Olivia K. Smith on Families & Seniors

Senior Living Facilities Upgrade Their Security

June 2, 2020Filed Under: Long Term Care

Technology is a rapidly changing industry. Advances in technology bring are constantly changing the way we live our lives and seniors are no different. There are variety of new options emerging in security technology that can improve resident security in senior living. Many things that have long been used in security for senior living facilities are still relevant, such as locks and alarms, but more personal devices are being developed and have started emerging on the security scene.

This new technology is for the first-time marrying safety and independence. Previously, these two things have been at odds. Personal alert systems have been around for a while, but the sophistication and reliability continue to improve. These devices give seniors the comfort to live their lives and yet be able to, at the push of a button, summon medical help. They are able to move about more freely in facilities and staff are comfortable being able to locate and assist at a moment’s notice. Wearables for seniors are no longer just for promoting physical activity and wellness, but with heart monitoring technology, they can trigger irregularities in heartbeat and quickly detect issues. There are even sensors that can be worn under clothing to predict certain types of infections and falls. This allows independence, while also allowing help to reach the senior quickly.

Devices and apps that allow for social engagement are readily available for seniors. Devices such as smart phones and tablets are more and more common amongst the senior population. There are even phones and tablets specifically geared toward seniors that are simplified for greater ease of use. Along with these technologies are apps that allow seniors to connect with family as well as peers. Facebook and Skype give platforms that allow seniors to keep in touch with family and friends. Apps like Words with Friends allow seniors to play games and engage in mental stimulation with family and friends. Stitch is an app that allows like-minded seniors to communicate one on one, post group activities, and for some even seek romantic relationships.

In addition, up and coming applications like Gray Matters are bringing new possibilities for social engagement. This app was designed to allow dementia patients to stay connected. It allows the user to upload family photos, add text, or even recorded voices to allow dementia patients to engage while also improving social and mental functioning.

So how are technology engineers making this happen? They are putting to use technology that has been used in other forms, some even come from military uses. Take for example global positioning system, better known as GPS. This along with real-time location services are used to create wearables that track and report the location of seniors if or when they need assistance. This allows for more independence with peace of mind, whether they are living alone or in a facility. Artificial intelligence in wearable devices allows for more data to be collected and used to predict needs and better detect changes in behavior and activity. Beyond this, engineers are using data analytics to take the data from artificial intelligence and use it to predict infections such as urinary tract infection and even malnutrition.

For many seniors, independence often trumps security, but for their families the opposite is usually true. No matter what form of senior living best serves you or your loved one, safety is most likely one of the most important factors in making that choice. In the current age of ever-changing technology, the options may be better than you think. Take the time to research and look into improvements in technology for seniors if you or a loved one is facing these challenges.

If you have questions or need guidance in your planning or planning for a loved one, please do not hesitate to contact our office by calling (513) 771-2444.

Millennials Seek Financial Freedom

May 27, 2020Filed Under: Estate Planning

Millennials include fiscally conservative, savings oriented, and future planners seeking financial freedom as core attributes. A large part of millennials’ formative years was influenced by the US sub-prime mortgage crisis beginning in 2007, shortly followed by an international banking crisis, which led to what became known as the Great Recession. The millennial generation would have ranged from ages 11 – 26 years of age when this economic downturn began. Living through this economic volatility, not seen since the Great Depression, gave rise to the fiscally conservative millennial mindset. The other socio-economic force that continues to shape the millennial fiscal mindset is the student loan crisis. Cbinsights.com finds 41 percent of millennials carry student loan debt for which there is no personal bankruptcy relief. This debt crisis places unique financial pressures on nearly half of a generation, and many are seeking new ways to manage their income, debt, and future savings.

This conservative mindset has underpinnings of investment optimism about achieving financial goals according to reporting by the Union Bank of Switzerland Investor Watch report (UBS), and millennial goals are different from generations before them. The definitions of what being successful include a focus on personal success rather than maxing out returns on investments. This personal success is a balance of financial, relationship, and experiential factors, prioritizing long-term financial considerations like retirement or caregiving aging parents. Millennials understand their number one goal is to attain financial freedom, with a conscience. The UBS report goes on to say that 78 percent of millennials are more likely than other generations to believe income is a critical success factor and feel that income should be about 220,000 dollars to be considered a success. Millennials are also more apt to think money can buy happiness because their pursuit of money is geared toward financial freedom rather than excessive accumulation.

According to Forbes, many mid-life millennials (late 20’s and 30’s) are changing the order of, or opting out of traditional family and financial milestones of their predecessor generations. Some will have children before marriage; others will resolve all debt (think student loans) before entering into homeownership, and most will invest with sustainability and environmental concerns at the forefront of decision making. As the oldest millennials turn age 40 in 2020, many are conducting personal financial checkups, taking stock of their assets, liabilities, and insurance needs. Re-evaluation of and adjustments to financial plans help to ensure financial goals can be met.

Though most millennials do not yet have a professional financial advisor, ten self-directed steps can help to evaluate your current financial plans and make any necessary adjustments.

Specifically, relist your financial goals and work backward from them to see what financial processes you need to put in place to achieve those goals. Embrace learning and be patient as you track your spending, pay yourself first, and break long term goals into short achievable steps.
Think about life insurance. What will happen to your family or loved ones in the event your family has to survive without you and the income you provide? A death benefit will provide financial stability and help them to survive.
If you have not already done so, make a will and include medical directives, and consider a durable power of attorney should you become incapacitated.
Revisit the parameters of your current budget, and if you are willing, get outside professional input as most people’s expenses are higher than they think. There is a human tendency to overlook some existing expenditures and not be aggressive enough when it is time to make cuts in spending.
Assess and update your investment choices. Particularly pay attention to your 401(k) plan and other retirement savings vehicles like IRAs. Confirm they are aligned to your risk tolerance and perhaps reduce the number of high-risk equities into slower, high-dividend stocks. Look at the advantages of adding an annuity into your 401(k) plan and other changes that the SECURE Act of 2020 brings to retirement planning. Understand that the old model of 60 – 40 equities to bond ratio is no longer deemed advisable.
If you have excessive credit card debt, address it now. Pay down the highest interest balance(s) first if you are servicing debt as opposed to attacking a principal payment.
Do you have student loans? Again, pay down the highest-interest loans first by monthly auto-deducting it from your checking account. Explore the possibility of consolidating multiple student loans into one payment and negotiate a lower rate and longer time to pay lower monthly payments.
Weigh the costs of homeownership. Some millennials, particularly those without children, may prefer not to be anchored to home real estate, maintaining the flexibility of movement for job opportunities. Those who want a home must assess financial responsibilities beyond the costs of a mortgage and real estate tax, considering the workload and cost of home upkeep.
Review your health insurance and be sure it is adequate to cover your family’s needs. Children especially are subject to many doctor visits and requirements for attending school with proper vaccinations. If you are fortunate enough to have health insurance through your employer, check that the deductible and co-insurance options make the most sense for your situation.
Finally, take a good look at your health situation. While this doesn’t sound related to finances in the long run, it is. Is your diet unhealthy, and are you overweight? These factors potentially set you up for the likelihood of diabetes two and future joint and mobility problems. Are your cholesterol and blood pressure numbers in a healthy range? Do you need to reduce alcohol intake? Do you work out consistently in the three formats you need, which are weight training (strength building), aerobic exercise, and a stretching routine like yoga? Being as physically healthy as possible reduces overall health costs.

Millennials are at the cusp of their middle age planning stage of life and realizing that life’s priorities are a moving target. While the above pertains to millennials, the importance of planning – both legal and financial – is critical at any age.

We help families of all ages plan for what is important to them, and to make sure their plans and wishes and properly documented.

If you have questions or need guidance in your planning or planning for a loved one, please do not hesitate to contact our office by calling us at (513) 771-2444.

The Impact COVID-19 Has on Seniors

May 20, 2020Filed Under: Current Events

These are turbulent times. The senior population has been identified as the most at-risk demographic for COVID-19. Information coming out about COVID-19 is very fluid, which can also contribute to overall stress. Thankfully there are ways to try and manage stress and stay as healthy as possible during this time thanks to advice from several federal agencies monitoring the situation and the impact of COVID-19 on the senior population. This article highlights some of the advice provided from those agencies monitoring this situation closely.

For those living in a nursing home or long-term care living facility, new protocols have been established by the federal government to curb the spread of Coronavirus. A new preparedness checklist is available on the Centers for Disease Control and Prevention (CDC). It includes staff education and training for the rapid identification and management of ill residents, as well as an increase in supplies and resources. There are also restrictions on all visitation, excepting some circumstances like an end of life situation. Other restrictions have been placed on volunteers and non-essential health care personnel, and the cancellation of all group activities and communal dining.

Before the identification and dissemination of information about Coronavirus, the CDC had identified the 2019-2020 flu season as being particularly challenging. Now many seniors wonder whether they have a different type of flu, allergies, or are experiencing the Coronavirus. Not knowing is particularly frightening since seniors have been identified as the demographic with the highest mortality rate. The CDC has a straightforward checklist of symptoms of respiratory infection, including COVID-19:

Fever
Cough
Shortness of breath

Because other types of flu have similar symptoms and there is no Coronavirus vaccine, and its test is in very short supply, many older adults will only be able to treat their symptoms without full knowledge as to the contagion.

One their website under “How to Prepare” the CDC provides information on protecting yourself, your family, your home, and managing anxiety and stress. According to the CDC, there are some things that seniors can do whether or not they are in a facility or living at home that can help reduce their risk of catching the Coronavirus or any other virus for that matter in this bad flu season. The first line of defense sounds counterintuitive to a global pandemic, but it is crucial, stay calm and try to relax.

Getting quality sleep during this outbreak will allow your body the time it needs to restore immunity responses to contagions. Stay well hydrated by drinking plenty of water. Staying calm, getting restful sleep, and remaining hydrated will allow your body’s natural defense mechanisms to protect itself.

Have someone near you help you stock up on supplies. Stay in your home as much as possible. If the weather permits, open a window for fresh air. If you have a home with a porch or patio, take in some sun for vitamin D. You want your immune system to be as robust as possible. Take everyday precautions to keep space between yourself and others. If it is not necessary, don’t go out in public, avoid crowds, stay away from anyone who is sick, and wash your hands often. Cancel any cruise or non-essential air travel and do not use public transportation.

The Environmental Protection Agency (EPA) has posted a list of disinfectants for use against the Coronavirus. Proper disinfecting of often-used surfaces is critical as this particular Coronavirus can live for long periods, up to 72 hours on some surfaces. As of now, the EPA reports no detection of COVID-19 in drinking water supplies and believes the risk to the water supply is low based on current evidence.

The CDC is reporting that seniors with chronic medical conditions like heart disease, lung disease, and diabetes are at higher risk of contracting COVID-19 and should take extra precautions about self-isolating. Those seniors with these conditions in a nursing home or long term care facility will be triaged according to CDC guidelines for best practices with the elderly who are the highest risk.

If you feel worried and panic is taking over your rational responses, seek a loved one or trusted friend to guide you through the steps you can take. There is a great deal that is unknown about the Coronavirus, but there is a great deal known about what you can do as an individual senior to combat the threat and remain healthy.

We would be happy to discuss any questions or concerns you have as we continue to understand the impact of COVID-19 on our country.

If you have questions or need guidance in your planning or planning for a loved one, please do not hesitate to contact our office by calling us at (513) 771-2444.

Protecting Your Family During the Pandemic

May 14, 2020Filed Under: Current Events

In these scary times, it’s important to be prepared if you or a loved one gets sick and can’t make decisions for themselves about healthcare or finances. Banks, insurance companies, and medical providers will not listen to what another person says about what you need, not without up-to-date legal documents.

But how are you, or someone you know or love, supposed to get those documents, and still do your bit to keep physical distance so we can stop this virus and get back to easier times?

Internet is the answer. Almost everything you need from us can be delivered remotely without your setting foot outside, as long as you have a good phone or internet connection. From the safety and comfort of your home, you can get just about all the way to the goal: peace of mind from knowing that your family or another trusted person can pick up the reins for you, so you or your loved ones get the care you need.

On the other hand, if you prefer to, or must, consult us in person, be reassured that we are taking extraordinary care to protect all our health by adhering strictly to Centers for Disease Control guidelines.

In these challenging times, we all must do all we can to strengthen our resilience, optimism, good planning, and teamwork. Here is how to safeguard your and our health while you access uninterrupted legal services.

We invite you to take advantage of internet capability. Of course, we would love to see you in person, but, these days, let’s keep in close contact outside of physical presence. If you have a good phone or internet connection, we can meet together via phone or video conference. You can get and send documents via email. We can stay connected “virtually” so that in most cases, you can get everything up to (but not yet including) signing, without budging from home.
Once we begin seeing clients in our office, we will take every precaution CDC recommends. We all are conscientious about strict infection-control protocols, physical distance, and frequent sanitizing of high-touch surfaces. For now, you will be welcomed with a warm smile instead of the usual handshake or hug!

However, your help is essential. Please, if you aren’t feeling well or are showing symptoms, reschedule your appointment or ask about alternative means of meeting.

For now, our clients and friends in hospitals or nursing homes can’t count on us to visit as we used to. However, facilities usually have people on hand who can witness and notarize signings. They also have internet connectivity. So, you or your loved ones’ documents might still get created, updated, and signed in most cases, even though we can’t physically be together. These days, given the current realities, it is more important than ever that especially vulnerable people get current documents in place.

Now is the time to make sure you and yours have the proper documents in place, so your trusted person can handle legal, financial, and health-care decisions for you if you cannot do so yourself. Take the few easy steps to get prepared. We can help prepare these important documents and guide you through the decision-making process. Please contact our office by calling us at (513) 771-2444.

May we all stay safe and well.

Senior Living Facilities Upgrade Their Security

Millennials Seek Financial Freedom

The Impact COVID-19 Has on Seniors

Protecting Your Family During the Pandemic

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Affiliated with Cornetet, Meyer, Rush & Stapleton Co., L.P.A.