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27Oct
Serving the Full Diversity of an Aging Population
Issues of Aging
shingles-vaccination_364x200_155138886Michael Adams is the executive director of SAGE (Services & Advocacy for GLBT Elders).

Here are the five main things he says must change for the U.S. to be prepared to serve the “full diversity of its aging population.”

  1. Basic Health Care: LGBT elders are half as likely as heterosexuals to have close family to lean on for home health care.  This means they are more dependent on professional caregivers and providers.  In addition to costing more, the risk of encountering prejudice also increases.
  1. Caregiving Issues: Unlike heterosexuals, the LGBT community members often need special arrangements to be recognized as having certain rights in the medical world.  For example, Resonate offers access to Personal Service Agreements when deemed appropriate.  (Source: AARP: “LGBT Advocate Sees Hurdles Ahead” August 2016)  It is crucial to understand what is needed and proactively put it in place – before there is need.
  1. Financial Insecurity: LGBT older persons are less financially stable than Americans are as a whole. (Source: SAGE Data August 2016)  Past discriminatory policies from taxation through Social Security have negatively affected financial well being today.
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21Oct
The Gift of Experience
Intergenerational Planning

gift-boxThe longer I am in this business, the more opportunity I have to see the results of our thinking and work manifest into clients enjoying a well-planned retirement. I also am privileged to share in the sacred parts of life transitions and the passing on of a treasured legacy.

We regularly talk with our clients about the two legacies we all create…. One is the legacy we live each day and the second is the cumulative result of the daily Living Legacy wrapped up in our Leaving Legacy.

This writing by Wayne Mueller beautifully describes the process we are grateful to share with our clients and their families. (Excerpted from A Life of Being, Having and Doing Enough by Wayne Muller)wayne-muller

We make only one choice.

Throughout our lives, we do only one thing- again and again, moment by moment, year after year. It is how we live our days, and it is how we shape our lives.

The choice is this: What is the next right thing for us to do? Where, in this moment, shall we choose to place our time and attention? Do we stay or move, speak or keep silent, attend to this person, that task, move in this or that direction?

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12Oct
Seed Planting for Lasting Legacies
Intergenerational Planning

a person holding a small bonsai plant isolated

Over the years, I have worked to develop questions that are hopefully both engaging, compelling and that transcend the usual tax and financial discussion.

When it comes to intergenerational planning and leaving a legacy, we ask our clients to join us in a very special conversation focused on them.

Here are some of the questions we ask:

  1. Other than money and tangible assets, what do you want to leave your children and grandchildren?
  2. What do you consider to be your most important accomplishments?
  3. How is the world different because of you?
  4. What lessons do you still want to teach others?
  5. What knowledge or wisdom do you still have to share? With whom do you want to share it?
  6. What do you want people to say after you leave a room?
  7. What do you want to family to say when you are gone from this earth?

If you are interested in creating a legacy that includes and transcends the technical, then your Resonate team is excited to share a conversation with you.

Barbara A. Culver
CFP®, ChFC®, CLU, AEP®
Resonate, Inc.
(513) 605-2500

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04Oct
Resonate’s Enhanced Services
Intergenerational Planning

Richness of Life

 

 

As a natural result of our clients’ busy lives, it is becoming increasingly clear that planning to meet their life and financial goals is rapidly becoming more complex.

Therefore, to act on our dedication and commitment to our clients, I am pleased to share that we have enhanced our services to include the following:

  1. Tax strategies designed to optimized the tax efficiency of a retirement portfolio both current and in the future.
  2. An annual Medicare check-up.  Whether you are currently covered with Medicare or you know someone who is, here are items that need to be updated each year:
  • A change in prescription medications;
  • Gradual increases in the Medicare gap filler or Part D premiums;
  • If a current carrier has discontinued the Medicare Part C or D plan;
  • A change in legal name;
  • A change of residence.
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11Aug
When Life Shifts
Issues of Aging

Resonate

The Resonate team understands that change happens to us all and that the key to managing change well is all about one’s mindset.

For example, when “life shifts” for you, how do you feel and what do you say to yourself?

Compare “I have no idea how I’ll survive this,” to “I’ll find a way through this.”

“This is just too much; I am totally overwhelmed,” to “I am strong enough to make it through this day.”

One of the key actions people take who handle change well is that they choose to stay in control rather than give in to the powerful emotions caused by the change.  This is not to say those people shut down and stop feeling, rather they choose to feel and also to monitor the messages they give themselves in the midst of the transition, (Examples of this are above.)

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02Aug
While There’s Still Time: Questions for Your Elders
Intergenerational Planning

One moment my mother could speak and the next she suffered a devastating stroke that stole her voice for the remainder of her life.

Here are some of the questions I wish I had asked “while there was still time”…

  1. What is your most important life lesson?
  2. What advice do you have for me to help me avoid regrets in life?
  3. What are your top three values?
  4. Tell me about a difficult or painful time in your life and how you got through it.
  5. What did you learn from this experience?
  6. What beliefs do you hold that are timeless?
  7. What is an important question I did not ask?

These conversations are labeled with one word – “Priceless.”

May you make the time to give your loved ones – and yourself – this priceless gift.

If you are interested in more questions of this type, contact us and we’ll provide them for you.

Barbara A. Culver
CFP®, ChFC®, CLU, AEP®
Resonate, Inc.
(513) 605-2500

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19Jul
How Can LTC Insurance Help You Protect Your Assets?
Issues of Aging

Plan to create a pool of healthcare dollars that you can use when the time comes.

How will you pay for long-term care?  At the moment, you may not be able to answer that question – but long-term care insurance can provide an answer for you.

Why are baby boomers opting to make long-term care (LTC) coverage an important part of their retirement strategies?  The reasons to get an LTC policy at or after age 50 are very compelling.

Click link below for complete article.

How Can LTC Insurance Help You Protect Your Assets?

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13Jul
Common Retirement Misconceptions Can Derail Retirement Dreams
Issues of Aging

As I hold conversations with client about their retirement dreams, certain misconceptions seem more prevalent than others.  Today, I have chosen to list the misconception along with the facts.

  1. “My spending patterns won’t change much when I retire.”

The reality is that, assuming you live long enough, everything will cost more in retirement. Retirees spend disproportionately more on items such as health care.  Housing can also cost more if the current house is paid for and the new retirees decide to add a second home, to relocate or need the services of a retirement community.

(Source: Consumer Price Index; January 1981 through December 2015 through JP Morgan.)
  1. This misconception is a combination of “I’ll continue to work during retirement,” and “I don’t have to retire until I am ready.”

While 67% of employed Americans plan to work beyond age 65, only 27% actually achieve that goal.

Here are the top three reasons that cause people to retire earlier than planned.

  • 60% of the people who intended to work beyond 65 cannot due to health reasons.
  • 27% cannot keep working because the current employer either downsized or closes.
  • 22% of the time, the person intending to work has to quit to provide care of a spouse or family member.
(Source for this section #2 is Employer Benefit Research Institute, Matthew Greenwald and Associates. March 2015 through JP Morgan.)

One of the key benefits of working with a professional is, in addition to knowing the truth, “plan for the worst and hope for the best.”

On behalf of Resonate, I invite you to review existing plans to see if they are still on track or to create your plan for the first time.

Barbara A. Culver
CFP®, ChFC®, CLU, AEP®
Resonate, Inc.
(513) 605-2500
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01Jun
Longevity and Planning
Blogs / Articles

A common goal inherent in planning is to be able to sustain a desired lifestyle for as long as needed.

One key question and concern is: “On what age(s) is your planning based?”

I contend that many plans have not considered the following:

The Methuselah Foundation says, “By advancing tissue engineering and regenerative medicine, we want to create a world where 90-year olds can be as healthy as 50-year olds.”

Are you tempted to answer “Maybe ….but not in my lifetime?

Well the goal for 90 to be new 50 is actually 2030!

(Source: Financial Advisor Magazine The 7 Disruptions by Bill Bachrach April 2016.)

If this goal is reached, here are some of the questions planners should be considering with  clients now:

  1. What assumptions shall we use for life expectancy?
  2. How do we invest wisely to match those assumptions?
  3. If baby boomers and Gen Xers are going to live much longer than originally thought, what impact does this have on wealth transfer?
  4. How should millennials and younger Gen Xers be preparing for their future?

Here are some action steps to consider:

  1. Look at your own planning assumptions and see if they need to be revised. If they do, discuss with your planner soon, in order to allow as much time as possible to implement more suitable ideas.
  2. Boomer parents and grandparents may want to give their children and grandchildren the gift of completing their own planning by offering to pay for the planning fee.

 

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15Jan
Articles / Links
College Planning
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