• • • Behind the Scenes: A Proﬁle of Mary Alhart • • • How Health Insurance Marketplaces Will Help Early Retirees How Popular Are EReaders? Just Ask Yaya Book Club Members Golf: Simple Things You Can Do to Avoid Injuries
Two Rochester Icons: George Gines, Jines Restaurant
PLUS Issue July / August 2013
For Active Adults in the Rochester Area
MCC Prof: Never Too Late To Be Who You Want To Be
Buying a House? See what you need to consider before doing it
DR. PAT BOMBA 10
Things To Do When You Go To Las Vegas
Making a difference on end-of-life issues
LOCALLY OWNED You will have peace of mind knowing that your mom or dad are living in a place where they are treated with respect and dignity by a dedicated team of service providers and that the communities are owned by a local family whose roots are entrenched in the Rochester Area. ALL INCLUSIVE means that your mom or dad can enjoy all of the amenities that are available at our Legacy communities for no additional monthly costs or fees. NO ENDOWMENT FEES means that many of our local competitors charge large upfront fees. You wonâ€™t have that expense at a Legacy community.
July / August 2013 - 55 PLUS
Contact us for Information! www.SageRuttyUniversity.com or call 585.512.2309
A Legacy of Love for Your Community, Annual Payments for You.
The Salvation Army Charitable Gift Annuity provides you with a degree of financial stability while assuring that your concern for others will be your legacy. Here are some representative “one life” rates:*
Here’s How it Works:
You receive a tax deduction for the charitable portion of the gift. You receive fixed annual payments for life, a portion of which may be tax free. The rate is determined by your age. The older you are, the larger the payment. You can enact a Charitable Gift Annuity for yourself OR for yourself and another loved one. Payments continue until the death of the last annuitant. The payment rate is locked in at the time the annuity contract takes effect and NEVER CHANGES!
Doing the Most Good 4
55 PLUS - July / August 2013
AGE 65 70 75 80 85 90+
RATE 4.7% 5.1% 5.8% 6.8% 7.8% 9%
A Charitable Gift Annuity is an irrevocable gift. As always, The Salvation Army recommends that you consult your advisors to weigh personal and income tax benefits.
*The Salvation Army adopts annuity rates recommended by The American Council on Gift Annuities
For Free and Conﬁdential Information or a personal illustration contact: John P. Gleason CFRE - Director of Gift Planning for The Salvation Army Phone: 888-434-1391 Email: John.Gleason@USE.SalvationArmy.Org
July / August 2013
Savvy Senior 6 Real Estate 8 Financial Health 10 My Turn 16 Long-Term Care 45 Visits 47 Linda Smith, a Victor resident, discusses the program Neighbors in Ministry to Seniors. Page 50
Got a story idea? email@example.com
• E-readers popularity growing fast. Just ask the Yaya Book Club members
• Behind the scenes. A proﬁle of Mary Alhart
• Now, that’s a way to have fun. Meet the Rochester Single Fun Raisers
32 28 RETIREMENT
• Is Upstate a good place to retire?
• Staycations are here to stay
• George Gines, Jines Restaurant
• The art of “living in place”
37 REAL ESTATE
• Rochester physician Pat Bomba making a mark on end-of-life issues
• Golf: Simple things you can do to avoid injuries this season
• Things to keep in mind before buying a house?
• MCC prof: Never too late to be who you want to be July / August 2013 - 55 PLUS
savvy senior By Jim Miller
How Health Insurance Marketplaces Will Help Early Retirees
he new health insurance exchanges — also known as Health Insurance Marketplaces — that begin in 2014 will be a welcome beneﬁt to millions of Americans who need health insurance, especially uninsured baby boomers and pre-Medicare retirees who often have a difﬁcult time ﬁnding affordable coverage.
How It Will Work As part of the Affordable Care Act, starting Oct. 1 you will be able to shop and compare health insurance policies in your area, and enroll in one directly through your state’s Health Insurance Marketplace website. The policies will go into effect on Jan. 1, 2014. You’ll also be happy to know that federal law dictates that Marketplace insurers cannot deny you coverage or charge you higher rates based on preexisting health conditions, and they can’t charge women more than men. But they can charge older customers more than younger ones — up to three times more. Every state will have a Marketplace, but each state can choose how it will operate. Seventeen states and the District of Columbia will run their own state-based Marketplace, seven states will partner with the federal government, and 26 states will offer federal Marketplaces. The differences between federal and state programs will be subtle. You will be able to access your state’s Health Insurance Marketplace at healthcare.gov. The policies available through these Marketplaces will be sold by insurance companies and will provide a package of 10 essential benefits, including emergency services, hospital care, lab services, prescription drugs, doctor visits, preventive care, rehab services and maternity care. To make shopping and comparing a little easier, the health plans will 6
55 PLUS - July / August 2013
be divided into four different levels — bronze, silver, gold and platinum — each offering similar beneﬁts but with a different cost structure. The bronze plan will have the lowest monthly premiums but have highest out-of-pocket costs, while the platinum plans will have the highest premiums but the lowest deductibles and copayments. The Marketplaces will also offer a toll-free hotline to help you choose a plan that meets your needs and budget. These helpers aren’t associated with any particular plan, and they aren’t on any type of commission, so the help they give you will be completely unbiased.
Costs and Tax-Credits Prices will vary depending on where you live, your age and the health plan you choose. Exact cost structures for most Marketplaces will be released within the next few months. To help make coverage affordable, sliding scale tax-credits will be available if you earn less than 400 percent of the poverty level — that’s $45,960 for a single person and $62,040 for couples. These tax-credit subsidies will provide immediate savings off your monthly premiums. To ﬁnd out if you qualify, or see how much a tax-credit will reduce your monthly costs, you’ll need to submit a Marketplace application in October, or when you decide enroll. In the meantime, you can calculate your potential tax-credit premium savings by using the Kaiser Family Foundation calculator at healthreform.kff.org — click on “Interactive Features” and then scroll down to “Subsidy Calculator.” For more information on the Health Insurance Marketplaces including a checklist of things you can do now to help you choose a plan, visit healthcare.gov/marketplace.
55PLUS Editor and Publisher Wagner Dotto
Associate Editor Lou Sorendo
Deborah J. Sergeant, Ernst Lamothe Jr. Jason Schultz, Suzanne Ellis Lynette Loomis, Beth Emley Ken Little, Deborah Blackwell
Jim Terwilliger, Susan Suben Jim Miller, Kimberlie Barrett Bruce Frassinelli
Jennifer Wise, Donna Kimbrell
Laura J. Beckwith
Layout and Design Chris Crocker
Chuck Wainwright 55 PLUS –A Magazine for Active Adults in the Rochester Area is published six times a year by Local News, Inc., which also publishes In Good Health–Rochester–Genesee Valley’s Healthcare Newspaper.
Health in good
Rochester–Genesee Valley’s Healthcare Newspaper
Mailing Address PO Box 525 Victor, NY 14564 Subscription: $15 a year © 2013 by 55 PLUS – A Magazine for Active Adults in the Rochester Area. No material may be reproduced in whole or in part from this publication without the express written permission of the publisher. Third class postage paid at Syracuse, NY. Permit Number: 3071
How to Reach Us P.O. Box 525 Victor, NY 14564 Voice: 585-421-8109 Fax: 585-421-8129 Editor@roc55.com
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Reach the Fastest Growing Population in the Rochester Area 55 PLUS magazine recently had its distribution audited by the Circulation Veriﬁcation Council. Here are some of the results:
(based on 21,000 copies distributed) • 59% of readers keep 55 PLUS at least one month •75% of 55 PLUS readers fall are between the ages of 55 and 74 • 61% of 55 PLUS readers are women • 74% of our readers report earnings of $50,000 and higher
July / August 2013 - 55 PLUS
Affordable Living For Seniors 55/62 Now Accepting Waitlist Applications Tenants must meet age, income and occupancy requirements. 100% Smoke-free or transitioning to be smoke-free. Small domestic pets welcomed with approval and pet deposit.
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4 Atwood Drive, Gates
Apply for 1-bdrm Rent is 30% of adjusted gross. Heat/hot water included in rent. Call 247.0985
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Providence Housing Development Corp. 1150 Buffalo Road, Rochester, NY
55 PLUS - July / August 2013
By Kimberlie Barrett
Who Represents You in a Real Estate Transaction
or decades there was no such thing as buyer representation. Historically, all agents worked for the seller because the seller paid the commission. Agents worked with buyers not for them. An agent would meet a buyer and show the buyer several homes. Upon deciding to purchase, the agent wrote the offer, called the seller’s agent and presented the offer in person. Prior to agency disclosure the agent presenting the offer was obligated to share with the seller anything that the buyer might have disclosed to the agent. If the buyer told the agent to present an offer for $85,000 and disclosed that they would go as high as $95,000, the agent was obligated to disclose this fact if the seller asked. At some point, the question became, “Who is representing the buyer’s interest?” and hence agency disclosure was born. There are four parties to a real estate transaction: A buyer’s agent, a buyer, a seller’s agent and a seller. Keep in mind that it is the real estate broker and company that have the relationship with the buyer or seller not the individual agent who is simply a representative of the brokerage agency. A real estate broker is held by law to owe speciﬁc duties to his or her principal/client in addition to duties or obligations set forth in a listing contract such as an Exclusive Right to Sell Agreement or buyer’s contract like an Exclusive Right to Represent Agreement. Fiduciary duties include honesty, conﬁdentiality, disclosure, loyalty, obedience (of lawful instruction), reasonable care and diligence and accountability. If the brokerage represents the seller in a client relationship, then the buyer is considered a customer. In a customer relationship a seller’s agent still owes the buyer three things:
honesty, disclosure of material facts (that which can be seen as opposed to a latent defect which is hidden) and an obligation to define agency to a customer at the point of “substantive contact” or that point in the conversation where the buyer (in this example) begins to share information that could potentially compromise the buyer’s later position to negotiate should they pursue making an offer to purchase. It happens. Buyers wonder into an open house without their own agent to represent them and their excitement starts to grow as they ﬁnd the home they were looking for. I tell buyers no matter how much they love a particular piece of property, it might be best if they contain their interest in the presence of the seller or seller’s agent. Remember the seller’s agent owes the seller disclosure, which might mean sharing how much the buyer loves the seller’s home and the likelihood that a higher price might be attainable if the buyer starts with a lower offer. More damaging to a buyer is a conversation in which the buyer discloses that they have inherited a lot of money or are in a position to purchase without having to sell their current property. This information could have the ability to affect the outcome of a potential offer and the price that is ultimately reached between the buyer and the seller. My best advice is to hire an agent to represent your best interest and not disclose sensitive information to agents who do not. Kimberlie Barrett is president, broker and owner of Magellan®, Inc. Real Estate & Relocation located in Brighton. She has more than 31 years of experience serving the Rochester real estate market. For more information, contact her at Kim@1Magellan.com or 585-233-6111.
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July / August 2013 - 55 PLUS
financial health By Jim Terwilliger
Updating Your Beneficiary Designations
e constantly remind clients to review their estate plans, making sure that wills and other estate planning documents (powers of attorney, living wills, and health care proxies) are up to date. Doing so is necessary but not nearly sufﬁcient. What is equally important is to review and update beneficiary designations. Why? First, beneficiary designations trump the will. That is, assets such as IRAs, Roth IRAs, qualiﬁed employer retirement plans, life insurance death beneﬁts, and deferred annuities all pass to heirs via beneﬁciary designations provided to plan administrators by the owner. Generally, the will only becomes involved when no beneﬁciaries are named. In this case, the estate is the default beneﬁciary. Second, it is far better to name individuals and/or charities as beneﬁciaries of IRAs and qualiﬁed employer retirement plans rather than the estate. The ability to roll over or inherit, then ultimately “stretch” pretax accounts over the individual beneﬁciaries’ lifetimes, is worth its weight in gold. If a beneficiary is not named and the estate becomes the default beneficiary, the estate is generally required to liquidate the entire account and pay the resulting income tax on such at highly-aggressive ordinary income tax rates. Naming a charity as full or partial beneﬁciary of IRA, qualiﬁed employer plan, and deferred annuity accounts containing pre-tax dollars is a very smart option to consider. By doing so, not a penny of income tax will ever be paid on these assets. Rather than leave after-tax dollars to the charity and pre-tax dollars to 10
55 PLUS - July / August 2013
family members who will then have to pay income tax when distributions are ultimately taken, consider doing just the opposite. Fund charitable bequests from pre-tax accounts via beneficiary designation and fund bequests to family members from after-tax accounts via the will. The beauty of the latter is that after-tax assets get a step up in tax cost basis on death, resulting in no income tax consequence to the heirs. The above guidance does not hold for Roth IRAs. They should always be passed along to individuals either directly or through a trust. Life insurance death beneﬁts are directed by beneﬁciary designation. Generally, it is best to direct such proceeds to individuals or trusts. This ensures that the money ﬂows immediately and is not delayed awaiting probate. In some instances, directing these proceeds or a portion to the estate is advised to ensure that the estate has adequate liquidity. Some additional planning issues follow below. Name contingent beneﬁciaries — In most cases, contingent (and sometimes third-level beneﬁciaries) should be named. This takes care of situations in which the primary and/or contingent beneﬁciaries pass ﬁrst. It also allows for a hierarchy of pathways in case primary and/or contingent beneficiaries wish to disclaim part or all of the bequest. This is a ﬂexible and smart estate planning tactic. Be specific — When naming individuals, it is best to list speciﬁc names and associated information (date of birth, Social Security number, relationship, address, and percentage of total allocation) rather than just referring to a class of beneﬁciaries (children, for example). Keep designations up to date — Typically, beneﬁciary designations
are made over a period of years, oftentimes over decades. Over such a span of time, family members die and/or are born, marriages dissolve, and other circumstances change. It is no wonder that designations can end up to be highly inconsistent across one’s IRAs, employer retirement plans, and life insurance policies. Don’t guess on this one. Make a list of all accounts/policies that have beneficiary designations, contact the associated administrators, and conﬁrm. Correct any inconsistencies by ﬁling new forms. Be sure to keep updated copies of all beneﬁciary designation forms in your personal ﬁles. Consider the financial and emotional readiness of your beneﬁciaries — Pre-tax accounts and life insurance proceeds left directly to beneﬁciaries generally can be fully accessed by such beneficiaries. In other words, they can be emptied and spent. If your heirs are not prepared to handle such an inheritance, consider appropriately-designed trusts as beneficiaries. With trusts created during your lifetime or at death through your will, you can specify the ground rules and timeframe for your beneﬁciaries’ access to the assets. Seek professional guidance — As with other important ﬁnancial matters, be sure to partner with a trusted financial planner and an attorney to ensure that the design of your beneficiary designation array represents your interests and is consistent with your overall estate plan. This exercise is much too important to try on your own. James Terwilliger, CFP®, is senior vice president, Financial Planning Manager, Wealth Strategies Group, Canandaigua National Bank & Trust Company. He can be reached at 585-419-0670 ext. 50630 or by email at email@example.com.
I Just Love My E-Reader
More seniors are choosing to read books on devices such as Kindle, Nook and others. And they love it By Deborah Jeanne Sergeant
t 8 9 , B a r b Wo l f e o f Canandaigua seems an unlikely person to embrace recent technology. But don’t believe the stereotype that older people can’t — or won’t — learn new technology. Though she uses her Nook now, Wolfe confesses that three years ago, after her son had given her the ereader, she “didn’t care for the e-reader at all at ﬁrst.” She missed handling the book, smelling the paper and turning the pages. Once she became used to the lack of the tactile experience of reading and became used to the Nook’s controls, “I began to like it,” she said. “Now I like it very much.” Wolfe can easily adjust the font
size instead of waiting for a print copy to become available so she can keep up with the reading for Yaya Book Club in Canandaigua. “I can order books and have them within an hour,” she said. “I don’t have to even go to the library to get them.” She has read about 24 e-books, mostly history and romance. Four of the 10 members in the club use ereaders, and most of them are 70 or older. “I am very grateful for my ereader,” Wolfe said. Carolyn Eltscher, 80, of Rochester, calls her Kindle “a lifesaver.” “I had to give up books because of the magniﬁcation I needed. The ebooks are easy to carry around, too,”
Almost half of the members at the Yaya Book Club in Canandaigua prefer e-readers such as Nook and Kindle. Shown from left at back are Barb Wolfe, Pat Heckman, Nancy Johnsen, Sue Howard, Cathy Van Vechten, Sharon Jaynes, Katie Pirozi. Front: Sally Maxson, Joyce Bradley, Shirley George. Photo courtesy Barb Wolf. Eltscher said. Daniel Jones teaches computer technology to seniors in the Rochester area. He has found that most of his students can easily use electronic books. “I’ve taught people who’ve never been on a computer their whole lives and the No. 1 reason is fear,” Jones said. “Some admit it and some won’t and make excuses, like, ‘That’s for the young people’ or ‘I’ll never be able to do that.’ Once they get over that fear, and embrace it, it opens up a whole new world for them. It helps them feel connected and engaged in the world.” He said that tablets and e-readers are very popular. July / August 2013 - 55 PLUS July / August 2013 - 55 PLUS 11 11
“Usually, they really like the format,” he said. “I always suggest to buy the best tablet they can afford. They’ll be able to read books and do everything they want as far as Internet use, instead of just read books. “Depending on what e-reader you have, you can email excerpts of magazine articles to your friends. You can share what you’re reading or what your interests are with friends and family.” You can also download and listen to audio books electronically. With the cost of the technology plummeting, it may be time to consider a tablet or e-reader. If you buy many books, the initial investment in equipment may help you save big, both for the cost of purchasing books and in the space that standard books require. Of course, checking out books from the library is free for either format, but e-books offer additional convenience for borrowers, too. Electronic books lack the traditional look, feel and smell of paper books, which some purists may miss. Though the layout of e-books often mimics printed ones, the tactile experience is different, as Wolfe found. Paper books are harder to damage, too. A little moisture or being dropped can spell disaster for an e-reader or 12
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Daniel Jones teaches computer technology to seniors in the Rochester area. He said tablets and e-readers are very popular among his students. tablet, unlike their paper counterparts. Paper books require no charging or technology upgrades, which can be intimidating if you are unfamiliar with electronics. The Wood Library Association, part of the OWWL system that includes Ontario, Wayne, Wyoming, and Livingston counties, has offered e-books since 2008. Director Jenny Goodemote said that many seniors who receive ereaders as gifts come to the library to ask for help in learning how to use them. “It’s been an explosion of people coming into the library asking for help in how to use their devices,” she said. “The staff has to keep up-to-date with technology to show the older crowd. Our classes are always full of seniors when it comes to anything technology.”
That’s our guiding principle at Ashton place, and it’s why folks feel our community is simply one big family. It’s why you’ll be greeted with warm smiles at Ashton Place, whether they’re from residents or our friendly, helpful staff members. Families enrich each others lives, and that’s what our family does at Ashton Place every day. 190 Ashton Court • Clifton Springs, NY
1.800.819.5791 • AshtonPlaceNY.com