Generation 50+ Summer 2017

SUMMER 2017

Generation 50+ Make plans for minimum retirement account distributions Page 6

Secret to Aging Well Page 3

QUARTERLY SPECIAL: A PUBLICATION OF THE QUEEN ANNE & MAGNOLIA NEWS, CITY LIVING SEATTLE, CAPITOL HILL TIMES AND MADISON PARK TIMES

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GENERATION 50+ | SUMMER 2017

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GENERATION 50+ | SUMMER 2017

The Most Surprising Secret to Aging Well

By Jullie Gray, MSW, LICSW, CMC – Principal, Aging Wisdom medication after surgery and recover more quickly. They also fall less often, are better nourished and have a lower risk of depression.

Contact with others can feed the spirit by bringing meaning and purpose to each day. It’s reciprocal – both parties benefit. Regardless of one’s age, when we are around others we give and receive support as well as hands on assistance.

Tips for connecting There are numerous ways older people can connect. Here are just a few: • Visiting children, grandchildren, friends and neighbors • Participating in faith activities, services, studies and social events • Signing up for trips sponsored by local community and senior centers • Volunteering at schools, hospitals or local non-profit organizations • Taking classes or attending lectures at local libraries, schools and other community venues • Joining a book group or social club These activities can help your parents and other older love ones develop deeper relationships with others who have similar interests and passions. They can expose them to new people, projects and ideas, and help foster confidence and direction in their lives. If your dad becomes involved with a cause that is important, it helps him keep life in perspective and reminds him that he has a lot to offer the world. Purpose is a fundamental component of connection.

Ask anyone for their top advice about living a long, • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • healthy life and you’ll probably hear tips about the imSHARE YOUR LOVE OF COOKING & NUTRITION! portance of eating well, stopping smoking, exercising and • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • getting regular medical checkups. Don’t throw those good 55 and older? Join the Retired & Senior Volunteer habits out the window; but, it may come as a shock to Program (RSVP) and get in touch with your inner chef! learn that connecting with others may be the single most important ingredient for aging well.

Researchers have been studying the impact of social isolation and loneliness on health and well-being for many years. Over and over it has been proven that social support acts as a buffer against illness and cognitive decline. Loneliness and seclusion is thought to be as bad as or worse for your health than smoking, obesity or being an alcoholic. Put simply, loneliness breeds illness and early death.

How to spot problems How can you tell if an older adult in your life is at risk of isolation? There are telltale signs that may indicate a need for extra support: • Living alone • Family living at a distance • Poor hearing and/or vision • Memory loss or other cognitive problems • Difficulty getting around (trouble walking, unable to drive or access transportation) • Significant life changes such as the recent loss of a partner or moving to a new home Protecting health by connecting Why is being around others so important to well-being? Social connectedness increases resistance to disease. Older people who regularly interact with family, friends and participate in social activities report better emotional and physical health and show improvement performing some mental tasks. Those with strong social ties require less pain

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GENERATION 50+ | SUMMER 2017

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• George Kent Collection with a concentration on NJ & NY. • Assistance from other genealogists.

• Special interest groups for Irish, Germans, Scandinavians and DNA.

Why Everyone Needs a Durable Power of Attorney By: Rachel R. Bender, Estate Planning Attorney at Bender Law, PLLC Estate Planning is necessary to protect your assets and property, not only for future heirs, but also to protect your own interests if you are ever incapacitated. There are many options to consider, and each document must be specifically tailored to withstand challenges and remain effective. One of the most important estate planning documents is the Power of Attorney. Here are some general questions to test whether a Power of Attorney is something you should consider: • Are you planning to travel soon?

• Do you participate in activities that could result in an injury?

• Are you recently divorced, separated, or widowed?

• Have you been diagnosed with a serious condition or disease, such as MS, ALS, or cancer?

• Has anyone in your family been diagnosed with dementia and/or Alzheimer’s?

If you answered ‘yes’ to any of these questions, then you need a Power of Attorney. In fact, you should have a Power of Attorney even if you answered ‘no’ to every question.

Why? Because accidents happen, and life is unpredictable.

How, exactly, does a Power of Attorney offer protection? What does it really do? A Power of Attorney names another person, usually your adult child, spouse, or friend, to act as your “attorney-in-fact” or “agent.” (Don’t be confused by the name of the document – your agent does not have to be an actual attorney.)

Your agent acts on your behalf when you are unable to care for your medical or financial needs. The key is to create a Durable Power of Attorney (“DPOA”). The term “durable” means that the Power of Attorney becomes effective when a doctor has declared that you are unable to handle your affairs on your own (in other words, when a doctor declares that you are “incapacitated”).

There are two types of Durable Powers of Attorney: financial and health care. With a Durable Power of Attorney for Finances (“Financial DPOA”), your agent will have the authority to manage your finances when you become incapacitated. If you are injured in a serious accident that results in you being in coma, your Durable Power of Attorney will “kick in” and your agent will be able to pay your bills, access investment accounts, and manage other financial matters until you are able to do so on your own.

A Durable Power of Attorney for Health Care (“Medical DPOA”) will allow your agent to make medical decisions and access your

medical information. For example, if your surgeon or physician needs to consult with someone prior to conducting a procedure, your agent will be able to discuss the situation with the medical professionals. If your agent knows that you would never consent to a blood transfusion, she or he would be able to make that decision by informing the doctor of your wishes.

There are, or can be, limits to your agent’s authority. A Financial DPOA may not allow your agent to make gifts (like giving another relative your money or property), and it would never allow your agent to change your estate planning documents. If you do not want your agent to be able to purchase or sell property or buy cars, your document can be crafted to fit your specific rules and goals.

The Medical DPOA should not be confused with Advance Health Care Directives (sometimes referred to as “Living Wills”).

Advance Directives are only used when you are in a vegetative state and there is no hope of recovery. The agent named in your Medical DPOA would not be able to “override” the Advance Directive.

Anyone over the age of 18 can be your agent. The key is choosing someone who you trust immensely. The person named as your agent in your Financial DPOA document does not have to be the same person named in your Medical DPOA. Honestly consider the strengths and weaknesses of your potential agents. For example, if your son would be fine handling bill payments while you are incapacitated, but he would be too emotional discussing medical procedures with your doctor, then perhaps your daughter should be named as the agent in your Medical DPOA instead of him. Or if your brother is bad with money, but he was graceful and competent when facing your parents’ health care situations before they passed away, then he might be a good option for only your Medical DPOA. Be sure to choose someone who is good at managing money, and someone who will honor your medical decisions.

Contrary to popular belief, your Durable Powers of Attorney do not remain effective after you pass away. Most people think that Powers of Attorney continue to work after someone dies, but a Power of Attorney is intended to give your agent the ability to make the same decisions you would make if you were not incapacitated. Once you die, ➧ POWER OF ATTORNEY, Page 7

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Dad hasn’t had a vegetable in 6 months

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GENERATION 50+ | SUMMER 2017

Baby boomers: Time to make plans for minimum retirement account distributions

By Mary Justice and Dorothy Mitchel If you’ve put money away into a retirement account like a 401(k), eventually you’ll reach an age when you’ll be required to make withdrawals from those accounts or face financial penalties. What’s interesting is this year the oldest members of the baby boomer generation are turning 71 according to the U.S. Census Bureau, which means they’ve crossed the required 70 ½ age when retirement account minimum distributions come into play. As this large segment of Americans start to face minimum distribution requirements, it’s a good time to explore options on how to manage the income – and potential tax penalties that may occur as a result: 1. Is the minimum distribution requirement amount needed for covering monthly expenses? And will the distribution amount raise your annual income enough to cause you to slip into a new tax bracket? If the answer is yes to both, you may want to work with your financial advisor on ways you can either reduce your required income expenses or ensure that your income is enough to cover the anticipated larger tax bill.

If you’re in the baby boomer generation and have a retirement account, chances are you’ll be facing these minimum withdrawal requirements soon. It’s a great opportunity to review your financial goals and your retirement assets and make changes to help work toward those goals.

Mary Justice is the Washington State Market Leader of The Private Client Reserve of U.S. Bank. You can connect with her on LinkedIn at https://www.linkedin.com/in/ maryjustice. Dorothy Mitchel is the U.S. Bank Private Client Group Division Manager in Everett, Washington. You can connect with her on LinkedIn at https://www.linkedin. com/in/dorothymitchel.

Investment products and services are: not a deposit

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2. Do you want to save the money for potential future needs, like healthcare costs or retirement center living expenses? You will need to make the withdrawal from your retirement account, but have the option of reinvesting it into another account that doesn’t have minimum withdrawal requirements. Keep in mind, you will be taxed on the money withdrawn from the retirement account, so be sure to include that in your budget planning. You may be interested in reinvesting the money into a longterm care plan or life insurance plan. Set up a meeting with your financial advisor and tax advisor to determine what might work best for you.

For U.S. Bank:

3. Do you wish to donate the money as an opportunity to give back to the causes you care about while you’re alive? This strategy can also provide significant tax benefits.

If the money is donated to a qualified nonprofit organization, the donor will not be taxed on the withdrawal, and can also claim the donation on that year’s tax forms.

The process is relatively simple - as long as the money goes directly to the charity (not to you) after you’ve turned 70 1/2, it won’t be taxed.

This information represents the opinion of U.S. Bank and/or U.S. Bancorp Investments and is designed to be educational and informative. The views are subject to change at any time based on market or other conditions and are current as of the date indicated on the materials.

As baby boomers approach age 71, they should review their income sources and determine a new strategy for best managing where they get their income and the resulting tax bill. Your financial and tax advisors can work with you to evaluate your monthly income needs, the anticipated tax bill based on your bracket and income, as well as developing a plan for achieving your future financial goals like the possibility of long term healthcare provisions or travel opportunities.

Deposit products offered by U.S. Bank National Association. Member FDIC Credit products offered by U.S. Bank National Association and subject to normal credit approval.

This is not intended to be a forecast of future events or guarantee of future results.

It is not intended to provide recommendations and/or specific advice concerning retirement accounts or investment planning. It is not intended to be construed as an offering of securities or recommendation to invest. Not for use as a primary basis of investment decisions. Not to be construed to meet the needs of any particular investor. Not a representation or solicitation or an offer to sell/buy any security. Investors should consult with their investment professional for advice concerning their particular situation. Further, a security described in this publication may not be eligible for solicitation in the states in

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GENERATION 50+ | SUMMER 2017

which the client resides.

For U.S. Bancorp Investments: Investment products and services are available through U.S. Bancorp Investments, the marketing name for U.S. Bancorp Investments, Inc., member FINRA and SIPC, an investment adviser and a brokerage subsidiary of U.S. Bancorp and affiliate of U.S. Bank.

Insurance products are available through various affiliated non-bank insurance agencies, which are U.S. Bancorp subsidiaries and affiliates of U.S. Bank. Products may not be available in all states. CA Insurance License# OE24641. Policies are underwritten by unaffiliated insurance companies and may not be available in all states.

Protect Your Assets and Property ➧ POWER OF ATTORNEY, from Page 4 your decision-making ability dies, too, – and so does your Power of Attorney. The person in charge of your affairs after you pass away is whoever you have named as the Personal Representative (or “Executor”) in your Last Will & Testament (in my next article, I will discuss the ins and outs of being a Personal Representative so that you will have a clearer understanding of who you should choose).

As I often tell my clients, estate planning is not just about you – it’s about your family.

Not only would a Power of Attorney ensure that you are protected in an emergency,

but having your affairs in order relieves a significant burden and potential anxiety for your loved ones. The last thing your family and friends should have to deal with after learning that you have been in an accident are the various legal hoops or barriers preventing them from “holding down the fort” while you are incapacitated.

Durable Powers of Attorney are essential, regardless of your age, health, net worth, or marital status. No one is immune to the unpredictability of life, but in the event the unforeseeable happens we will all surely be grateful that we prepared these documents ahead of time “just in case.”

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Dear Sheila: Safety First discuss include: regular doctor visits with her primary physician, medication review, nutrition, hygiene, advanced directives and emergency contacts, — and whether she is still safe living at home alone? If you notice changes in your mother’s mental or physical condition, you may want to contact a Sheila McKannay care manager to help Dear Son, you assess your mother I think it’s a terrific idea to and her living situation and to make visit your mother and make sure her recommendations to keep her safe and home is safe. Before you go, search the independent at home. You can also contact internet for “home safety checklists.” a home care agency, like Family Resource You’ll find many examples, including Home Care, to provide intermittent or onsome focused specifically on creating a going assistance at home. safe living space for older adults. The —Sheila lists will take you room by room and include such topics as lighting, clutter, Sheila McKannay, MA, CMC, is Vice accessible pathways, furniture, grab bars, President of Client Care for Family Resource rugs, electrical safety, stairs, exterior of the Home Care, greater Seattle’s largest provider home, etc. In addition, you may want to of private caregiving services for seniors. For check in with and observe your mother more Dear Sheila letters or other helpful to make sure she is taking care of herself. articles, visit our website: Does she need help or support? Topics to www.familyresourcehomecare.com/blog Dear Sheila, My wife and I will be traveling out of state to visit my mom for her 80th birthday. While there we plan to take a close look at her home to see what we can do to make it safer for her.

Can you give us some ideas of what to look for and what to do?

— Attentive Son

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