Articles Posted in Elder Law

As parents age, it can become harder for them to manage their own finances and accounts. Sometimes, the child needs to step in and help them with their financial needs, especially in cases where dementia or other cognitive impairments may be beginning to set in. Experts recommend the following tips if you find yourself in the position of needing to help manage your parents’ finances in addition to your own.

Find the Documents

The first thing to do when managing your parents’ finances is to find all of the important and necessary documents. Be sure to check all desk drawers, filing cabinets, and safety deposit boxes. You should look for all bank account and investment information, retirement accounts, insurance policies, and the titles and deeds to any significant property. You should also look for all medical records and expenses at this time, as it will most likely be a growing financial concern in the near future.

One of the most common hopes of retiring individuals is that they can move to the beach or go someplace abroad. A new study by the National Association of Real Estate Investment Trusts revealed that only a tiny percentage of seniors in their 60’s, around one percent per year, move. Most retirees remain in their own homes, but for those that do retire abroad there are certain considerations that must be made before the move.

Financial Concerns Retiring Abroad

Some of the most common locations for retirees to move to oversees today include Ecuador, Thailand, and Portugal. However, many are unaware of the Financial Crimes Enforcement Network Report 114. Otherwise known as an F-Bar, this document is required for any retiree that has a bank account overseas that contains a balance above $10,000. Failure to submit an F-Bar results in severe penalties, such as fines up to $100,000 or fifty percent of the balance of the account.

CVS Health Corp. CEO Larry Melo recently announced that the company is investing billions into the purchase of a nursing home pharmacy operator in an attempt to transform into a dominant healthcare player for senior needs. CVS purchased the company Omnicare, Inc. in its bid to outgrow CVS’ drugstore chain persona into something more all-encompassing for healthcare needs and focus more on the growing population of aging seniors in this country.

Recent Changes to CVS

This is not the first major change that CVS has made to its healthcare focus in recent years. In 2011, the company announced that it will no longer be selling cigarettes in its mission to improve its consumers’ health. It also changed its name from CVS Health to CVS Caremark and aggressively expanded the number of in-store health clinics. By 2017, CVS aims to have another 600 in-store health clinics for consumers and in 2013 the company purchased a drug-infusion company to expand its healthcare competencies.

The United Health Foundation, a nonprofit organization that is focused on improving healthcare and overall health, published its third annual report earlier this year that analyzes how well each state across the country is taking care of their seniors. Based on thirty-five different benchmarks, the study breaks down each individual state’s strengths and weaknesses for various elder care needs in addition to comparing states as a whole.

Elder Care in the United States

Almost one in seven citizens in the United States is now 65 years old or older, and the need for quality checks on our nation’s elder care system is increasing. By 2030, it is estimated that over one-fifth of the country’s population will be elderly. By 2050, it is estimated that nearly 83.7 million people will be 65 years old or older, more than double the elderly population in 2012.

Millions of people across the country are currently part of the “sandwich generation” They are caring for their children and simultaneously caring for an elderly parent. Despite the fact that so many people are struggling to handle this responsibility, there are very few resources that caregivers can use for support. This article highlights six things that a caregiver can do to prepare for some of the most common stressful situations that occur with elder care.

Have a Talk with Your Parents

Before cognitive issues or even caregiving needs arise, you should sit down and have a conversation with your parents about everything regarding their care. You should discuss their wants and needs regarding caregiving as well as review their finances, estate plan, health issues, end-of-life decisions, and more.

A new study has shown that a program that gives families with loved ones who suffer from dementia the tools necessary to help better care for them has lowered the use of nursing homes. This new program uses a telephone-based program where non-medical managers use assessments and evidence-based protocols to help educate and offer support to people treating family members with dementia and other cognitive impairments. This study highlights the need for new dementia care programs and proves that this type of system can be implemented on a large scale.

Results of the Study

According to one of the primary researchers of the study, almost fifteen percent of seniors over the age of seventy years old have some form of dementia. The study looked at around 250 caregivers that enlisted in the program and 250 caregivers in their normal routine that did not use the program. At the end of the study, the research showed that the caregivers enrolled in the new program were more satisfied with the level of care and had more confidence in their ability to care for their loved one.

Announced this month, Apple, Inc. and IBM are coming together on a new project that will bring iPads and custom apps to Japan’s aging seniors. The companies are using Japan as the launch pad for their new system before possibly expanding the program to other countries. The country is a perfect place to test out the new system because by 2055, experts estimate that almost forty percent of Japan’s population will be senior citizens and already over one-quarter of its residents are 65 years old or older.

New Technology for Japan’s Elderly

The two American companies announced a partnership with Japan Post Group, the country’s largest health and life insurance company, to bring specialized iPads and apps to the nation’s elderly. The goal of the partnership is to connect millions of Japan’s seniors with services and tools that they need to stay healthy and in their homes. The CEO of Japan Post Group admitted that “Among all the nations in the world, the issue of aging generations is most active in Japan. We need real solutions.”

Most people consider elderly issues as problems with nursing homes, Medicaid, Medicare or Social Security. While these are important problems that need to be addressed with our nation’s seniors, the number of elderly residents in cities is forcing them to rethink everything about their infrastructure.

Growing Number of Elderly in Cities

The Organization for Economic Cooperation and Development (OECD) has released a new report detailing the growing number of seniors in our country’s largest cities. According to their report, between 2001 and 2011 the number of elderly ages 65 years and older living in well-developed cities has jumped by 24%. This is more than three times the rate of growth for these cities overall. By 2050, the report estimates that over one-quarter of these cities’ populations will consist of elderly people, and the fastest growing population is seniors ages eighty years old and older.