Articles Posted in Seniors

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money signI was recently at a friend’s house, and, accidentally made someone’s day. This is not a usual occurrence for me, but I did enjoy it.  Here’s what happened: a woman that I didn’t know told me that she had inherited her parents’ house in Berkeley. Because she had inherited it from her parents, she also was able to keep their very low property tax rate. Her problem was that she thought that she’d like to sell that house and buy a new one, but was worried that her property tax rate would skyrocket as a result.

Here’s what she didn’t know: if she waits until next year, when she turns 55, and purchases a new home that’s worth the same or less than the residence that she is selling, and buys the new house within two years of selling the old one, she can keep her old property tax base for the new house. She has to sell her old house to a new owner so that the new home can be reassessed for property tax purposes and she has to file a claim for exclusion from reassessment on the new property within three years of the purchase. In tax language, this is called “transfer of base year value,” which is the value that the county assessors use to calculate the property tax owed each year.

This is a one-time exclusion from reassessment for those over 55. So, the next time she sells her home and buys a new one, her property taxes will go up. Proposition 60, passed in 1986, established this exception for intra-county transfers–that’s Latin for WITHIN a county. So, if my new acquaintance stays in Alameda county, and otherwise follows these rules, she won’t be reassessed.

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53074761_sScam artists have been preying on our clients and have been trying their fraud schemes on us.  Scammers use phone calls, emails and letters trying to get your money and personal information.  Some scammers pretend to be a relative or friend in desperate need of money while traveling outside the U.S.  Other scammers offer you a irresistible deal – you’ve won a prize or inherited some money, and you can collect it but only after you send a “small” fee.  Still other scammers claim to be the IRS and threaten jail or huge tax fines, or bait you with an unexpected refund.  If you have a tax problem, the IRS will first send you a letter or tax bill by mail; the IRS never contacts you by phone or email.  Most scammers claim you must act immediately, often by sending money, and tell you not to tell anyone else.  If scammers make you feel afraid or pressured, they know you’re less likely to see through their scams.

Here are some tips  to protect yourself:

 
·       DON’T give out your social security number or birth date to anyone you don’t know
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shutterstock_265887227In October, California became one of five states to permit medical aid in dying with the passage of the End of Life Option Act. The bill is modeled after one passed in Oregon in 1997.

Governor Brown signed the bill, with a signing statement that said, in part, “I do not know what I would do if I were dying in prolonged and excruciating pain. I am certain, however, that it would be a comfort to be able to consider the options afforded by this bill. And I wouldn’t deny that right to others.”

The bill allows doctors to prescribe lethal drugs to terminally ill patients who are expected to live six months or less. A patient must make two oral requests, at least 15 days apart, and one written request, signed in front of two witnesses. The signer must have the capacity to understand what they are requesting, the request must be voluntary, and a physician has to discuss feasible alternatives that would also be available to the patient.

In addition, a patient must self-administer the drug (in other words, no one else can administer the drug) and no one can request such drugs on another’s behalf (in other words, no one can act for a patient to make such a request through a power of attorney, an advance health care directive, or as a conservator, health care agent, surrogate, or any other legally recognized health care decisionmaker.) A patient can rescind such a request at any time.

The bill provides a form for the request for lethal drugs that reads in part:

REQUEST FOR AN AID-IN-DYING DRUG TO END MY LIFE IN A HUMANE AND DIGNIFIED MANNER I, ………………………………………………, am an adult of sound mind and a resident of the State of California.
I am suffering from ……………., which my attending physician has determined is in its terminal phase and which has been medically confirmed.
I have been fully informed of my diagnosis and prognosis, the nature of the aid-in-dying drug to be prescribed and potential associated risks, the expected result, and the feasible alternatives or additional treatment options, including comfort care, hospice care, palliative care, and pain control.
I request that my attending physician prescribe an aid-in-dying drug that will end my life in a humane and dignified manner if I choose to take it, and I authorize my attending physician to contact any pharmacist about my request.

The Bill takes effect 90 days after the Legislature adjourns its special session on health care, which will be sometime in 2016. To read more about the End of Life Option Act, here’s a good summary from the LA Times.

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old-peoples-home-63614_150I recently read a Huffington post article about the need for women to plan their estates as if they were single. And that got me thinking about how, despite our best efforts to plan, life just has a way of constantly changing.  Children grow up, we get old, and even families slip away, or change over time.

I work with families to craft estate plans all of the time, and it’s hard enough to get them to focus on the inevitability of death. Let alone the possibility that one of them is likely to survive the other, and live alone in old age. But from now on, I will try and do a better job to get that idea on the table, too.

Statistics tell us that it’s likely to be the woman who survives.  According to a U.S. Census report, 80% of women will survive their husbands.  And it’s pretty common knowledge that close to half of marriages ultimately fail.

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shutterstock_128072579The New York Times published an interesting story this weekend on the expectations that parents and children have with respect to inheritances. The article summarized a study published in The Gerontologist last year, in which older adults and their children were polled on whether or not they expected to leave or inherit an inheritance.

It turns out that 86.2% of the parents expected to leave their children something, but only 44.6% of the kids were expecting to receive anything.  Interestingly, the adult children who were getting money from their parents during life had a higher expectation about getting more after their parents died than did children who were not receiving such support. Even more interesting, adult children who were providing support for their elderly parents were less likely to expect an inheritance, even though their parents were more likely to leave one. (The article doesn’t say what ‘support’ means here and whether it was financial or more in the realm of help with daily living.)

Psychologists opine that older adults feel morally obligated to provide for their adult children, partly out of concern for their children’s ability to maintain a similar standard of living, given the decline in earning power, and partly out of a sense that family matters most.

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headlamp-2940_150This week, an elderly driver lost control of his car and crashed into a cafe on University Avenue in Palo Alto, injuring six, including himself. News reports say that the driver was trying to park, and accidentally hit the gas pedal instead of the brake pedal.

As we, or our parents, age, the question of when someone should stop driving is almost certain to come up.  While it is true that impaired driving isn’t always a factor of age, it is also true that as we age our reactions slow, our vision declines, our hearing decreases, our flexibility and strength decline, cognitive and decision making ability changes, and our judgment about our ability to drive isn’t always objective.

Sometimes people can recognize their decline and voluntarily decide to stop driving. Sometimes family and friends have to step in and question whether or not it’s safe for someone to continue to drive. It is difficult for both the older driver and the family to discuss this issue, but the literature repeatedly warns families NOT to postpone the conversation because it is difficult or unpleasant. Instead, they should focus on safety and preventing accidents.