Getting old ain't for sissies, you know

Here is another installment about getting older and how to do it with grace and peace of mind. This topic is important for each of us as we get older or as we watch loved ones getting older.

Some of you may be thinking - what does he know about getting older? Well, if you see me up close, you will see my gray hair coming in, and if you look at my driver's license you will see I am gaining fast on the big 4-0. (March 5, 2010 is the day!) But it is true I haven't personally experienced as many years as some of you reading this. So feel free to comment or correct me on any of the things I am saying about aging!

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Getting old ain't for sissies: 10 Things to Think About

Here are some things to consider for yourself as you look at getting older. They are in no particular order, just my random thoughts from years of working with families facing these situations.

1. Are you having discussions about how you want to be cared for as you get older? Talk about it. Better yet, put your wishes down in legal documents so people are clear what you want.

2. Is your family prepared to handle things without your help, whether financially or otherwise? If not, you better make doubly sure things are set up right, so they get the assistance they need.

3. Have you lined up the financial resources needed if you became disabled? Such as disability insurance (at work or individual), long term care insurance, emergency fund savings. Do you have too much debt? Do you really want to be retired or facing a disability with credit card debt or a mortgage that's not paid off?

4. Who is going to help you with healthcare decisions? Who will encourage you to go to the doctor? Who will go to the appointments with you to make sure you stay as healthy as you can for as long as you can?

5. Are you spending too much? How does your income, savings, and spending line up if you look out a few years? Have you calculated how your savings will grow or shrink based on your current spending level? or do you need to have a professional help you do that?

6. Are you spending too little? You have worked hard and saved your money. It's OK to spend some and enjoy yourself by traveling or other things you enjoy. Or, if you truly have more income than you need and can spend, consider using those funds to increase what you leave at death. For instance, if you have IRA distributions you have to take (after age 70.5), use those distributions to pay life insurance premiums. Then leave the life insurance to your loved ones or a charity you believe in. When we run statistical projections for clients considering life insurance, they almost always show that a person leaves more money at death by purchasing life insurance. If you really don't need the money, parlay it into a bigger chunk with life insurance.

7. Never say never. Transitions and change are difficult. Are you laying down a gauntlet by saying "I never will..."? Instead, make a plan so you can enjoy the most freedom and as full a life as possible for as long as possible.

8. Are you willing to make a transition sooner than necessary so you can avoid losing control? By getting "greedy" and holding on too long, sometimes people can end up losing their independence more quickly. For example, a grandmother leaves the family home earlier than anyone thinks she needs to, and enters a retirement community, where she has less stress of home upkeep, and more social opportunity that keeps her young. Another grandmother waits too long, goes downhill at home by herself, gets hurt by falling, declines by not eating right. Then when she is later forced to move to another living arrangement, she can't enjoy the people or activities there because of declining health. Remember, there are endless variations to the type of retirement community or assistance a person can choose. Make choices while you still have choices, instead of having those choices made for you in a crisis.

9. Make gifts while you are around to see someone enjoy them. Gifts to your church or charity. Gifts to family (especially of heirlooms where you can share the story behind them). If you can, give some money and things away while you are still healthy so you can see how they bring joy and benefit to those who received it.

10. The ultimate question. I personally can never think about getting older without thinking about the ultimate question - what is there beyond this life? Some of you here know where I stand on that. I believe that faith in Jesus Christ leads to eternal life.

NEXT TIME

OK, next time, I want to share with you more about the 2 tasks each person faces as part of the final mission in life - preserving control and creating a legacy.

You can pick your friends, but you can't pick when you need your healthcare directives

Peace of Mind: documents without access to them?

I am writing this from Nashville, Tennessee, where I am on a family vacation. Every year, we spend a week with my parents, brother, sister in law, and nephew. Each year is a different place and Nashville is this year's destination. We have had a great week. We visited Andrew Jackson's home, the Hermitage, and spent a lot of time just taking it easy by the pool and resting.

In my last post, I started a discussion about aging and disability. Being out of town reminded me of an important part of planning for emergency health or disability issues. Suppose you work with me to plan for those issues, and we prepare healthcare powers of attorney and a living will. Then you are on a trip, maybe to Nashville or somewhere else out of state. If something happens and you end up in the hospital or emergency room, will you have access to your important legal documents? If the doctors ask for proof that your spouse or loved one has authority to make decisions on your behalf, will you be able to provide it? Will the doctors even talk to your loved one without written permission because of the privacy laws?

Do you travel with copies of your powers of attorney and living will? If not, then if something happens you may not have access to the documents when you need them. When we are talking about legal decisions regarding healthcare or end of life issues, lack of access to the documents at the right time means the documents are worthless at that moment.

If you don't have immediate access to the documents you need, what are your options?

1. Deal with it without using the legal documents. This means that your decisions and the helpers you have designated to carry out those decisions may not be followed, or at least won't be followed as easily, quickly, or accurately.
2. Try to get a copy of the documents from your attorney. Not a bad plan, but most law offices aren't open 24/7. What if you are injured in the middle of the night during a holiday weekend? Or maybe you are in Hawaii with a big time difference and the law office is closed when you contact them? Our office is always glad to provide copies of documents, but we can't guarantee we can get them to you around the clock.

Neither of these options is adequate. So, how do we make sure that you have quick access to the documents when you need them? For our clients who are members of our Dynasty Program, we provide a membership to DocuBank.

DocuBank

What is DocuBank? It's a business that was created to help people have immediate access to their legal healthcare documents when they need them. They have solved the exact problem we are talking about. For an annual fee, DocuBank will get copies of your documents to you, anytime, day or night, no matter where you are.

How does DocuBank work? As part of the planning process, our clients sign a DocuBank application that provides emergency contact info and important medical information. We then send that application to DocuBank, along with copies of the client's healthcare power of attorney and living will. The client will later get in the mail a wallet card they can carry at all times that explains how to access those documents. By calling an 800 number or logging in to a web site and putting in a PIN # (that is listed on the wallet card), DocuBank will provide the legal documents within minutes, either via the web or fax.

Check out more info at www.docubank.com.

Do you know someone who would appreciate the kind of peace of mind that a DocuBank membership provides?

Stay Tuned!