A Blank Slate Media Special Section April 22, 2022
24 LIVING 50 PLUS • Blank Slate Media Newspapers, Friday, April 22, 2022
How people over 50 can stay mindful BY K E I T H W. F I V ES ON Mindfulness is often seen as a practice that is beneficial for young people, but it turns out that it is just as important for people over the age of 50. In fact, mindfulness can help older adults stay healthy and independent for longer. There are many ways to practice mindfulness every day, and the benefits are far-reaching. Mindfulness can improve mental health, physical health, and spiritual wellbeing. Older adults can also benefit from nutritional steps that support mindfulness practices, and help individuals to sit with themselves, digest, and rest more effectively. Resources abound for those who want to learn more about mindfulness and how to incorporate it into their lives! Some of the benefits that mindfulness can provide for older adults include:— improved mental health, including reduced stress and anxiety, increased focus and concentration, and enhanced moods— better physical health, including stronger immune systems, less pain, and slower aging processes — greater spiritual wellbeing, including a sense of connectedness to others and a sense of peace. So, how can older adults start practicing mindfulness? Below are some steps that can be taken:— Make time for yourself each day: Dedicate at least 30 minutes to an hour for yourself each day.
This is time that you can use to relax, meditate, journal, or do whatever else brings you joy.— Find a comfortable place to sit or lie down: Once you have set aside some time for yourself, find a comfortable place to sit or lie down. If you can, try to do this in a quiet place where you won’t be interrupted.— Focus on your breath: Once you’re comfortable, focus on your breath. Notice the way that it flows in and out of your body. If your mind starts to wander, gently bring your attention back to your breath.— Practice regularly: The more you practice mindfulness, the better you will become at it. Try to do it every day, even if it’s for just a few minutes. In addition to these mindfulness practices, older adults can also support their health by taking some nutritional steps. For example, they can:— eat plenty of fruits and vegetables— drink lots of water— get enough sleep— exercise regularly. By incorporating mindfulness into their lives, older adults can enjoy many benefits that lead to improved mental and physical health, as well as spiritual wellbeing. There are many resources available to help them get started, so there’s no excuse not to give it a try! This post was written by Keith W. Fiveson, a coach, counselor, and consultant for The Work Mindfulness Institute, in Port Washington. Y. Please see this website for more information! www. workmindfulness.com
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Blank Slate Media Newspapers, Friday, April 22, 2022 • LIVING 50 PLUS
10 ways to take care of your loved ones BY MORRIS SABBAGH, ESQ. Whatever your age, income, or family circumstances, having a good estate plan ensures that your future financial independence and health care are protected; that you’re prepared for an event of physical or mental incapacity or death; and that your inheritance is protected against estate taxes and creditors, and is distributed according to your wishes. But an estate plan that only includes you may not be enough to secure your legacy. To optimally preserve and transfer your wealth and assets to your children and grandchildren, the family should create a multigenerational estate plan together. Planning vehicles range from simple to complex, but here are 10 ways to make sure all your loved ones are taken care of:
estate, even if they’re separated. A prenuptial agreement might affect those rights, as well as a postnuptial (which can be created at any time during a marriage). Other considerations include legal obligations to a former spouse.
If assets might be distributed to an underage child or Take an inventory of all grandchild, include a trust your assets Create a trust and name an Some assets are not be dis- appropriate trustee to ensure tributed according to your funds are preserved and used Last Will and Testament. IRAs, properly for the benefit of chil401(k)s, 403(b)s and other dren until they’re responsible qualified retirement plans, as enough to make decisions themwell as life insurance and annui- selves. It also protects them from ties, will pass according to the unwanted influence or misapmost recent beneficiary desig- propriation by others, such as an nation that you signed, even if overbearing former spouse or an your Will is dated later. Make in-law. sure that you review these assets when executing your Will, Anticipate and plan for speso that the overall distribution cial circumstances of your assets is consistent with You can’t prepare for everyyour plan. thing, obviously, but you can and should prepare for scenarios Consider assets that pass like a beneficiary receiving govautomatically at death re- ernment benefits, or accruing gardless of your Will excessive debt, or developing a Similarly, if you have a joint gambling or drug problem, or bank account, real estate, or se- simply being irresponsible with curities held jointly with some- money, or alternatively needing one else, and they have right of emergency funds from an othersurvivorship, those assets will wise locked trust. pass to the surviving co-owner. Likewise, some qualified retireGive special attention to ment plans must be left to your closely held business interests spouse, unless they consent to and co-ownership of real esyour designation of other ben- tate eficiaries. Consider whether you have any agreements with your partReview old trust agree- ners that will affect your famments, deeds, and beneficiary ily’s rights to those assets and designations whether those agreements need Make sure that your plan to be modified. If there are no takes all documents into ac- such agreements, consider putcount. Your life insurance policy, ting them in place to protect for example, might still have your family’s rights and to quanyour ex-wife listed as benefi- tify what they will be entitled to ciary. receive. If you are a sole proprietor, create a business succesConsider spousal inheri- sion plan. tance laws Under New York State law, If you’re in a risky line or spouses cannot be disinherited. work, protect yourself and A surviving spouse must be left a your family portion of the deceased spouse’s Likewise, if your profession
makes you susceptible to lawsuits. You want your loved ones to receive your asset, not creditors. Consider creating a revocable trust to avoid probate Certain circumstances may call for a revocable trust (meaning it can be altered or canceled by you) to help avoid probate. For instance, if you’re disinheriting someone closely related who may challenge your Will, or if your nearest relative are distant cousins or out of touch, or if you have assets located in several states. With the current delays in the probate courts, more and more people are choosing to create revocable trusts even where there are no special circumstances involved. If you have a larger estate, make sure to put a tax plan in place While the federal estate tax exemption is $12,060,000, the New York State exemption is $6,110,000. Furthermore, if an estate is over the exemption, the NYS estate tax will apply to the whole estate, not just the portion over the exemption (this is known as the “estate tax cliff ”). If you’re a New York resident with a larger estate, make sure to include careful tax planning as part of your estate plan (possibly using the “generation skipping transfer tax exemption”) to ensure that your assets pass to your children, grandchildren and later generations with minimal or no taxes. Morris Sabbagh is a partner in Vishnick McGovern Milizio LLP’s Wills, Trusts, and Estates and Elder Law practices. He focuses on assisting families with the preservation of wealth and administration of estates and trusts, as well as high-net-worth individuals with preventing the dissipation of assets to taxes, creditors, and long-term care expenses. He can be reached at msabbagh@vmmlegal.com and 516.437.4385 x120.
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26 LIVING 50 PLUS • Blank Slate Media Newspapers, Friday, April 22, 2022