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Seacoast Hospice In the News Discuss finances, final wishes with elderly
parents Jun. 9--It is the one discussion that adult children must have with their aging parents. Many cringe and avoid it because the subject's so sensitive -- your parents' finances, how they're organized, and what their last wishes are. Some parents guard their finances closely, even from their children. To them, it's a matter of privacy. Some fear that their children are only after their money. But helping your parents organize their finances and seeing whether they've planned well so that their last wishes are carried out could open the door to examining your own finances. That's what happened to Susan Livingston of Dallas."As an occupational therapist specializing in home health and geriatrics, you might assume that I would be very capable at managing my elderly parents' finances as they aged, with the understanding of t e dynamic of loss and how money is such a symbol of independence," she said. "If only that were true." Mrs. Livingston's father, who died last November, had cancer, and her mother, who has Alzheimer's disease, is in a nursing home in Pennsylvania. They didn't have their finances organized and weren't eager to talk to their children about them. "My parents were very guarded -- that money is not your business," said Mrs. Livingston, 52."They didn't plan for the obvious inevitability that one of them or both of them will pass away, and that somebody will have to deal with it." She said she had to "dig through the desk" the day before her father's funeral to find out what assets her parents had and whom to contact. Her parents had refused to draw up a power of attorney, which would have authorized another person to handle their financial affairs if they were incapacitated. "My mother was so paranoid," said Mrs. Livingston, who is her mother's guardian and is still sorting through her finances. "She would say, 'You just want our money.' " As awkward as the subject is for most families, it has to be addressed. "It's essential for caregivers to know the state of their family members' legal affairs and to be secure in the knowledge that key legal decisions have been made and documented before a crisis occurs," said Sandra Timmermann, director of the MetLife Mat re Market Institute, part of Metropolitan Life Insurance Co. "In some instances, older adults are reluctant to share financial and legal information with adult children," she said. "In such cases, it might be advisable that they consult with a neutral third party, such as an attorney, a qualified financial advise , social worker or trusted friend to address legal issues and then have an attorney prepare the proper documents so that they will be accessible to family members in an emergency." When talking to parents about their finances, children must be sensitive to their parents' need to still feel in charge, said Lynn Lawrance, a certified financial planner at Financial Network Investment Corp. in Dallas and Mrs. Livingston's planner. "The key thing for your parents is a sense of independence and control," she said. "Try to help them offload some of the burden of handling the finances with someone they can trust. Be careful of trying to push that on your parents because independence nd control are crucial to them." It's a delicate dance and one that will lead many people to seek a financial adviser who can help them. There are specific things you need to look for in an adviser to help your parents. Much of the advice applies to consumers in general, but it's especially important for seniors, who are prime targets for unscrupulous salespeople. "The last thing people of this demographic need are product pushers," said Rick Salmeron, a certified financial planner at the Salmeron Financial Network Inc. in Dallas. Pay close attention to the questions asked by a prospective adviser. "When an amateur asks questions of a client, those questions are chosen to determine which product should be sold," Mr. Salmeron said. "The conversation is not actually about the client per se." Follow your instincts. "Boomers and seniors can and will sense that the conversation is not about meeting their needs, but about selling something," Mr. Salmeron said. "When this happens, run. You now know you're working with a salesperson who is trying to make a quota, not s meone who is looking out for your best interests." By helping your parents, you'd be surprised at how the process will turn the mirror on your own financial planning. You also see what retirement is really like and how much money it really takes to live a post-work life. "You learn from your parents' mistakes -- what you shouldn't do -- and you also learn about what they did that was right that you also should do," Mr. Salmeron said. Determine if you have enough life insurance to support your family after your death. Document where your bank accounts are located and what advisers to contact at your death."Educate your children," added Mrs. Livingston, who said she and her husband have talked about their finances with their three grown, or nearly grown, daughters. (Two are in college and one is in the Navy.) "Share with them what you have set up. Provide them with the tools to help you when you need help, in advance of when you really need help," she said. "During a crisis of health, it may be too late." On Thursday, May 01, 2008, Donald Schumacher, President of the National Hospice and Palliative Care Organization (NHPCO) was in New Hampshire to address the staff and Board of Directors of Seacoast Hospice, and to tour Seacoast Hospice's Hyder Family Hospice House. Dr. Schumacher, an internationally known figure in the field of hospice, spoke to staff about the role of the community hospice in end-of-life care. He also addressed issues concerning proposed Medicare cuts by Congress and the devastating effect these cuts will have on the delivery of hospice services. All hospices will be affected by these cuts. For Seacoast Hospice, this constitutes a 2% reduction in funding available for delivery of services to patients in New Hampshire and a 3% reduction for Maine patients in just the first year of implementation. Seacoast Hospice and other Strafford and Rockingham county hospice providers have already endured similar "adjustments" when the Metropolitan Statistical Areas restructure removed the two counties from the greater Boston wage index. "It has been very difficult. The reality is that Seacoast Hospice competes with Boston area medical providers for skilled nurses without the dollars to pay the market rates. Recently we have lost a number of excellent nurses due to the offers that are being made by larger institutions." said Susan Cole, CEO of Seacoast Hospice. A globally recognized authority on hospice and palliative care, Dr. Schumacher has been active throughout his career as a member and officer of various industry organizations. He has also served as an expert, strategic planning consultant to individual hospice and palliative care programs and state associations throughout the U.S. An active public speaker, Dr. Schumacher has presented domestically and internationally on topics such as strategic planning for hospices, palliative care policy development, and clinical guidelines. A
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announces 2007 Vision Award Winners 'It
is not giving up' 'Bridges'
program takes kids on cruise Dr.
Peter Dicks named Exeter hospice medical director Hyder
Family Hospice House set to open Hospice
plays leading role in education programming Hospice
house groundbreaking held
Dover Hospice House offers a new take on the end of life Seacoast
Hospice to break ground on new home in April Brothers
give local hospice $1 million |
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