December News from NorthStar!
It’s on everybody’s mind to a more or lesser degree. The economic period we are living through is troubling. It is touching everyone everywhere in virtually all areas of our lives. That, most assuredly, includes matters elder. This issue focuses on that and I hope it helps.
We are here to help at NorthStar. We can guide you to programs and entitlements that can lessen the load. We can present creative approaches to problems that might have simpler solutions. We can help you prioritize those problems so you can more effectively and confidently spend what you have. We can enhance your peace of mind. GCM = POM. Feel free to contact us. Feel free to visit our website to learn more of what we can do for you and your family.
I hope you find the following information useful.
Purchase a new home with a Reverse Mortgage: Reverse mortgages have historically been for allowing elders to live our their lives in their homes and possibly gain a source of income. But, a new program a few years ago that allows for an elder to buy a new home with a RM Its called HECM for Purchase. It is not widely used, yet. But, consider the situation where grandma moved to Florida 20-30 years ago. She needs/wants to be closer to family. But, she only has her house. With this she can sell, use a portion of the revenue to purchase with a reverse mortgage covering the balance. She can move AND access much more cash. Read more here
Save Money. Don’t Drive: There are often compelling safety reasons for seniors to stop driving. Possibly, the most convincing reason for Dad might be economic. Read more about it here. At NorthStar we’ve dealt with this thorny issue over the years. We can help you.
"Help, I’ve fallen and can’t get up!!!" for FREE!:
Yes, it’s true. You can get medical alerts service (PERS) without paying the monthly fee. Of course…, there are differences from the paid services. But, this might meet the needs. Here’s a site dedicated to the subject right here. There’s actually a world of technology out there to make elders safer and more comfortable that can help that we can help you tap.
Pooled trusts:
What are they? A way to not be forced to impoverish yourself trying to qualify for Medicaid AND a way to stay home with the help you need (vs. going to a nursing home). Read here for an excellent explanation. At NorthStar we can establish a pooled trust for you. In certain cases, the assistance of a certified elder law attorney is called for. We work with the area’s finest certified elder law attorneys to allow for the greatest amount of freedom, independence and dignity.
Plenty of money, but still in debt?: Could be Alzheimers One of the strongest initial signs of dementia is money management. It can come as quite a surprise given that everyone thought the person had plenty of resources. Here’s an excellent article on the topic. The entire matter of working with elders on finances is delicate. Like driving, this is an issue of autonomy and dignity. Successfully intervening can require sensitivity and creativity. Sometimes…, it requires bold action. The question often is when to do what. Having the experience that we have, we can likely make you feel much more confident in making choices.
-Mark (Zilberman, LCSW)