques for nonsurgical intervention include smart patches and electronic tattoos that can regulate dysfunctional systems in the body. For those seniors who can tolerate implant surgeries, new and innovative ideas for micro device implants are bringing forward the concept of the transhuman. Transhuman is defined as a standard biological human being who is augmented by implants that might provide improved intelligence, awareness, strength, or durability. Even in the absence of a serious health issue, implants may soon be able to enhance the medical monitoring of seniors in their daily lives. Think of it as a highly accurate fitness tracker implant. These implants in “transhumans” may be able to observe developing physiological and psychological trends and predict adequate responses to health changes in aging adults. 

5. Video Games

Finally, the video game industry is one of the fastest growing sectors in the US economy. Annual sales in the gaming vertical of “techenomics” have reached $23 billion and are projected to continue to increase. While some of the games seniors are playing online are in the hopes of keeping memory and brain function in good working order, 38 percent of adults aged 50 or more are video gamers purely for entertainment purposes. While these games may provide entertainment and human connection (in situ or online), they also may share cognitive, and brain benefits as well as the senior adapts to ever-changing game scenarios, updated versions and expansions of online games. 

It is projected that seniors will continue to increase their exposure to and use of technologies at many levels. Development to meet the demands of senior needs coupled with their purchasing power will drive the technology industry for decades to come in ways that are not even imagined yet. For now, aging Americans are embracing technology and the benefits it brings to their lives. 

At Hunter Estate and Elder Law, we help clients in central Indiana plan for the future. Contact our Fishers office at (317) 863-2030 or our Rockville office at (765) 569-1060 today to discuss how we can assist with your planning needs.

 

Crowdsourcing Site Helps Seniors Research Retirement Destinations

While aging in place is very popular among the baby boomer generation, about one-third of those retirees would choose to live elsewhere. The family remains the most significant factor when deciding where retirees live, followed by the general livability of an area and desirable weather conditions. The decision about where to live should be a high priority as you approach retirement age. According to www.AgeFriendly.com, two out of three retirees feel they did not do the necessary in-depth research when determining where to live out their retirement years. Three out of four of the same group of retirees indicated that an online tool such as Age Friendly Advisor (a section of www.AgeFriendly.com) would be handy to determine what a location is really like from its current residents. This online crowdsourcing site designed for those aged 50 or more allows the user to tap into advice about good cities to live in, get care, and even get a retirement job to improve and enhance the quality of life.  

Utilizing a User Review Approach

This user review approach is similar to other sites where consumers can give product reviews and read opinions about the product before purchasing. This approach provides an “upvote” function that allows easier navigation of the more popular and valuable topics addressed. Age Friendly Advisor answers questions for three distinct purposes: everyday living, working and volunteering, and caregiving. The living section helps older adults connect with available resources, engage with one another and communicate with their city or town. The working and volunteering section connects the user to a list of age-friendly employers and businesses including customer/employee reviews and job listings. The caregiving section is for those who opt to age in place while staying connected to their communities. The cities and towns support of the elderly community are assessed and rated by Age Friendly Advisor. As a location becomes responsive to their older citizens, the steps taken to improve their support is recognized.

Free Information for Seniors

This website is part of a larger corporate entity known as Age Friendly Ventures, and the use of and information from their websites are free. Age Friendly Ventures operates other retirement friendly sites such as RetirementJobs.com and MatureCaregivers.com. The sites are all geared toward persons age 50 or more and support the mission to fight ageism and provide resources for a successful aging experience. “When managed well, user-contributed reviews reveal an extraordinary wisdom of the crowd,” Age Friendly Ventures founder and CEO Tim Driver said in a statement. “Just as consumers read and give product reviews on Amazon and restaurant and hotel ratings on Yelp and TripAdvisor, Americans can now go to agefriendly.com to read and publish crowd sourced reviews tackling complicated topics around aging.”

Supported by Senior Living and Corporate Entities

Age Friendly Ventures and their subsidiary websites currently enjoy the support of at least one major senior living operator and other corporate entities. More will surely follow as these websites gain traction on influencing the process of and choices about aging. Sponsorship and brand exposure to the baby boomer (and older) community while providing them with a reliable and free set of information services is destined to become more popular as the corporate world chases retirees’ purchasing power and retirement dollars. Finding trusted information about health and wellness, lifestyle and retirement options with the bonus of user reviews can help a senior successfully navigate the many options available to them and make an informed decision.  

Gathering trusted peer-reviewed information from sites like agefriendly.com is one of the first steps to take in your plan for successful aging. Your choice may lead you to a new state or just a new town. Wherever it takes you, a trusted elder law attorney can help you review your plan and make any necessary adjustments. Contact our Fishers or Rockville office today and schedule an appointment to discuss how we can help you with your planning.

 

Succession Planning for the Family Business

Identifying a successor is the first step in the planning process. Many owners of family businesses turn to an adult child, a grandchild or other relative to take over the reins.

 Have you thought about what will happen to your business in the future? Although it's not an easy decision, the initial step in the planning process for small business owners should be choosing a successor. In many instances, this will be an adult child or grandchild assuming control of the business. A recent Kiplinger's Personal Finance article, titled "Retirement: plan to pass on a family business," encourages business owners looking at family members as successors to look at their qualities as managers and entrepreneurs. Someone may be a good manager, Kiplinger says, but may not have the ability to focus on the big picture or think strategically.

As soon as you have made your selection, start training that person to run the company. Ideally, this process should take three to five years, giving your successor time to earn the employees' respect and to be comfortable with all of the various parts of the business.

The next step should be to figure out how you will be compensated to start a stream of income for your retirement. The original article advises business owners to review all of their assets and income sources during succession planning to determine how much money they will need from the business to live comfortably in retirement.

Another critical part of the business succession process is estate planning. Giving shares of stock in the enterprise is a common way to accomplish this, and it is a tax-efficient way to transfer the value of a company.

Did you know that you can transfer shares worth up to $14,000 ($28,000 for a couple) to an individual annually without federal gift-tax liability? Any amount above this counts against the estate tax limits when you pass away. If you have a little time on your side—such as a number of years to plan—you can may these gifts, trusts, or partnerships. These strategies allow you to move a large portion of the business to your successors without giving up control until you are ready. Read about this and more in the original article.

Reference: Kiplinger's Personal Finance (July 4, 2014) "Retirement: plan to pass on a family business"

Are You to Blame for Your Retirement Mistakes?

When it comes to retirement investing, the dangerous moving part is — you.

 According to a recent Forbes article titled "Avoid This Common And Dangerous Retirement Blunder," when the retirement account balance hits a large figure like $100,000, people begin to think about borrowing against their 401(k) for a new car or a vacation. That is the first mistake many retirement savers make, the article points out. Taking money out of your tax-deferred accounts for spending means you will only have to pay it back. It is a loan to yourself and means that you lose any market gains in the intervening years, too.

That is not the biggest blunder, however. That comes when you have moved through two or three jobs. Workers in this situation should roll over their old 401(k) money into new workplace plans or roll them over into traditional IRAs.  However, Forbes says the problem—as well as the advantage—of an IRA is that you typically have to make your own investment choices.

The article suggests buying a target-date fund or a balanced fund to avoid the risks of a big mistake late in the game, but people often choose a different course. Many see their significant balances and figure, “Wow, if that’s what happened from my not paying attention, imagine what I could do by choosing my own investments!” And they do. This is sometimes called the “yard sale” portfolio with a little of this, a little of that—there is no logic to many of the investments, no rebalancing, no asset allocation — just a lot of investments in one account.

Locking in losses is the last blunder.As the portfolio balance falls older, independent investors see things getting worse and worse. When the stock market finally bottoms—and it cannot get any worse—the investor sells, locking in losses they cannot possible recover.

The Forbes article suggests owning a real portfolio that includes a variety of investments and hang on to them without emotion through all the ups and downs. Hedging against volatility as you age can help reduce the risk of an emotional blunder that will prove a costly mistake in your retirement planning.

Reference: Forbes (June 27, 2014) "Avoid This Common And Dangerous Retirement Blunder"

What Will Become Of The IRA Charity Rollover?

You were so helpful to me in September, clarifying the IRA charitable contribution. Do you know if the government is instituting that same contribution this year?

 We are well into tax season and planning for the upcoming year. Are you keeping up with the tax laws? As many retirees and their advisors review changes in the tax laws and begin their planning, they have one important question in common: “Will Congress revive the IRA charity rollover?”

Coincidentally, these taxpayers and advisors will be interested in a recent article in The Wall Street Journal titled “Will Congress Revive the IRA Charity Rollover?”

Why all the buzz? The IRA charity rollover is a well-loved tool that creates a win-win for retired taxpayers and the charities they support. Unfortunately, it has never been a permanent part of the tax code and was just one those many provisions of the tax code that bit the dust at the end of last year.

What is an IRA charity rollover? It allows a taxpayer who is already required to take “Required Minimum Distributions” to direct their required distribution directly into the hands of charity. As a result, the taxpayer pays no income taxes on the distribution and the charity enjoys 100% of the distribution tax-free. What is not to like about that?

With the IRA charity rollover gone, retirees and their advisors now have to shift their priorities and tools to minimize the tax bite and still accomplish all of their financial goals.

Alternatively, you take the author’s lead and try waiting to see if Congress reinstates this beloved option.

Will Congress revive the IRA charity rollover? That is the question.

Reference: The Wall Street Journal (January 25, 2014) “Will Congress Revive the IRA Charity Rollover?”

Retiring Abroad? Stay Informed On FATCA

A U.S. tax crackdown is coming for foreign retirement plans.

While many retirees choose to spend their golden years close to home, others are opting to spend their retirement abroad in a foreign country. Unfortunately, a “foreign” retirement may attract troubling scrutiny from the IRS and the implementation of FATCA.

According to a recent Bloomberg article titled “Foreign Retirement Plans Seen Scrutinized in U.S. Effort: Taxes,” FATCA, or the Foreign Account Tax Compliance Act, is a 2010 law set to crack down on foreign accounts held either intentionally or otherwise to elude U.S. taxation.

While it has been a surprisingly effective initiative, FATCA also has caused some unintentional headaches for some unintentional targets. Banking in various parts of the world has already felt some sting. Foreign banks (notably Swiss banks) have been bogged down with FATCA regulations and some have taken it out on Americans abroad.

If you have been thinking of retiring to foreign shores for some time, then you might be familiar with
FATCA. However, as the Bloomberg article notes, the scrutiny attending FATCA is about to reach out into retirement accounts.

Retirement accounts are, generally, designed to be exempt. Nevertheless, the problem is intervening
international laws, government-to-government agreements, and ensuring that your foreign retirement does not fall within the sights of FATCA. Instead, you need to ensure that your retirement finds its rightful exemption.

This is a developing issue. If you are or may be affected, then it is essential that you stay informed.

For more information, please visit our website at: http://www.hunterlawoffice.net

Reference: Bloomberg (August 28, 2013) “Foreign Retirement Plans Seen Scrutinized in U.S. Effort: Taxes”