“The holiday season is quickly coming upon us. If you are a caregiver for an elderly loved one, you may notice a change in your loved one’s mood as the holidays approach. Perhaps you are one of many, who visit elderly parents and family during the holidays who live a distance away. When you visit you may notice that loved ones are not as physically active, or they show symptoms of fatigue or sadness and have no interest in the holiday or in their surroundings.

According to the National Institutes of Health; of the 35 million Americans age 65 or older, about 2 million suffer from full-blown depression. Another 5 million suffer from less severe forms of the illness. This represents about 20% of the senior population — a significant proportion.

Depression in the elderly is difficult to diagnose and is frequently untreated. The symptoms may be confused with a medical illness, dementia, or malnutrition due to a poor diet. Many older people will not accept the idea that they have depression and refuse to seek treatment.

What causes depression in the elderly?
It is not the actual holiday that causes depression, but the fact that holidays tend to bring memories of earlier, perhaps happier times. Additional contributing factors that bring on depression may be the loss of a spouse or close friend, or a move from a home to assisted living, or a change with an older person’s routine.

Depression may also be a sign of a medical problem. Chronic pain or complications of an illness or memory loss can also cause depression. In addition, diet can also be a factor when proper nutrition and vitamins are lacking.

As an example, Selma’s husband passed away, a few months before Christmas. Her family lived close by and would call or drop in often to check on her. Selma seemed a little preoccupied and tired, but this was to be expected as she had been the caregiver for her husband for many years. It wasn’t until the family noticed that her holiday decorations were not out and her yearly routine of Christmas card writing was not happening that they began questioning her mental and physical well being.

A trip to her physician confirmed depression, caused by not only the loss of her spouse, but a vitamin B12 deficiency. There were both mental and physical reasons for her depression.

Symptoms to look for in depression might include:

• Depressed or irritable mood
• Feelings of worthlessness or sadness
• Expressions of helplessness
• Anxiety”

By realizing this and possibly getting a financial planning guide to start as financial planning help, odds are that the depression will not hit your family around the holidays.

“ What is the result of poor college planning and judgment?

Debt. And a lot of it.

While the Bachelors Degree has always been associated with four years and most parents think about it in that regard, the reality is the Bachelors Degree is now taking more like five to six years to finish.

But planning for only four years of college expenses rather then five or six is not the major crime here.

It’s the lack of preparation, organization, and other costly mistakes parents make about their children’s future.

So how can you avoid these seven major mistakes, avoid the debt, and other college issues?

Well first you must understand the seven mistakes parents make with college planning.

Nettleton lists the mistakes as 1) parents and students late start on the planning process, 2) parents not positioning the child correctly, 3) too much or little done in the application process, 4) lack of understanding regarding loans, 5) parents and students relying too much on the advice of the student counselor, 6) poor consideration in regard to the social environment, and 7) parents too afraid to just say “no.””

Learning to deal with these miscues and prevent as many as possible will only ease the process.  Getting financial planning help is certainly a great way to begin planning, even if it is only in the form of a financial planning guide.

“ For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a conventional home-equity loan. But a conventional loan really doesn’t free up the equity because the money has to be paid back with interest.

A reverse mortgage is a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person’s lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title “reverse mortgage”.

Many seniors are finding they can use a reverse mortgage to pay off an existing conventional mortgage, to create money for a down payment for a second home or to pay off debt. Popularity is skyrocketing. Over the last five years the number of reverse mortgages nationwide has tripled. The uses of this untapped wealth are only limited by a person’s imagination.

For those seniors who earn low incomes but own a home, a reverse mortgage can allow them to remain in the home by creating extra income. It can also allow for remodeling or repairs and when the time comes to sell, the investment in the home can make it more valuable.”

These mortgages do not require having to find a financial advisor, but it is recommended.  This is a major financial decision that needs to be made, and the usefulness of a financial planning guide may fall short of being the only tool used to make this choice.

“ Growing up was always difficult for me. I struggled mightily at math, so I was always intimidated by those who could crunch and factor numbers in their heads in seconds. As you grow up, high school drama is replaced by everyday struggles us adults face. One concept that may not change is your ease around those who are smarter than you in particular areas.

Take any accountant or financial advisor for example. They’re just phenomenal with numbers. They amaze me with that expertise.

The accounting field is massively growing and expanding to add many more services then they once provided. This more generalized are of expertise could best be summarized as “financial services.”

And is this “financial services” better or worse for the accounting industry? I guess it depends on who you ask in the industry. Some will agree and applaud the evolution while others will dismiss and bash the concept.

For those that disagree with the extended services offered, many project a future that will include a counter decline in the number and types of services offered by each company.

The overload in expansion along with new regulations such as the IRS 7216 regulation has prevented the accounting industry from fully experiencing their potential to assist the client.

For example, the 7216 regulation requires accounting firms to get consent from their existing clientele to be able to give any information to any type of financial services person.

The regulation requires that the CPA gathers the name, address, phone number, and even social security number and investment information of the investor as well as a consent form before anything can be transferred to another branch or financial advisor.

Ignore this procedure and the CPA risks facing large penalties.”

Learning the regulations and rules can be done with a financial planning guide, or something more complex.  By doing this, it will become easier to have a successful relationship with your financial advisor.

“Every individual should possess and continually update these four vital documents.

• Last Will and Testament
• Power of Attorney
• Health Care Power of Attorney
• Trusts

Last Will and Testament

The Last Will and Testament is not something merely for old people on their death bed. The Last Will and Testament is also vital for young adults because you know how the saying goes, “you never really know.”

The Will is a legal document spelling out that when you pass away, where your possessions and assets will relocate.

The Will may include anything from jewelry and furnishings to a boat or car. Also the Will can contain any investment assets including life insurance and bank accounts.

The individual is allowed to make specific requests in the Will, stating who will get exactly what. The individual may also make a specific request to just divide everything equal among the beneficiaries.

Always make sure you are very clear in the Will. Leave no room for error or confusion.

Also, make sure you designate what’s called an “executor.” An executor is the person whose job it is to handle your affairs once you are no longer here. The executor will not decide who gets what, but rather will gather all the assets, pay off any debts, and handle any other looming financial matters.

Power of Attorney

The Will does not stipulate what happens when you are still alive but incapacitated.

The Power of Attorney handles such a matter. It’s a legal document that designates an individual to handle the important financial decisions when the particular individual is unable to do so.

The Power of Attorney is also important for the individual considering he or she is married and shares several joint accounts with the other individual. Without a Power of Attorney, the spouse could not sell or purchase a new home along with any other major financial decision.

Health Care Power of Attorney

Similar to the Power of Attorney, the Health Care Power of Attorney directly handles all medical manners.

The individual that is designated on the Health Care Power of Attorney is provided the responsibility to make crucial life or death decisions when the individual is unconscious or unable to do there self.

This includes such key questions as, “Do you want a ventilator or respirator,” “Would you want to be connected to a feeding tube,” and “Would you want to be given dialysis?”

Many highly encourage a HIPPA clause in every Health Care Power of Attorney document. HIPPA is a privacy act which states that medical personnel are not allowed to discuss a person’s confidential medical records with someone other than the patient unless there is language in the HIPPA including the designation of a power of attorney or health care power of attorney.

Trust

While maybe not quite as important as the other three documents, the trust still acts as something to outsmart the loopholes in the system.

Trusts are a great way to keep the assets in the bloodline and also make sure that the bloodline handles the assets responsibly. For example, if you wish to designate the assets to your children, and they’re still minors, a trust could protect those funds until the children grow of age and are much more responsible to handle that type of money.”

Doing this will help keep the future clear and not have it come into play when it is too late.  Dispelling confusion and anxiety at times when they should not be needed is beneficial for entire families.  Trying to find a financial advisor, or at least using a financial planning guide, is the best way to go about this.

“According to some sources, 60% of us will need long term care sometime during our lives. It is important for all of us to prepare for that day when we will need to help loved ones with elder care or we will need elder care for ourselves.”

“It is simply a fact of life to prepare financially for unexpected disasters by covering our homes, automobiles and health with insurance policies and to provide funding for our retirement. But no other life event can be as devastating to our lifestyle, finances and security as needing long term care. It drastically alters or completely eliminates the three principal retirement dreams of elderly Americans, which are:

1. Remaining independent in the home without intervention from others
2. Maintaining good health and receiving adequate health care
3. Having enough money for everyday needs and not outliving assets and income”

Planning for the future will not only enable a sense of security, but it also will give additional funds in case of other times of distress or financial strain that investors may encounter in the future.

“But you want the best for your child so you are more than willing to handle the expenses. These are major investments to secure tuition, books, room, board, personal expenses, and most importantly – your child’s future.

However parents make several vital mistakes when it comes to their child’s college. Seven major mistakes to be exact.

· Parents/Students start too late.

· Parents do not position student correctly.

· Too many or too few of schools applied to.

· Lack of understanding regarding loans.

· Parents/Students relying too much on school counselor guidance.

· Poor consideration in regard to social environment and other factors.

· Parents afraid to say “no” to their children”

The best thing about trying to find a financial advisor is that they can limit the mistakes made by a family.

“Your financial DNA is your evolution from your natural behavior through the learned behaviors that you have.

It’s vital to your success, your wealth, and your overall happiness.

In fact wealth is just not confined to money. No wealth is much more than that. Wealth also includes your health, love and support of friends and family, knowledge, as well as the education you have. Wealth does not start and end with money. It ranges and covers the entire spectrum.

That is why it is important not to let money center around your life. The moment money becomes priority number one and the only true priority you think about, disaster strikes.

Today financial advisors are catching on, and making their business much more personal than it once was. The evolution has created a financial advisor that can serve as much as a family facilitator and relationship counselor as an actual advisor that handles and makes suggestions for your investments.

The ultimate goal of a financial advisor is to create an environment that will allow the individual to live their dreams and incorporate everything into they life that they desire.

In the end, it’s necessary to balance life and money equally. The purpose of financial planning is to address that exact need.

Part of your financial DNA includes finding out and discovering the real you. Who you are, what makes you tick, and what dreams and goals you have for your life. A personality assessment is vital into understanding your financial DNA.

Your financial DNA also includes your personal relationships. Both family and business relationships can help control and shape the person that you are. Communication is the most important key to a healthy relationship regardless of whether its business orientated or not.

You cannot blame all broken relationships on money. While it’s easy to point the finger at finances, the reality is that lack of communication is usually the primary reason.

You need to understand and accept that your personal financial DNA is highly important to a successful future. Obtain and keep a healthy communication link between your business partners, family and friends, as well as your financial advisor.

Know your financial DNA.”

Gaining your own knowledge of financial DNA will help you understand what perspective your choices come from.  While trying to find a financial advisor can help with decisions, it is by no means the only way to improve your chances at investment success.  Learning your own tendencies also is important in investing because it allows one to understand what is an impetus for their decisions.

“How the Council Came to Be

The National Care Planning Council is a result of my passion about helping people plan for long term care. My wife, Susan, and I experienced the challenge of long term care with all four of our parents. I helped my mother for many years with my father’s Parkinson’s Disease until she succumbed to physical and mental exhaustion at which point we had to place my dad in a nursing home. She destroyed her health by taking care of my father and we ended up caring for her in our home for three years until her death. Shortly after my mother’s death, Susan’s father — who was caring for his wife at home — had a stroke. We could not handle both of them in our home so he went to a nursing home and we took care of her mother for another two years until she died. We didn’t have much of a life for five years.

As a result of this experience, I started selling long term care insurance about 12 years ago. Even though insurance is a good solution for some people, it does not work for everyone and insurance is only a means of funding and does not necessarily solve the day-to-day problems with long term care. Recognizing the need for long term care planning beyond insurance, I started teaching care planning workshops at a local community college and at various high schools throughout the community. I organized a local group of care planning specialists — an elder law attorney, a care manager, a home care provider, a reverse mortgage specialist and me — and we called ourselves the Utah Eldercare Planning Council. Everyone in the group participated in the planning workshops and we helped solve problems with family members who were dealing with long term care for their loved ones.

The outgrowth of this care planning educational project was my creating a website, five years ago, devoted to free care planning resources for the public. A similar site was also created for our local council here in Utah. I called the national website “Long Term Care Link.”  www.longtermcarelink.net After three years, the site became quite popular for Internet searches and a number of care providers contacted me to list their services on the website. The creation of the National Care Planning Council followed a year later and was a natural progression of my history with the care planning website. We launched the Council officially in February of 2006. We currently have about 800 members.

Benefits the Council Offers to Its Members
Right now, the reward for membership with the National Care Planning Council is our listing of our members’ services on the national website. The cost is very reasonable and most of our members are satisfied with the public response to their listings. However, our goal is much more ambitious than a listing service. We intend to make the National Care Planning Council an advocate for long term care planning and to support our members through educational and marketing resources that we will produce. Ultimately, our goal is to organize members of the National Care Planning Council into local care planning council groups in their various states.

We took the first step towards our larger goal by publishing a first-of-its-kind, how-to book for the veterans aid and attendance pension benefit. This disability income — under the right circumstances — could be available to at least one third of all seniors but hardly anyone knows about it or how to get it. This reference and handbook can be purchased at a substantial discount by our members. Or interested purchasers can join the Council for only $8.00 a month and then get the 38% discount on the book. The book is available to members and nonmembers alike at www.veteranbook.com.

Many of our members are finding great success with the veterans aid and attendance handbook. Home care providers, attorneys, financial planners, care managers, estate planners, seniors real estate specialists, assisted living facilities and many others are using the knowledge from this book to bring in new clients. Aid and attendance could potentially be available for one third of all seniors, but since it is such a well-kept secret, any knowledgeable consultant, who can help the public get this benefit, will attract new clients like a magnet.

We also launched a comprehensive resource website in July of this year to help the public understand the VA benefit. As far as I know, no one on the Internet has this much free information about the aid and attendance pension. The website is found at www.veteransaidbenefit.org. Feel free to link to this website or use it as a resource for your clients.

Another exciting project we are currently completing is the publication of a new book called “The 4 Steps of Long Term Care Planning.” This book not only introduces a formal planning process to the public but stresses the importance of using care providers or advisers like you. The book is intended to be used as a marketing tool for our members and we plan on making it available to members, in quantity, at just a few dollars above out cost. A PowerPoint presentation, built around using this book for community or worksite workshops, will be available to our members in a few months.”

This could be of more use than a simple financial planning guide or trying to find a financial advisor in the future.

“Your beloved father or mother has suddenly turned very ill and the time commitment and stress is weighing heavily on you. The boss at your work is upset with your recent lack of attention or late arrival. You know you need to bring up the question but you just don’t want to.

Care giving is very, very stressful. A lot of guilt involved.

Loved ones, such as parents often are disappointed when they find out their son or daughter no longer wishes to take care of them. Because of this disappointment, saying no or moving the loved one to an assisted living location is extremely difficult.

The parents usually feel that because years ago everybody lived on the same street, everybody took care of someone when they got older. They went to live with the aunt, they went to live with the uncle, and everybody took care of them. But because society is changing and immediately family can live all over the country, this type of care is sadly not very feasible.

A Geriatric Care Manager may provide the best option of care.

Geriatric Care Managers (NAPGCM) is certified care givers and professionally trained. As part of their duties, Geriatric Care Managers may visit loved ones and families, examine and fill out a detailed assessment, and help families find the relevant nursing home or assisted living center if that option is decided upon.

Geriatric Care Managers also can serve as the care giver, providing daily supervision and support if needed.

Sometimes however, it is not in the best interest for the patient to remain at home and convincing that same patient to leave his or her home is not easy.

If a loved one is placed in another type of living situation such as a nursing home, Many experts advise that you visit the friend or family member once or twice a week and not everyday. Visiting the loved one everyday can make you completely exhausted, which then can turn into a chore. The relationship between you and your loved one may completely turn sour.”

By utilizing this advice and consulting a New Jersey private wealth management firm or a Philadelphia financial planner, the decision can be made without as much guilt.  To find a financial planner or a financial planning guide, visit this website.