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Senior Coastal Properties Facing Increased Flood Risks

Climate change is causing more frequent and severe weather events around the world, especially in coastal areas. Seniors who live near the sea need to be aware of these risks. As sea levels rise and hurricanes strengthen, protecting yourself and your property becomes even more important.

Martha Shaw’s Story with Coastal Flooding

Martha Shaw is an 84-year-old retiree who experienced the devastating effects of Hurricane Ian in 2022. Living in Fort Myers, Florida, Martha had been through hurricanes before. However, she had never experienced something like Ian. The storm surge pushed water nearly to the ceiling of her mobile home, making it uninhabitable. Despite having homeowners insurance, it did not cover flood damage. Ultimately, Martha no longer had a home and struggled to rebuild her life.

Why Are Seniors More at Risk from Flooding?

According to AARP, flooding poses a unique set of challenges for seniors. Limited mobility and health issues can make it difficult to evacuate quickly. Since many older adults live on fixed incomes, it can be difficult to recover financially. Many seniors also rely on regular medical care that flooding can disrupt.

What Are the Long-Term Impacts of Flooding on Coastal Seniors?

Long-term impacts of flooding on seniors include the loss of homes and personal belongings. However, it’s also a traumatic event with a deep emotional toll. Martha Shaw, for example, moved to a shelter where she had to be separated from her pet. Eventually, she relocated to a temporary rental far from her community. In many cases, the isolation and chaos can be just as overwhelming for seniors as the financial strain.

Are Flood Risks Increasing?

Climate change is increasing flood risks. Rising sea levels and stronger hurricanes mean more frequent and severe flooding. Many seniors choose to retire to coastal areas. However, these regions are particularly vulnerable. According to the National Oceanic and Atmospheric Administration (NOAA), high tide flooding has increased by three to nine times over the past 50 years.

How Can Seniors Protect Themselves?

Seniors living in coastal areas should take steps to protect themselves from flooding. This includes:

  • Reviewing Insurance Policies: Ensure that you have flood insurance. Standard homeowners insurance does not cover flood damage, which many seniors overlook.
  • Preparing for Emergencies: Prepare an evacuation plan and pack an emergency kit.
  • Home Modifications: Consider making your home more flood-resistant, such as elevating the structure.
  • Stay Informed: Keep updated with local weather forecasts and promptly heed evacuation warnings.

Why Is Estate Planning Important for Seniors?

Estate planning is crucial for seniors, especially those living in flood-prone areas. A solid estate plan can help ensure that your assets are protected and that your wishes are followed during a disaster. Knowing that your loved ones will be cared for can also provide peace of mind.

How Can You Get Started with Estate Planning?

If you or a loved one is living in a coastal area, it’s important to take action now. An estate planning attorney can help you create a comprehensive plan that includes:

  • Budgeting Your Assets: Work the cost of flood insurance into the assets funding your retirement.
  • Power of Attorney: Designate someone to make financial decisions if you cannot.
  • Advance Healthcare Directives: Outline your healthcare wishes in case you cannot decide for yourself.

Request a Consultation

Don’t wait until it’s too late. Protect yourself, your estate and your legacy with a solid estate plan. Get started by contacting us today to schedule a consultation. Together, we can ensure that you are prepared for whatever challenges climate change and flooding may bring.

Key Takeaways

  • Increased Risk Awareness: Understand how climate change and rising sea levels increase flood risks for seniors living in coastal areas.
  • Importance of Insurance: Ensure that comprehensive flood insurance as part of your homeowner’s coverage.
  • Emergency Preparedness: Have an evacuation plan and emergency kit to mitigate risks during natural disasters.
  • Home Modifications: Consider making your home more flood-resistant to minimize damage.

Reference: AARP (May 28, 2024) “Rising Seas Are Wiping Out Some Older Americans’ Futures”

Estate Planning Strategies to Care for Aging Parents

Our parents are pillars of support along our journey through life, guiding us through the ups and downs with unwavering love and care. As our parents age gracefully, we can choose estate planning strategies that support them along their journey to retirement and beyond. These strategies address long-term care and living arrangements for our parents’ well-being and peace of mind. We explore why caring for aging parents in estate planning is necessary to preserve their dignity, security and legacy.

Comprehensive Estate Planning Strategies to Care for Aging Parents

Modern estate planning goes beyond wealth protection to create a roadmap for the future. It encompasses health care decisions, financial management and a delicate balance between independence and security. Kiplinger’s article, “Estate Planning for Your Aging Parents: A Delicate Balance,” helps us discuss estate planning strategies to care for aging parents. An estate plan with these strategies provides clarity and guidance to loved ones on aging parents’ wishes, while retaining control for aging parents over financial and health-related matters.

Estate Planning for Aging Parents – How to Balance Independence and Care

Balancing a parent’s independence and care as they age is challenging. Declining cognition and physical health increase the need for legally documented healthcare wishes and appointed representatives to manage financial affairs.

Aging adults value autonomy and may be reluctant to relinquish control over their daily lives. Open and honest communication is the key to finding this balance. Conversations should be encouraged about medical wishes and future goals with an aging parent or parents. An estate plan can then be created that honors their decisions.

Consider how a trust can protect a parent’s wealth, with a trustee overseeing their estate’s administration and asset distribution. A will is another vital estate-planning component, naming beneficiaries to simplify the distribution of assets after a parent passes away.

Plan for long-term care and Medicaid. An irrevocable trust can preserve your parents’ assets during Medicaid approval, while income-producing investments supplement their income.

Incapacity Planning to Respect an Aging Parent’s Health Care Preferences

As parents age, their healthcare needs may become more complex, necessitating careful planning for incapacity. Advanced directives and health care proxies empower parents to designate trusted individuals to make medical decisions, ensuring that their preferences for medical treatments and end-of-life care are honored with dignity and respect.

Tax Planning: Minimizing Burdens for Heirs

Tax planning is another central element in a comprehensive estate plan. Aging parents passing their wealth to the next generation look for ways to minimize the tax burden on their beneficiaries. Gifting, establishing trusts and utilizing tax-advantaged accounts can reduce taxes, maximize inheritance and transfer their wealth more efficiently.

Key Takeaways:

  • Aging Parents: We can choose estate planning strategies that support aging parents in their journey to retirement and beyond.
  • Balance Independence and Care: Encourage conversations about medical wishes and future goals with an aging parent or parents. An estate plan can then be created that honors their decisions.
  • Incapacity Planning: Advanced directives and health care proxies empower parents to designate trusted individuals to make medical decisions,
  • Tax Planning: Gifting, establishing trusts and utilizing tax-advantaged accounts can reduce taxes, maximize inheritance and transfer their wealth more efficiently.

Conclusion

Caring for aging parents in estate planning is practical and necessary. It is also a profound expression of love and gratitude. Embracing this responsibility with compassion, empathy and diligence helps our parents navigate this stage of life with dignity, security and peace of mind.

If you’re ready to embark on this estate planning journey for your aging parents, our experienced legal team guides you every step of the way. Contact us today to learn more and confidently start planning.

Reference: Kiplinger (February 2024) “Estate Planning for Your Aging Parents: A Delicate Balance.”

How Do I Make a Care Plan for Mom?

Medicare typically doesn’t pay for basic assistance, and families often don’t try to determine how to provide this care until there is a health crisis, which can lead to unnecessary stress, conflicts and escalating costs.

Nerd Wallet’s recent article, “Create a Care Plan for Older Parents (or Yourself),” says that making a care plan well in advance lets families organize, locate appropriate resources and determine ways to pay for care before a crisis hits.

A care plan is thinking through the logistics of what you’ll need as you age, so that you are prepared when the poop hits the fan with aging. A way to cope is to plan for temporary rather than permanent disability. Ask what kind of help you or your loved one might need after a hip or knee replacement. How well is the home set up for recovery? Who would help with household tasks? Contemplating a two- or three-month disability with an eventual return to health is less daunting but involves much of the same planning as a more lasting decline.

Many seniors would like to stay in their current homes as they age, something called “aging in place.” That typically means relying on family members for care, using paid workers, or both. However, if family members will be tapped, discuss the logistics, including whether and how much they will be paid. If home health aides will be hired, consider who will supervise the process.

Look at any savings that can be tapped and whether the senior may qualify for government help, such as veterans benefits, Medicaid, or state programs. Families may want to consult an elder law attorney for personalized advice.

It is important to look at the current home as “aging friendly.” An occupational therapist can suggest adaptations allowing the older person to remain in the home if they’re disabled. The sooner you get this evaluation, the more time you’ll have to prepare. Even if the home supports aging in place, the neighborhood might not. Consider how the older person will socialize, get groceries, and make it to health appointments if they can no longer drive.

An independent living or senior living facility could provide more amenities. However, these typically don’t provide long-term care. Therefore, see if the senior is okay with moving again later or whether they should begin with an assisted living or continuing care facility that can provide more help.

Once you have a plan, capture the details and share it with family members or others who may be involved. Revisit the document periodically as circumstances change. Aging planning is an ongoing process.

Reference: Nerd Wallet (Aug. 24, 2023) “Create a Care Plan for Older Parents (or Yourself)”

What’s the Best Way to Find the Right Assisted Living Facility?

News 19 Alabama’s recent article entitled “How To Choose the Right Assisted Living Facility,” provides some valuable tips for researching assisted living facilities and finding the best option for you:

Get recommendations. Ask friends, family and your doctor about assisted living facilities in the area and if they would recommend them. If someone you know lives in an assisted living facility, ask them how they like it, as their experience can provide insight into what facilities have the best reputation in your local area.

Consider your needs. Residents in assisted living facilities typically need assistance with some basic activities of daily living. This includes bathing, dressing, eating, and getting around. Some assisted living communities specialize in caring for people with specific conditions, such as Alzheimer’s. The level of care assisted living facilities offer can vary greatly, so consider how much assistance you require.

Consider the cost. Remember that Medicare doesn’t cover assisted living costs, which is why most people pay with private funds even though it’s expensive.

Consider location. A facility near friends and families is often the best choice. This lets residents receive lots of visitors. Employees will also see that the resident’s visitors scrutinize their care.

Ask questions. Before calling assisted living facilities, consider these questions:

  • How many residents live at the facility?
  • Are pets allowed?
  • What amenities are available to residents?
  • Are there personalized care plans for each resident?
  • How are additional services billed?
  • Are there doctors, nurses, pharmacists, physical therapists, housekeepers, cooks, and activity directors on staff?
  • Does the facility run background checks on staff?
  • What happens if a resident’s health deteriorates and needs additional care or a hospital stay?
  • What safety features does each residential unit feature?
  • What is the staff-to-resident ratio during the day and at night?
  • What are the meals the facility serves?
  • Are all utilities included in the overall cost of a unit?

Take note when you visit. When you tour a facility, look at the cleanliness, activities, safety features, available common areas, the friendliness of the staff and how healthy and happy the residents appear.

Compare several facilities before you decide. Don’t just choose the first facility you visit. Instead, tour several facilities and compare them.

Carefully examine contracts. Read assisted living contracts from start to finish and look for unexpected fees or deposits.  Yous should also pay attention to the rules regarding discharging or evicting a resident, late or missed payments and how the facility handles (or limits) your rights to file a lawsuit should there be an issue.

Reference: News 19 (May 14, 2023) “How To Choose the Right Assisted Living Facility”

Will I Be Able to Afford Nursing Home Care?

About 60% of older adults — or 24 million households — wouldn’t have the resources to pay for in-home long-term care, despite the fact that they would prefer to “age in place,” per a National Council on Aging report.

Fox News’ recent article entitled, “Most seniors in America can’t afford nursing homes or assisted living, study finds,” says that the researchers looked at 2018 data from the Health and Retirement Study, which was a joint effort by the National Institute on Aging and the Social Security Administration that surveyed some 20,000 U.S. adults about their net wealth.

When the researchers started examining the data some years ago, they were initially surprised to see that so many older adults were at severe risk of financial insecurity, Dr. Jane Tavares, a lead researcher at the LTSS Center at UMass Boston, told Fox News Digital.

“There is a common misconception that older adults are asset-rich, but we have found in our research that this is not generally true,” she said.

Dr. Tavares also noted, “We expect that there will probably be some worsening, once we examine data for the period covering the COVID pandemic.”

The national average cost for assisted living is $4,500 per month. However, it can vary significantly depending on the location and level of care needed.

“As the population continues to age and demand for these services grows, it is likely that the cost will continue to rise,” said Dr. Steven Norris, a senior health and care expert who is also the medical director at Transitions Care in Chicago, Illinois.

The widespread shortage of qualified caretakers means facilities must pay more to secure the right people.

“For decades, there has been a lack of awareness of how expensive assisted living really is.” “Additionally, recent increases in minimum wage requirements and changes in overtime payment legislation are increasing assisted living costs,” he said.

The cost could range from $3,000 in rural areas to $7,000 to $9,000 in urban locations.

“For decades, there has been a lack of awareness of how expensive assisted living really is,” Kim told Fox News Digital.

“Some people thought health insurance would cover long-term care costs, while other people optimistically believed that they would live a healthy life forever.”

Assisted living companies had to raise prices to keep up with their costs continually. However, retirees did not see the same growth in savings or investments. Middle-aged and older adults are also now facing a very different financial landscape than the generations before them did. More than the increases in household income and assets have also been needed to keep up with rising living costs, health care and inflation. Even when older adults have assets, they are often tied up in property and need to be more readily available to help them cover costs.

The changing retirement model has also added to gaps in savings. Past generations had private, employer-sponsored pensions that provided predictable payments. Many Americans now rely on 401(K) accounts, leaving individuals responsible for saving enough money to cover their retirement years.

“With all of this combined, few older adults have any significant savings in retirement accounts — and most can’t afford long-term care insurance that would help cover the expensive costs of assisted living or nursing home care,” she explained.

“With private long-term care insurance being unaffordable for most older adults, it is key to begin considering combined public and private initiatives that can put the cost of coverage within reach and make it more appealing to consumers,” she said.

Reference: Fox News (April 26, 2023) “Most seniors in America can’t afford nursing homes or assisted living, study finds”

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