Podcasts about solo ager

(OLLI) at Southern Oregon University offers a course in its spring catalog on "Planning as a Solo Ager,"

I do serve as a professional trustee, not just executor, or our Solo Ager clients. We'll cover why our Solo Ager clients are looking for a professional trustee, why they don't use banks, and how much it costs to hire a professional trustee. Disputes between trustee and beneficiary Why are our Solo Ager clients looking for a professional trustee? The main reason is because of potential disputes between the trustee and the beneficiaries. Unfortunately, this kind of conflict is very common, even more so than between heirs and executors. A trust creates a much longer relationship: an estate lasts a year, worst case 2-3 years. Even with tax issues and selling the estate assets, there is at least a finite relationship where the heirs can see the finish line. The heirs and executor can probably learn to put up with each other, because they know that there is an end in sight. Whereas, a trust can last decades. It usually deals with the duration of someone's life. A trustee usually has to make more discretionary decisions than an executor. Often, trusts are written so that the trustee can decide how and when to distribute money to a beneficiary. For example, a trustee can make a “distribution for the health and education or comfort” of the beneficiary. This can get very awkward if heirs and trustee all know each other (siblings, friends, cousins, etc.), and the heirs have to prove to the trustee why they need the money. The heirs may not want to disclose certain health or financial issues to a trustee who is close with them. Even discussing the heirs' standard of living means that the trustee will know what the heirs spend their money on. There could be a lot of details that you wouldn't share with your family or friends otherwise. This is why having a professional trustee could make the situation easier. With an estate, the heirs are the people named in the will or the intestate heirs named by law if there is no will. A trust has multiple layers of beneficiaries. There are beneficiaries of the income of the trust and also beneficiaries who receive whatever is left when the trust maker dies. Those are very different incentives: the income beneficiaries want as much income generated and paid out to them as possible, whereas the beneficiaries at the end do not want the trust money to be spent or distributed so that they can still receive some. This can be a difficult balance even for professional trustees, so imagine how dicey it would be for a trustee who has a relationship with the heirs. Naming a bank as trustee Why not name a bank, trust company or other fiduciary company as trustee? Some of our Solo Agers have shared their experiences with us, and they tell us it often doesn't work well because of minimums or bureaucracy. Many of these institutions have minimum trust size requirements to qualify, or else they will just reject you. Surprisingly, these minimums can be quite high, because they only want to deal with people who have a lot of money. Even if your trust meets the minimum right now, make sure you have a sufficient amount to qualify by the time you actually need the bank to act as your trustee. For example, the bank's minimum requirements might increase at a rate that outpaces the growth of your trust assets. If that happens, your trust may no longer be eligible and your trust won't have a trustee anymore. Another example is when you need to use the trust money during your lifetime to pay the income beneficiaries or medical bills. Taking too much money out of the trust could also disqualify you from using the bank as your trustee. What about the bureaucracy? We've heard from many folks that it is a frustrating and lengthy process just to get approved by the bank. This doesn't necessarily relate to the minimum requirement; it just takes so long to get your application approved. You'd think it would be the other way around: a person entrusting an institution with their life savings should be vetting the banks! It feels more like asking the bank for a loan rather than asking them to be your fiduciary. On top of that, there is no guarantee you will talk to the same person each time. Whereas with a professional trustee, you know exactly who you hired. For these two reasons, many clients have reported that they just gave up trying to deal with the financial institutions. How much does it cost to hire a trustee? In most cases, there is no cost now, because most trusts are usually revocable or a testamentary trust. So, you won't need a professional trustee until you pass away. Since no one is doing the job now, there is no cost now. Once a trustee is needed, the cost for a professional trustee is the same as an amateur. Just as with an executor, the trustee fees are set by state law. If it costs the same to use a professional trustee as it does an amateur, it's a no-brainer to choose the experienced professional! It's a fair assumption to assume it costs more to hire a professional trustee, but fortunately, that is not the case. Thank you to our listeners who've submitted questions like this. It helps our Solo Agers to know that they're in good company. If you have not done so already, click the link below to receive a free E-copy of my book, “The Solo Ager Estate Plan.” Complete this form to receive your complimentary copy of Anthony's Amazon best-seller, “The Solo Ager Estate Plan”  

Episode 29: Dr. Sara Zeff Geber is an author and the Founder of LifeEncore. Her book, Essential Retirement Planning for Solo Agers: A Retirement and Aging Roadmap for Single and Childless Adults, was selected as a “best book on aging well” by the Wall Street Journal. Sara also received the distinction of being named as one of the “2018 Influencers in Aging” by the PBS website, Next Avenue.  Links:Sara's website: https://sarazeffgeber.com/Sara's book:  Essential Retirement Planning for Solo Agers What's Next?What are your questions about solo aging? Share your questions with us at info@seniorityauthority.org or find us on your favorite social media platform. Stay Connected:Cathleen ToomeyLinkedin:Cathleen ToomeyWebsite:Seniority AuthorityFacebook:Seniority AuthorityInstagram:seniorityauthoritySubscribe to our podcast + download each episode on Stitcher, Apple Podcasts, Google Podcasts and Spotify.

We've talked before about why Solo Ager estate plans must be frictionless. Same goes for a bitcoin inheritance plan, even more so. The best inheritance plan is the one that actually exists In general, 60 to 70% of people have no will or estate plan at all. Why don't they have an estate plan? 44% is due to procrastination - “I have time; I'll get to it later.” 25% of people are not sure where to start. 13% say that it is too expensive to create an estate plan. In the New York City area, the cost to set up an estate plan with an attorney ranges from $1,500 to $4,000. Especially if you don't have the liquid funds available, it's an understandable hesitation. Making an inheritance plan is a series of tough decisions We only have a limited amount of brain power for decision-making per day! Creating an inheritance plan uses a lot of that decision-making fuel. For example, do you start with a lawyer or do it yourself? If you choose a lawyer, do you know a good lawyer? Now you're spending time and energy asking for referrals and setting up consultations. If you choose to make the plan yourself, what software will you use? Once you decide on hiring an attorney vs. a DIY plan, do you want a will or do you want a will and a trust? There are many legal decisions to make as you develop your plan. Next, who will inherit your estate? With a nuclear family, this will probably be straightforward. But, perhaps you want to add charities, friends, etc. You will need to decide what amount to give to each beneficiary. Who will be your executor or trustee? If you have minor children, who will be their guardians? These are just the major things you have to think about when planning your estate. Once you make it through one decision, you have to move on to the next. It's easy to see why so many people put off making an estate plan. Bitcoin custody adds more decisions to your inheritance plan How will you hold your Bitcoin while you are alive to make it easier to transfer upon your death? How (technically) will that custody transfer to your executor when you die? There are technical logistics that you don't have to worry about with legacy assets. Will transfer actually work? From my conversations with various bitcoiners, many seem a bit overconfident that their bitcoin inheritance plan will work seamlessly. In our experience, even common assets, like stocks and bank accounts, have problems transferring easily, let alone something like bitcoin, where your heirs are probably very unfamiliar. Have you compromised your existing security too much to make your plan happen when you die (meaning, is it a bit too easy to make a transaction while you're alive)? On the flip side, have you compromised your existing convenience too much to make your plan as secure as possible (meaning, is it a pain to make a simple transaction now)? Who in your life understands bitcoin custody, probate, and taxes well enough to be your executor? Chances are that you don't know someone knowledgeable in all of those areas. This is where we can help as professional executors. Most importantly, remember, the best inheritance plan is one that actually exists. You have to have something, or else you have nothing! To learn more about probate, check out my book, “How Probate Works,” available on Amazon. It doesn't address bitcoin specifically, but it can help you understand what's involved in administering an estate. Hopefully soon, I will complete my bitcoin inheritance book! Request your free consultation  

Dr. Sara Zeff Geber is a recipient of the “Influencers in Aging” designation by PBS' Next Avenue. She is an author, retirement transition coach, and professional speaker on retirement and aging.She has developed a niche specialty as an expert in “Solo Aging,” informing people who have no children or who are aging alone how to have a safe and fulfilling life in their retirement years.Dr. Geber is the author of the 2018 book, Essential Retirement Planning for Solo Agers: A Retirement and Aging Roadmap for Single and Childless Adults, which was selected that year as a “best book on aging well” by the Wall Street Journal. Find out more at www.LifeEncore.comIn this interview, Sara describes:the three legs of the stool to solo aging with security...legal, financial and social.the importance of building community...all types of community. Sara provides encouragement to those of us who may struggle with building community. She says being patient is key. It takes a good amount of time to make a good friend. how her encore career has impacted her own retirement significantly. In retirement, it doesn't matter the path, but that you extend yourself, make connections and build friendships./WHEN YOU'RE READY, HERE'S HOW I CAN HELP YOUFREE SUBSCRIPTION TO EXTRAORDINARY WOMEN MAGAZINEhttps://www.extraordinarywomenmagazine.com/SCHOOL OF JOIE DE VIVREhttps://www.extraordinarywomenmagazine.com/programAPPLY TO BE FEATUREDhttps://extraordinarywomenmagazine.com/contribute/Instagram: https://www.instagram.com/extraordinarywomenmagazine/

When we chat with new clients, we ask them why they chose to look for and hire a professional executor. Here are the 5 most common answers. Perhaps you will see yourself in one of these situations. 1.  There's no one else There may not be any close family or friends due to old age or because the client is a Solo Ager. Or maybe a client does have close family and friends, but they do not live nearby, they have no time, or they are not financially savvy. 2. Went through being an executor and hated it We have clients who served as executors and hated it. Because they hated being an executor, there is no way they want to burden a loved one with the task. It could be the other way around: the friend or family member who they want to nominate was already an executor once and hated it, too. 3. Fees are the same, so you may as well get a professional Once clients realize that the executor fee is exactly the same for a professional executor versus a family member or friend, they can't believe it! In most states, the law is the same. Whether it's your unemployed nephew who needs money to start a rock band versus a seasoned professional with an experienced staff versus a bank: If you have that choice and the fees are going to be the same, why wouldn't you name a professional executor? In fact, hiring a professional executor may even cost less. An experienced and professional staff can reduce costs due to economies of scale, better deals with vendors, etc. We minimize a lot of losses because we can often do things quicker. 4. Banks won't take the client or charge fees or require certain investments Many come to us after being rejected by their bank/brokerage, even if they have plenty of money and have been loyal customers for years. Or sometimes, they are in the process of getting the bank to agree to serve as executor. But there are so many layers of committees and approvals from the bank. Those people come to us because we provide a more personal experience. With a bank, you'll never talk to the person who will be the executor; it's just “the bank.” Lastly, people don't like the bank's requirement that a certain amount of money must be invested with them to qualify. You probably need between $3 million and $5 million just to talk to the bank. The bank also requires very specific investments: your money has to be invested in Brokerage Account “A” and the underlying investments must be in the Brokerage's created funds. To put it bluntly, this is how banks can charge more fees. 5. Age gap siblings This is similar to our #1 reason above, but more often we are seeing age gap siblings. Since we've been seeing this specific situation more often, we thought it was worth mentioning as its own reason. For whatever family reason, we're seeing clients whose next closest sibling is 25 years older or younger! They don't have a tight relationship due to the large age gap. On the other hand, we have clients whose siblings are almost the same age, which doesn't give an elderly client much hope that a fellow elderly sibling will be able to fulfill the duties of an executor. You want someone who will survive you or be young enough to handle stressful situations. These are all great reasons to check out my book, “How to Hire an Executor,” available on Amazon. If you are part of our monthly email list, we give away one free paperback copy a month! Request your free consultation    

A frictionless first estate plan is a great first step for Solo Agers with no plan at all. It helps Solo Agers clarify their thinking and decisions, all while having a basic plan in place in the meantime. Why Solo Agers need a frictionless first plan We've heard from many folks who are stressed because they have no plan whatsoever. In general, Solo Agers don't have the traditional heirs and family members available to fill the executor role, so it is important to have something in place. The reason why many Solo Agers don't have a plan is often because of analysis paralysis. While estate planning is a series of decisions, some people get stuck analyzing every detail. Of course, there is also the fear of making the wrong decisions and the consequences that come from that. The biggest fear is choosing the wrong fiduciaries. Why a frictionless plan? A frictionless plan is a version of your estate plan that is as low-cost and as low-headache as possible. When your estate plan is low-cost, psychologically it is easier to make decisions, because you realize that it's not a big deal to make changes if needed. People feel more at ease when spending a few hundred dollars versus a few thousand dollars to create a plan and make changes when needed. Low-cost solutions allow you to easily reverse or change your plan and not feel like it is set in stone. With a low-cost solution, the fear of making changes won't prevent you from having any plan at all. Example of a frictionless solo ager estate plan Our plan for a frictionless Solo Ager estates includes three steps: First, make a do-it-yourself will using one of the software programs that we've reviewed. One that we are currently recommending is Free Will. For basic wills, it gets the job done. https://anthonyspark.com/e187-3-best-free-diy-will-software/ Second, name a professional executor. If you feel comfortable with us, name us for now. It doesn't have to be your final decision; you can change the executor any time.  https://anthonyspark.com/professional-executor/ Third, have an attorney-supervised signing. This is the biggest (low) cost involved. The reason we recommend an attorney-supervised signing is because there are a lot of technicalities to having a legally binding will signing. If you mess up even one or two parts, all of your hard work becomes moot. In the New York area, you can hire an attorney and their staff to witness the signing of your self-prepared will for $200 or $300 (compared to the thousands of dollars to hire an attorney to draft your estate plan). The cost of an attorney-supervised signing could be even lower outside of the New York area.  https://anthonyspark.com/e273-diy-will-vs-lawyers-for-solo-agers/ We hope that by outlining these low-cost options, you will be confident in creating a bare-bones plan as a safety-net to get you started. Free copy of "The Solo Ager Estate Plan" To learn more about estate planning for Solo Agers, click the link below to get your free copy of my book, “The Solo Ager Estate Plan.” Complete this form to receive your complimentary copy of Anthony's Amazon best-seller, “The Solo Ager Estate Plan”

On this week's episode of the Seekers of Meaning TV Show and Podcast, Jewish Sacred Aging contributing writer Carole Leskin discusses the challenges of “solo aging,” growing old without a spouse, partner, or close family members. [Read more...] The post Seekers of Meaning 4/28/2023: Carole Leskin, author and “solo ager.” appeared first on Jewish Sacred Aging.

The death of a spouse is well known to be a devastating event that can turn the world upside down and cause conflicting feelings for the person alive. In this episode, Maria talks with Jennifer O'Brien, who has found her purpose and legacy when dealing with the grief of her husband passing away. Every day a person encounters the loss of a loved one, and too many times, we have not thought of getting ready for all the changes that can happen. Most times, a sudden event is what starts the mourning process. However, even if the person is terminally ill, the emotional pain takes all attention. Since Jennifer and her late husband were told about the fatal diagnosis, they were able to take a more concerned approach. Since this topic creates anxiety for that last event, it will bring unfavorable conditions if no preparations have been made and cause more pain for the surviving person. Listen to this conversation when both explore how to have peace of mind by opening up and making decisions to plan a peaceful end of life. Because this is so important to complete the process so those who become solo ager are prepared and can handle this difficult situation. It is Jennifer's mission to bring awareness about how preparing can ease the burden. She has written an award-winning book 'The Hospice Doctor's Widow – a journal' that is available on her website and Amazon. W e also discussed a free toolkit that Jennifer created to help guide the planning process. You can find this on her website: https://mailchi.mp/681ba7bc2717/at-peace-toolkit Website: hospicedrswidow.com

A few Solo Agers have asked if they can use beneficiary designations instead of a traditional estate plan. We'll explain some pros and cons of beneficiary designations, and why a professional executor may work better. Why traditional estate planning doesn't work for Solo Agers Most traditional estate plans are centered around a friend or family acting as your executor to manage probate. Solo Agers often don't have an assumed family member to serve in this role. Sometimes a Solo Ager has a friend or sibling, but for several reasons, it wouldn't work out for those loved ones to serve. For example, friends and siblings may be the same age or older than the Solo Ager. There also may not be the same level of trust that one would have with a spouse. Or maybe the relationships are estranged. For the reasons above, Solo Agers seek to avoid the need for an executor altogether. It's not hard to blame them. For example, we had a Solo Ager client (no kids, no family, no close friends) who could not get it through to other attorneys that she had no one to appoint. She became so frustrated with their standard advice that she wanted to avoid appointing an executor altogether. Why Solo Agers like the idea of beneficiary designations Beneficiary designations go directly to the heirs and “avoid probate.” This is common with life insurance and retirement plans. When someone dies, the beneficiary just fills out and submits claim forms. There is no need to go through probate for that particular asset. Sounds easy and great, right? But in most cases, using only beneficiary designations does not work. Sure, it would work for a particular account, but realistically, you are probably not avoiding probate altogether. In order to completely avoid probate, you need a 100% perfect beneficiary designation plan. This means you cannot leave any assets out of your plan (zero assets left in probate, zero lingering debts or taxes). This becomes highly unlikely. Any outstanding debts at the time of death need to be paid by the estate representative. Because of this, probate has to happen anyway to figure out pro-rata which accounts need to be reduced to pay your funeral bill or lingering medical bills, unsecured mortgage or credit card bills. If all assets go to named beneficiaries, then the IRS goes directly after your beneficiaries. Your heirs will be harassed until the taxes and debts are paid. No one wants that for their loved ones. Additionally, it's unlikely that someone will volunteer to act as your executor and deal with these issues. Why Solo Agers like the idea of a professional executor The main attraction is that you appoint someone (experienced) to handle everything. The worry is that it will be hard to find a professional executor and it will also be expensive to hire one. Regarding the cost, the executor's fee is set by state law. This fee is the same whether you hire your 19-year-old unemployed nephew, or the esteemed professional executor. It is more bang for your buck to go with the professional! How do you find a professional executor? First, you know that we can fill that role! Second, you can go to a bank and see if they have a trust officer who can serve (even if you don't have a trust). However, most banks have liquid minimum asset requirements of 2 million or more (meaning this cannot include your home). How do you name a person as your executor? You don't necessarily have to pay an estate attorney to draft your will. While it's usually a better idea to hire an attorney to draft the will (especially in complex situations), there are plenty of good estate planning software programs you can use yourself. If you find a professional executor, interview them before you commit to appointing them. To learn more about executors and estate planning, check out my book, “The Solo Ager Estate Plan.” For a free E-copy, click the link below. Free copy of "The Solo Ager Estate Plan" Complete this form to receive your complimentary copy of Anthony's Amazon best-seller, “The Solo Ager Estate Plan”

“There's no such thing as a perfect estate plan,” Sherlock Holmes would probably say if he did probate. What we mean is that things may not work out the way you plan, no matter how hard you try. We'll review an anonymous probate case study, where even in an ideal planning scenario (knowing the time of death to the minute, and plenty of time to plan ahead), there were all sorts of probate problems. Solo Ager, Linda, was terminally ill, and had a planned end of life. This means she knew, to the minute, when she would pass, and she had months to plan in advance. Here's how her probate unfurled. This is not a criticism of Linda; rather an acknowledgement that it is difficult to plan a perfect estate. What part of her estate plan worked? First, Linda hired us as her professional executor. This acted as a safety net because we are experienced to look for problems (and she let us know that there would be problems). Linda also had pre-planned funeral arrangements, which allowed her remains to be treated exactly how she wanted. She made sure to arrange for the care of her dog. This helped to avoid the panic of a dog in the apartment with no caregiver. Lastly, she did a good job of canceling her utility services. Usually, we have to determine what services the decedent utilized, so this saved lots of time. What part of her estate plan didn't work? First, Linda did a good job of preparing her will and naming a professional executor. However, she kept her original will in her apartment, instead of storing it with her attorney or somewhere else. This caused problems for several reasons. If your original will gets lost, it is presumed that you intentionally destroyed it, thereby revoking it. If your attorney, CPA, or trusted advisor loses it, then they can petition the court to rely on a copy. The professional has no right to revoke your will, so it can be assumed that they just lost the original. While a professional losing a will is not good, at least it doesn't negate the whole thing. Storing the original will in your apartment requires another layer of the court process. The executor needs the will to get letters of testamentary in order to enter the apartment. This doesn't work when the will is in the apartment to begin with. It's quite the conundrum. It's not the end of the world if this happens; there is a special procedure in place so the executor can enter the apartment to look for the will. This procedure just adds more time and money to the process. Second, Linda relied too much on her cell phone. She had a lot of information on her phone, and she referenced that information in her instructions to us. She even gave us the password to her phone. Unfortunately, her phone was stuck overseas. We learned the hard way that you can't just mail a phone. The battery causes issues in shipping, and the phone may be dismantled by the custom agents. There is a lot of red tape in mailing a phone. Now, either I or another authorized person will need to transport the phone to the United States. Lastly, Linda arranged for her keys to be mailed to us, but we have not received them. Once we get appointed by the court, we will work it out with her apartment building. What were some unexpected probate problems? First, Linda assumed that her friends and heirs would work harmoniously with her professional executor (me). So far this has not worked out. One family member thinks I am a fraud because Linda didn't tell her family about her plan. Another heir is not happy about how this is working out, so the heir hired her own attorney. Linda assumed that I would be able to call her family and friends to get information that I need. But that didn't happen. I doubt Linda expected this from her loved ones – no one usually does. Of course, we will work around all of these issues; it's what we do! From a planning perspective, her plan was a very good best-case scenario. There was no time variables and she had plenty of time to plan. But, even in the best situation, nothing is perfect. To learn more about probate, check out my book, “How Probate Works,” available on Amazon. The best way to plan is to look at how it may all unfurl in the end. Request your free consultation      

Many of our Solo Agers wonder “how will my executor know I died?” (Especially if they've chosen me as their professional executor, as opposed to someone they see daily). Solo Agers tend to live alone, so this is a very understandable and common question. Notify in case of death In New York, many Solo Agers live in buildings with a doorman, which is very convenient. Many of these buildings have “Notify in Case of Death/Emergency” forms. The Solo Ager would put my name on the form and indicate that I am the executor. Also, your doorman or super will know if something is wrong when they don't see you coming and going anymore. Over time, they tend to recognize routines and changes to them. Some doctors have similar forms to add my name as attorney/executor. The doctor will know what to do from there. Perhaps you made pre-paid funeral arrangements, or you have chosen your funeral home. The funeral home should also have the same type of forms. Leave clues Aside from having official paperwork to notify the executor, you should also leave clues of who to contact in case of death. Make sure your executor is listed in your paper address book. Believe it or not, it's not always easy to get contact information from a person's cell phone. Another way is to put the executor/attorney's business card on the refrigerator. Hopefully it would be obvious to someone who comes into your home that they should call that attorney upon your passing. Once you have asked us to be your executor, we send you items on occasion, such as books and holiday cards. This is a less subtle way to let someone know who to contact. Maybe your neighbor comes in and finds that you have passed. If she sees the “How to Hire a Professional Executor Book” on your coffee table and a holiday card from us on the mantel, then hopefully she would put the clues together and call our office. Annual check-ins Once you hire us to be your professional executors, we call you for annual check-ins. These calls will naturally result in casual mentions among friends: “I was just taking to my executor…” So now your friends know that you have a professional executor, even if they don't know my name. That should trigger them to search for my name upon your passing. Asking friends to remember little details of your life is probably not realistic. So, a few clues are more likely to recall something you said earlier. Another reason these check-in calls are helpful is that the conversations give me an update on ongoing health issues. If there is a downward trend, I will know to monitor your situation a little more often. Worst case scenario, if you were to pass away a minute after we hang up from our annual call, I'll know within a year when it's time for our next call. It's not ideal, but it works. There's no perfect way of letting me know, but these are the most common scenarios. If you don't already have one, please click the link below to get a free copy of my book, “The Solo Ager Estate Plan.” Free copy of "The Solo Ager Estate Plan" Complete this form to receive your complimentary copy of Anthony's Amazon best-seller, “The Solo Ager Estate Plan”

How does receiving an inheritance change your own Solo Ager estate plan? A family inheritance will increase the size and complexity of your estate, so let's discuss what that means for Solo Agers. Increases the size of your estate How does this inheritance result in a more complex probate for you later on? The more you have, the higher the risk of conflict. This is because there is more at stake. If your niece and nephew were going to each receive $20,000; that's a nice chunk of change, but not worth hiring lawyers for. But if they are now going to receive six figures each, it gets more complicated. Also imagine if you plan to leave the niece $100,000 and the nephew $300,000; the niece could feel she'd have the funds to hire an attorney and make it worth the fight. Then there's taxes, and we're not just talking about estate tax. When you have more assets, you're more likely to have capital gains issues. Or, even ordinary income tax clearance issues on your final 1040. The higher your net worth, the more complicated or diverse are your assets. If you inherited a bunch of stock and bought/sold them to organize your estate, it could cause issues getting the tax clearance on your 1040 if you die shortly after. It also depends what you are inheriting. If your current estate is made up of bank, brokerage, and real estate, then it's probably pretty straightforward. But what if you inherit commercial real estate, a share of a small business, art, Bitcoin, etc.? Those are new assets that can add twists to your plans. Maybe the executor you appointed isn't equipped to deal with these types of assets. This leads to the next question: Do you now need a professional executor? As Solo Ager, you may have chosen a friend or distantly related family member as executor. Now that your estate is more complex than you originally planned, the more burdensome and difficult it is to administer the estate. You're now asking more from the executor than you did initially, and maybe it's time to consider hiring a professional executor. Reduce amounts to your heirs Receiving an inheritance could compel you to reduce the amount you give to your heirs. It seems counterintuitive; if you inherited more, why would you give less? For example, our client recently inherited a large amount of money from his father, who passed away. His initial estate plan was to give a good chunk to his niece and nephew (25% of his estate to each and 50% to charity). Since he received dad's inheritance, his estate is significantly larger. In our client's opinion, 25% of his now-large estate is a bit too generous for each of his heirs. On top of all this, the niece and nephew have already inherited from our client's deceased father, too! In this situation, our client felt it was appropriate to reduce the heirs' shares and bequeath those funds to others. Leave more to charity Along the same lines, you may decide to leave more to charity. If your estate is bigger, you have more options to give to good causes. You can give (more) to charity, since you have enough to leave good amounts to friends and family and still have funds left over. Now that you have more to leave to charity, there are different techniques and strategies available to you. For small estates, it's not worth the legal and accounting fees to set up certain plans. But now, the amount you're leaving to charity is large enough to cost-justify a trust or other planning tool that better suits your legacy and goals. We have Solo Agers who are grateful to have inherited from older family members, and they have told us how it's impacted their own estate plans. We wanted to share with you so that you can be prepared, too. If you have not already done so, please click the link below to get a free copy of my book, “The Solo Ager Estate Plan.” Free copy of "The Solo Ager Estate Plan" Complete this form to receive your complimentary copy of Anthony's Amazon best-seller, “The Solo Ager Estate Plan”  

Many of our Solo Ager clients ask if I'll serve as their successor (not primary) executor. The short answer is yes. We discuss why solo agers ask for successor executors. Planning to be a future Solo Ager They may not be Solo Agers at the moment, but they are planning for when they will could become a Solo Ager. It's smart: planning two steps ahead. Married, no kids Mrs. M and her husband named each other as their executors in their wills, which is common. At some point, one of them will die first. The husband named his brother as his successor executor (in case Mrs. M predeceases him). Mrs. M doesn't have siblings or other close family members. She doesn't want her brother-in-law acting as her executor if her husband predeceases. Mrs. M needed a successor executor of her choosing. That is why she reached out to our office, and we are happy to work with her. Girlfriend, no kids, wants to disinherit Mr. C named his girlfriend as his executor, since he wants to disinherit his family members and leave everything to his girlfriend. He is also disinheriting his nieces and nephews (next-of-kin). If his girlfriend predeceases him, Mr. C is leaving his estate to charity. If his girlfriend predeceases him, Mr. C needs someone like a professional executor to handle everything, since there is no one else. Also, since Mr. C is disinheriting family, a professional executor is a good choice. Along those lines, even if his girlfriend is alive, she may not want to accept her role of executor. She probably won't want to deal with a messy contest and engage in a court battle with the heirs. The girlfriend has the option to decline and let a professional executor to step-in to handle the mess. She will still get the inheritance check at the end, but she wouldn't have to deal with the heirs. Mr. C set up the will to give her options: she can serve as executor if she's ok with the situation, or she can let the professional executor take over. Sometimes we get calls asking us to act as successor executors, and we are happy to help. If you want to learn more about Solo Ager situations, click the link below for a free copy of my book, “The Solo Ager Estate Plan.” Free copy of "The Solo Ager Estate Plan" Complete this form to receive your complimentary copy of Anthony's Amazon best-seller, “The Solo Ager Estate Plan”

Over fifty, retiring, and childless by choice? Are you among the fifteen million Americans over fifty and childless by choice? Solo aging gracefully and a happy retirement can be yours!American Baby Boomers are aging, and fifteen million of them never had children. Who will take care of them? Unprecedented in U.S. history, this demographic will create challenges for these individuals as well as for society. This makes retirement planning for solo agers all the more essential, including issues like choices in housing, relationships, legal arrangements, finances, and more. The solo ager needs to plan for the future as though their life and well-being depended on it.In this episode, you'll discover:Solo Agers: what, where, and who are they?Biggest challenges for Solo Agers as they move into the second half of lifeCritical choices Solo Agers must makePlanning for later lifeBuilding a support networkExpressing your "voice" through someone elseAbout Sara Zeff Geber:Sara Zeff Geber, Ph.D., has made raising awareness of the special challenges of Solo Agers her personal crusade, speaking and writing about it for the past six years. Her book, Essential Retirement Planning for Solo Agers, is available as an e-book or paperback. With her coaching, writing, and speaking, Dr. Geber helps Solo Agers understand what they need to do to prepare for the future in retirement and beyond.Sara has a Ph.D. in Counseling and Human Behavior. She is an active member of the Life Planning Network (LPN) and is on the leadership team for the NorCal chapter of LPN. She is also a member of The Transition Network, a national organization that supports women over 50 as they go through life's journey. A Solo Ager herself, Sara is a native of the San Francisco Bay Area and lives with her husband and their canine companion in Santa Rosa.Get in touch with Sara Zeff Geber:Sara's website: https://sarazeffgeber.com/Buy Sara's book: https://revolutionizeretirement.com/geber Sara's Handout: https://www.revolutionizeretirement.com/wp-content/uploads/2018/03/Sara-Zeff-Geber-Handout.pdf Grab our free guide, 10 Key Issues to Consider as You Explore Your Retirement Transition, at https://10keyretirementissues.com/ 

To my surprise, we keep getting calls from Solo Agers in California asking me to serve as their executor and trustee. Let's explain why this is surprising. California is a leader of professional executors and trustees I thought that California has a robust and developed industry of professional executors. For instance, California has a state licensing agency: Professional Fiduciaries Bureau. You have to apply to receive a license to be an in-state professional fiduciary. There are also trade groups like the Professional Fiduciary Association of California. There is a whole infrastructure for personal executors in California that you don't see in other states. This led me to believe that there is an abundance of professional fiduciaries in California. Yet, solo agers can't find professional executors in California While Californians are able to find professional executors, it is hard to find a professional executor that is focused on Solo Ager issues. So, these Solo Agers feel like they're put into a cookie-cutter plan. For example, some Solo Agers are being told to just leave everything to their kids – even when they are estranged, or they don't have kids! Yes, I can be executor outside of NY, including California For the above reason alone, I want you to know that even though I am based in New York, I can be a professional executor for someone outside of New York, including California. Just keep in mind that there are some drawbacks when you choose an out-of-state executor. There may be travel costs and slightly less familiarity with local customs. The trade-off is that you'll have a professional that you are comfortable with. A professional executor is well-versed in administering an estate generally, even if not specific to a certain location's customs. Whether you live here or across the country: If you are looking for a professional fiduciary to focus on your Solo Ager issues, it would be my honor to help you. If you want learn how probate works for Solo Agers, check out the link to my free book, “The Solo Ager Estate Plan.” Free copy of "The Solo Ager Estate Plan" Complete this form to receive your complimentary copy of Anthony's Amazon best-seller, “The Solo Ager Estate Plan”  

What happens if you become a Solo Ager later in life? How does this happen? How does this affect you toward the end of your life? And what are some consequences to your probate estate? Let's review “Ms. B.'s” situation and discuss. How Ms. B. became a Solo Ager late in life Ms. B. was married with a daughter, so she was not your typical Solo Ager. Her adult daughter moved far away out of state. The daughter was not quite estranged, but not much involved either. They stayed in touch and were friendly, but the daughter was effectively estranged, as she was not there to see to her mother's care. Then, Ms. B.'s husband got sick and passed faster than anyone expected. So, Ms. B. was alone, rather unexpectedly. Ms. B. did not have a solo-ager plan, or a support network established, because she did not expect to be in this situation. How Ms. B. got a court-appointed guardian As is common, sadly, soon after her husband passed, Ms. B. degraded physically and mentally. As mentioned earlier, because she didn't expect to be a Solo Ager, Ms. B. had no support network. Once she was hospitalized, there was no one to whom the hospital could release her. So, she was shuffled from rehab to a nursing home. Wanting to go home and understandably frustrated, she was deemed “uncooperative.” This led the nursing home to petition the court for a guardian appointed for Ms. B. (a court-appointed stranger). The court-appointed guardian was a nice attorney, but he had never met Ms. B. before. Now, this court-appointed guardian is responsible for carrying out her wishes, and he understandably has no idea what those wishes are. His job is to help her get out of the nursing home and to keep the nursing home from compelling her to take medication that she didn't want. Unfortunately, the guardian was unable to remove Ms. B. from the nursing home before she passed away. Why a court-appointed guardian makes probate harder Though Ms. B.'s court-appointed stranger was a nice, professional attorney, he had no prior relationship with Ms. B. As with most guardianships, there is a disjoin between the guardian (who has control of the funds) and the estate. The guardian, upon Ms. B,'s death, has to make sure the court approves of how he conducted himself during Ms. B.'s life. The guardian has to keep records of how the money was controlled and spent under the guardianship. If the court approves of how the guardian conducted himself, then the guardian gets released. This may sound simple, but we're talking about a check register that could span a few years. (When we saw Ms. B.'s register, it was pretty thick). Also keep in mind that Ms. B. was not his only client; he probably has dozens of others. The accounting procedure could take months or years after the client passes away. During this time, the executor (me, in this case) and the heirs are stuck waiting. There are things we need to take care of, and that is hard to do without knowing about or having access to the estate's funds. For example, Ms. B.'s apartment needed repairs to leaks and mold, as well as some renovations just to get it ready for sale. The accounts are stuck with the guardian until the accounting is complete. Until then, the executor has to bootstrap and even take out loans to take care of the necessary expenses. How can one avoid this situation? If you even suspect that a guardian may soon be required or forced upon you, then you should make a revocable trust. When creating a revocable trust, YOU choose the trustee who will manage your funds. Secondly, it's a seamless transition from the person managing your money while you were alive to the same person managing your money after your death. Lastly, this could help avoid court delays during probate. I hope this helps you understand what could happen if you become a Solo Ager late in life. Below is a link to my book that sheds some additional light on the topic. Free copy of "The Solo Ager Estate Plan" Complete this form to receive your complimentary copy of Anthony's Amazon best-seller, “The Solo Ager Estate Plan”  

The following are three recent questions from our Solo Ager readers. Thanks for your questions! As a side note before we begin: I've noticed that a more popular phrase is “Elder Orphans” rather than “Solo Agers.” I feel like “orphans” sounds like a bit of a downer. Please let us know what you think in the comments. Can I disinherit with a poor man's will? A “poor man's will” is a slang term for not having an official will, but rather, using your beneficiary designations to patch together an estate plan. You can disinherit people this way, but it probably won't work out the way you hope. Too often, beneficiary designations do not reflect your final wishes. People often forget who they named as beneficiaries on their accounts. That kind of information doesn't show up on your monthly statement; you have to call the bank. Another reason is that your account balance is continually changing. Maybe you want to leave your bank account to your nephew, but you like your niece more, so you leave her your larger brokerage account. Then, you leave the other brokerage account to your brother. What if one brokerage account over-performs and the other account tanks? Now your wishes are out of whack. When doing a poor man's will, you don't have the structure to run your estate. People like to avoid probate because the process is long, but probate actually gives structure to the process after someone passes away. Structure is important to make sure debts, taxes, and expenses get paid. You could run into the situation where no one knows who is supposed to pay for the funeral. Or maybe the IRS is hunting down all possible heirs to pay the taxes. Without a probate estate, there are no funds to pay an executor. If all the assets have a named beneficiary, there is no operating account for the estate. Most people don't want to do the executor work without compensation. The way to disinherit without using a poor man's will is using an “in terrorem” clause with a disincentive payment. An in terrorem clause is when you disinherit someone by cutting them out of the will if they object to the will. But that only works if that person is going to get something. (It doesn't work to say they get nothing, and if they object, they get more of nothing!). Who will scatter my ashes if I move out of state? One reader asked who will scatter her ashes if she moves out of state, away from her executor (in this case, I'm her professional executor). The executor can still honor those wishes out of state. FedEx delivers ashes, and we work with the local funeral director to make sure the ashes get shipped correctly - The estate will pay for the shipping costs. Alternatively, the estate can pay for the executor to fly out of state if there are sufficient funds. Who should I hire to make my funeral arrangements? One reader asked if they should hire me, as a professional executor, to make funeral arrangements. Is hiring a person better than buying a prepaid funeral arrangement? I am not a fan of prepaid funeral plans. With all due respect to my funeral director colleagues, I'm not a fan of prepaying for anything. If you want to set aside money in an account for your heirs to pay for the funeral, that is fine. Locking yourself into a prepaid plan is not the best idea. Funeral homes are not great managers of other people's money. For example, we had an estate of a deceased funeral director and had to open the funeral home books to see who was owed what. We were tasked with refunding money to people who had prepaid funeral plans, since the funeral director passed. The records were not well-kept, and it was quite a mess. You can use legal documents for choosing who will be in charge of your funeral plans, and you can have a separate account with funeral funds available. This allows you to change your plans. Suppose you buy burial plots in one state and then you move to another state. Don't lock your plans in too much because you don't know how your wishes will change in the future. A similar question: is the professional executor a “one-stop shop?” Yes, if you ask me to serve as your professional executor, I will have annual check-in calls with you. I can't just meet you once and put my name on your documents. We don't have to be best friends, but we need to have a relationship that gives me a general sense of how to carry out your wishes. Another question: should I name my funeral director as my executor? No. Unless your funeral director is a unique individual who has significant experience serving as executor, then it's a definite no. They might be excellent at managing final affairs and ceremonies but acting as an executor is a completely different skill set. Just because death relates the two roles doesn't mean the skill sets are related. Again, we appreciate your questions. Please keep sending them in! If you don't have a copy of my book, the Solo Ager Estate Plan, click the link below. Free copy of "The Solo Ager Estate Plan" Complete this form to receive your complimentary copy of Anthony's Amazon best-seller, “The Solo Ager Estate Plan”    

Episode 29: Dr. Sara Zeff Geber is an author and the Founder of LifeEncore. Her book, Essential Retirement Planning for Solo Agers: A Retirement and Aging Roadmap for Single and Childless Adults, was selected as a “best book on aging well” by the Wall Street Journal. Sara also received the distinction of being named as one of the “2018 Influencers in Aging” by the PBS website, Next Avenue.  Links:Sara's website: https://sarazeffgeber.com/Sara's book:  Essential Retirement Planning for Solo Agers What's Next?What are your questions about solo aging? Share your questions with us at info@seniorityauthority.org or find us on your favorite social media platform. Stay Connected:Cathleen ToomeyLinkedin:Cathleen ToomeyWebsite:Seniority AuthorityFacebook:Seniority AuthorityInstagram:seniorityauthoritySubscribe to our podcast + download each episode on Stitcher, Apple Podcasts, Google Podcasts and Spotify.

In America, every 8 seconds someone turns 65. Many of those seniors will find themselves alone at some point in their later years.     Carol Marak's journey to help her fellow baby boomers manage aging alone as “Solo Agers” began while she was assisting her parents through their own aging process. Her parents were fortunate, Carol muses, to have her, their daughter, there to guide them through the myriad of issues - finance, housing, companionship and long-term medical care - that arise as we grow older. Helping her parents turned out to be her wake up call. “Heck, I'm unmarried with no children; who will be there to take care of me?” she asked. “That's when I got on the stick,” she added, “and began planning for my own life as a solo ager.”  Listen to our conversation as we discuss:    Carol's definition of Solo Ager--it isn't just the unmarried or childless     The significant limitations of typical retirement planning that focus only on finance, legal matters and estate planning  The toughest question solo agers must address  The Top Ten areas of concern to solo agers according to Carol  How to overcome inertia and begin your own plan for the future  Carol's 5 Steps to successful living solo  Why she started the Elder Orphan Facebook Group and how you can join her community of over 9,700 members who are aging alone    …and so much more.  Learn more about your ad choices. Visit megaphone.fm/adchoices

As we know, Solo Ager estate plans are a bit trickier than other estate plans. We recommend that our clients take a look at their estate plan every 4 to 5 years. However, for Solos Agers, we suggest a light annual review. 1. Your Executor The first thing you should review is whether your executor is still alive. This is important for Solo Agers because they often have non-traditional executors. Solo Agers often hire a professional executor like me because they don't have family members who they feel comfortable appointing. This professional executor is probably not someone they keep in touch with on a daily basis. Is your executor still living nearby? Perhaps if the executor has moved far away, it's not practical to have them named in your will any longer. Are you still confident your executor will fulfill his or her duties to your liking? Perhaps the executor is someone who is developing close relationships with relatives that you are planning to disinherit. Maybe your executor is getting older and declining. Maybe your assets have become more technologically advanced, and your executor isn't familiar with the types of accounts you have (bitcoin, for example). 2. Who inherits Again, you want to make sure that the beneficiaries of your will and/or trust are still alive. It sounds depressing to have to think about such things, but a 5-to-10-minute review of your documents could prevent a headache for your executor when you pass. Are your beneficiaries still worthy of inheriting your money? Sometimes family members slowly stop keeping in touch with their aging relatives. As a Solo Ager, you may want to evaluate whether those people are still worthy of receiving your estate. Does it still make you feel good that you're leaving your money to them? You may have set up a trust for a beneficiary, or you may have chosen to give them their share outright. It's best to re-evaluate to see if that choice is still appropriate for that beneficiary. For example, you may have chosen an outright distribution to someone who has since started having drinking problems or gambling issues. Perhaps you've left money to someone who needs asset protection. Now, a trust or some other planning tool may be better. On the other side, you may have put a minor beneficiary's share in a trust, and now he or she is an adult who can handle money. Many Solo Agers prefer to leave some money to charities. Take time to review if your charity of choice still exists and if it is still worthy of inheriting your money. Perhaps the charity was very efficient in serving the original cause, but now a change of management style has resulted in less money going toward the charitable cause itself. Does the charity still align with your values? Have your passions or interest changed? Maybe when you created your will, you were really into pets, and you left a large share to the ASPCA. Maybe now your passion is something else that you'd rather leave your money to. 3. Your Guardian You may not have a guardian in your estate plan. But, are you satisfied with what happens if you lose capacity? If you don't have a trust or other mechanism in place, are you happy with the idea of a court-appointed guardian? You may have listened to our prior podcast in which we reviewed the Netflix move, “I Care a Lot.” The movie is obviously a dramatization, but it shows how bad it can be when the system takes over someone who doesn't really need a guardian. It's best to have a plan in place now before the court decides it's a good idea to appoint a stranger as your guardian. If you are unfamiliar with court-appointed strangers, we suggest you check our podcast on the topic. In conclusion, an annual light review of your documents can go a long way in making sure your plan is strong. To learn about estate planning tips for Solo Agers, please check out my book, “The Solo Ager Estate Plan,” available on Amazon. Free copy of "The Solo Ager Estate Plan" Complete this form to receive your complimentary copy of Anthony's Amazon best-seller, “The Solo Ager Estate Plan”  

The Netflix movie, “I Care a Lot,” shows a nightmare scenario for Solo Agers. It is a dramatization of what could potentially happen to our Solo Ager friends. Below we'll separate 7 myths from reality in this movie. Spoiler alert! If you want to watch the movie first, then save this blog to read after you've seen the movie. We'll be discussing mostly just the first 30 minutes of the movie (the set-up) but we will touch on parts later in the movie. The sole job of the main character, Marla, is to act as a guardian for people who are incapacitated. Elderly Ms. Peterson is deemed to be incompetent, and Marla is appointed to take over her affairs. Marla represents what a bad guardian can look like. Ms. Peterson's situation shows how brutal it can feel if you are a vulnerable Solo Ager. 1. “Pain in the rear” patients get nudged into system In one scene, Marla talks to the doctor about how Ms. Peterson is a pain in the rear. Marla prefers for Ms. Peterson to get nudged into the system and out of her hands. I would say that yes, this is real. It may not happen as maliciously or overtly as the movie, but doctors, nursing homes, social workers, and courts/guardians are human. We don't like dealing with people who are a pain. What happens when the doctor, social worker, etc., thinks a patient is a pain? They are more prone to medicate the problem or pass the patient onto the next facility or next guardian. 2. Solo Agers targeted In the same scene, Marla is speaking with the doctor and assistant. They describe Ms. Peterson as a "cherry.” It's clear from the context that a “cherry” is a wealthy Solo Ager who is vulnerable and has no family. I'd say that this is real. Solo Agers aren't necessarily targeted by bad guy movie characters, but by advertising, financial advisors, and prepaid funeral plans. There are a lot of eyes on wealthy Solo Agers. This kind of person is more likely targeted than someone with a family to help or less money to grab. 3. “The System” = judge, doctors, homes Is there a gamut through which the Solo Ager gets pushed? There's a scene where Marla is in court, and the judge knows her. Even though Marla is doing bad things, they are a bit chummy, and the judge seems to trust her. Marla also has ongoing relationships with the nursing home directors, who want to fill their rooms while Marla is looking for places to put her Solo Agers. There are also scenes showing kickbacks where money is exchanged, and Marla gets paid in stocks. Yes, this is real too. Again, it's not a dramatized as the movie, but it's easy to imagine subtler versions. There is a system, and these professionals know each other. Once you're a victim in the system, it's hard to get out. You can get pushed from the court to the guardian to the nursing home to the social worker. Even Ms. Peterson's dangerous and powerful son couldn't get her out of the system. 4. Court-appointed stranger In an early scene, Ms. Peterson's morning tea is interrupted by a knock on the door. Marla is at the door telling her that she is Ms. Peterson's court-appointed guardian. She tells Ms. Peterson to come with her or she will have to deal with the sheriffs. It is possible to get stuck with a stranger as a court-appointed guardian. We had a case where our client expressed that she wanted her attorney or family member to be her guardian and the court ignored it. 5. Hearing without the solo ager? Can all of this happen without a Solo Ager being able to stop it? There were courtroom scenes where Ms. Peterson was not present to speak up for herself. It seems that Ms. Peterson had no idea what was going on until Marla knocked on her door. This is a myth, at least in New York. I'm sure it could happen in some states or in an emergent circumstance. However, in New York, judges have gone to GREAT lengths to have the Solo Ager at the hearing, especially now that platforms such as Zoom can be used. They have the right to be heard, to testify, to make their wishes known. I've even been in situations asking the judge to end the testimony sooner because our person is in pain, etc. But the judges are adamant that the hearing is important. 6. Taking her phone There is a scene where Marla takes away Ms. Peterson's phone as she is ushered into the nursing facility. It was like Ms. Peterson was in a prison, because she was not allowed to have contact with the outside world. This is a partial myth. In New York, nursing home patients are allowed to have their own phones. But if the phone breaks, runs out of battery, runs out of plan time, etc., is it SUPER hard to connect with a patient in a nursing home to replace or repair the phone. It's not because the nursing home is trying to cut off communication; it's just difficult to accomplish even small things when dealing with nursing homes. 7. Raiding the safe deposit box As Marla takes control of Ms. Peterson's life, she goes to the bank to raid the safe deposit box. This is a myth. In New York, when an executor/guardian opens a safe deposit box, there is a procedure set up. The box opening has to be performed in front of two bank witnesses and all people present must sign the inventory of contents to submit to the court. In real life, there's no way anyone can walk into a bank and get into a safe deposit box without abiding by the procedures. Overall, it was a good movie. For professionals in our line of work, the first 30 minutes of the movie are probably the most frustrating. If you've seen the movie, please let us know your thoughts. If you are a Solo Ager watching it, don't get stressed out that this is how life will be. To learn about estate planning tips for Solo Agers, please check out my book, “The Solo Ager Estate Plan,” available on Amazon. Free copy of "The Solo Ager Estate Plan" Complete this form to receive your complimentary copy of Anthony's Amazon best-seller, “The Solo Ager Estate Plan”  

About six months ago, the court chose a court-appointed stranger for “Ms. H.,” a lovely solo ager who has named me executor in her will. In this episode, we are going to check in and see what's happened since then. To refresh, Ms. H. is unmarried with no kids and is somewhat estranged from her nieces and nephews. Ms. H. named me as executor in her will many years ago. She recently rekindled a relationship with a niece, who has been attentive to her. Ms. H. is in declining health and was placed involuntarily into a nursing home. She asked me and the niece to petition the court to be her guardians to get her out of the nursing home and into the comfort of her own home. Six months ago, when we petitioned the court, the court ignored Ms. H.'s wishes and appointed a random attorney (court-appointed stranger), instead. So, what's happened since then? Has the court-appointed stranger contacted anyone? Nope. Neither Ms. H., nor the niece, nor I have heard a peep since the court hearing. Up until the court hearing, the court-appointed stranger was very attentive in calling Ms. H. to make sure she understood the situation. Now, we've heard absolutely nothing. In fact, Ms. H. and her niece didn't even know the court had ruled against them and appointed a stranger. They were patiently waiting for the court to contact them. They had no idea the court-appointed stranger has been Ms. H.'s guardian for months. The only way they found out was because the niece randomly called me to ask a few questions about estate planning. Has our Solo Ager moved home? No. She hasn't even heard from her guardian, let alone begun the process of exiting the nursing home. There is no indication of any movement on this. Sadly, ever since the court hearing, Ms. H. has been hopefully waiting for signs that she will be released. She had been asking daily if today is the day that she will go home. Unfortunately, the niece had to break the news that not only is Ms. H. not going home, but that neither she nor I are her guardians. (And that the actual guardian has been silent for the past six months). What can our Solo Ager do now? In her situation, sadly, there is not much Ms. H. can do. Perhaps in another six months, if there is no activity or contact from the guardian, it's egregious enough to go back to court and ask for Mr. H.'s originally requested guardians. There's no guarantee that the judge will agree, but after a year of no activity, it can't hurt to try. For now, Ms. H. is stuck with the court-appointed stranger. Unfortunately, a year in a nursing home probably feels like a very long time, and she just wants to go home. So, how can others avoid this type of situation? For most folks, I don't recommend a revocable trust, but, for Solo Agers, having a revocable trust makes sense. With a revocable trust, your chosen trustee can step in immediately, without having to rely on a judge to respect your wishes. If Ms. H. had made a revocable trust, we'd have the power and authority to execute her wishes. We did recommend drafting a trust for her, but it never happened. We're wishing Ms. H. the best of luck, and we hope we can give you a positive update on her case in the future. We've talked about revocable trusts in a few prior episodes: Guardian vs Revocable Trust for Solo Agers and Getting Final Affairs in Order Before Death. Free copy of "The Solo Ager Estate Plan" Complete this form to receive your complimentary copy of Anthony's Amazon best-seller, “The Solo Ager Estate Plan”  

Dr. Duffy talks with Sara Zeff Gerber, author of Retirement Planning for Solo Agers, about what does it mean to be a Solo Ager? The re-definition of the family and the nature of retirement.

As a Solo Ager, choosing who inherits from you is something you should think about. Should it be the person who was there the most at the end? Or someone who had more of a life-long relationship with the decedent? Which relative should inherit? You can be a Solo Ager and still have siblings, nieces, and nephews, etc. Should the person who inherits your estate be that lifelong “favorite” niece or nephew that you went to ball games with or sewed with? Alternatively, there may have been a distant relative who was there for you at the end when things got tough. Perhaps it was someone who helped you with personal medical and hygiene needs. That kind of care creates an instant close relationship. We deal with estates after someone has passed on, and we hear both sides of the story. There may be the niece who says she was close with her aunt for 40 years and then all of a sudden everything goes to Cousin Johnny. The other point of view is that Cousin Johnny, who never had a close relationship with the aunt, was the one who stepped up to care for her in the end. There is no right answer, but this is an example of both points of view. Can a caregiver inherit? In a similar scenario, rather than talking about Cousin Johnny, a hired home-aide or nurse was caring for the decedent in the end. Often, the “hired help” do get something from the decedent's estate. We've seen butlers, live-in maids, and live-in cooks either inherit or not inherit. The family often underestimates how close the decedent was with their cook or maid. On the other hand, sometimes the home-aide overestimates his or her place and expects a large inheritance that will never come. A word of caution for home-aides and cousins helping at the end: The courts may look into whether a beneficiary exerted undue influence on the Solo Ager when making the will. For example, when someone is so reliant on another person for daily care, they have reason to fear that the care may be withheld if they don't sign a will naming the home-aide as a beneficiary. If the court finds that this is the case, the will might be deemed invalid. Leaving money to a church in your will In this context, we'll use the word “church” to describe any religious or community organization. For many Solo Agers, the church provides a lot of comfort and community toward the end of life. When the Solo Ager lives far away from (or has outlived) their family, the church sort of becomes their family. The church may also be the one that you rely on to give you a proper burial and memorial service. For these reasons, the church is often a main beneficiary. This may be confusing for relatives far away because they think they should get the money. But in reality, the church was the one meeting the needs of the Solo Ager at the end. These scenarios should get you thinking about having a solid estate plan. For Solo Agers, it's wise to get at least one version done now while you are unquestionably of sound mind. That way, there is a paper trail showing your minor changes along the way. Free copy of "The Solo Ager Estate Plan" Complete this form to receive your complimentary copy of Anthony's Amazon best-seller, “The Solo Ager Estate Plan”

In this episode, we bring you a real-world story of “Ms. H.,” who got a court-appointed stranger guardian instead of her family or her own attorney. This a cautionary tale for anyone who is dragging their feet on getting their planning done. Why Ms. H. needs a guardian Ms. H. is a Solo Ager. (For those of you who are new here, a Solo Ager is someone who is getting on in years and is unmarried or has no available immediate family to fulfill traditional roles). Ms. H. prepared her Last Will and Testament ten years ago when she in great health and named me as her executor. Her only family are nieces and nephews, whom she disinherited because they were estranged. A will is great for after you pass away, but you still should have a plan in place for when you decline and are unable to make your own decisions. As her health slowly deteriorated, I advised Ms. H. to make a trust or power of attorney, but unfortunately, she did not. Sadly, Ms. H. got to the point where she was no longer able to care for herself and was hospitalized (during COVID lockdowns) for dehydration and malnourishment. She was not eating or drinking enough. Now that she was in “the system,” she was bounced around among social workers, rehabs, and nursing homes. No one knew where she was until she finally got in touch with me and her estranged niece. I suppose in the end, family does matter no matter what transpired in the past. We then petitioned court to be her guardians (niece as guardian of person and me as guardian of property). Who became Guardian her person? The guardian of person has legal authority to make healthcare decisions such as whether to stay in nursing home or try to arrange home care. In this case, moving back home was very important to Ms. H. Ms. H. asked for her estranged (now reconciled) niece to serve. Unfortunately, the niece very politely declined this large task. She promised to stay in touch, but she did not want the responsibility of making major decisions and doing all the work. A nomination does not mean that someone must accept, so the judge appointed a stranger. In this case, the stranger was an attorney chosen from a pool of attorneys who do this sort of thing for a living. The attorney had only spoken to Ms. H. once before. Would this attorney fight tooth and nail to get Ms. H. home with an aide, or would she take the easier route of leaving her in the nursing home? I know would want someone who is personally invested in my care. Who became Guardian her property? The guardian of property has legal authority over her funds and makes investing and spending decisions. Ten years ago, Ms. H. asked for me to handle her financial affairs upon her death. So, it makes sense that she asked the court to be the guardian of her property during the final phase of her life. Again, the judge ignored Ms. H.'s request and handed financial reins to the court appointed stranger. I am not sure why this was the Court's decision. Sadly, a court-appointed stranger now has full legal control over Ms. H.'s personal care (instead of family) and all her money (instead of her self-selected attorney). This stranger guardian will have to do her best, based on the information she has about Ms. H., even though she did not know Ms. H. or her wishes prior to being appointed. This is a cautionary tale that if you fail to plan properly, you will be at the mercy of the court should you ever need a guardian for health and finances. I wish we could have gotten Ms. H. the team she wanted during her final phase of life. I hope Ms. H.'s situation helps motivate someone else to get their estate plan in order. If you want to know how to avoid a scenario like Ms. H.'s, click the link below for a free copy of my book, “The Solo Ager Estate Plan.” Free copy of "The Solo Ager Estate Plan" Complete this form to receive your complimentary copy of Anthony's Amazon best-seller, “The Solo Ager Estate Plan”

The following are three recent questions from our Solo Ager listeners. Thanks for your questions! Is a bank as an executor better? This question comes from a Solo Ager who listened to our previous podcast episode 221, where we discussed whether executors are contractually bound to serve. Our listener asks, “since professional executors are not contractually bound, aren't banks better?” The short answer is: No. Banks aren't contractually bound, either. Individuals and banks are on the same level regarding that issue. This leads us to the next question: why wouldn't a bank take an estate? To answer this question, you have to think far ahead 10, 15, or even 20 years. What we have seen happen is that the bank shuts down their estate's division. Or perhaps between the time they agreed to be your executor and the time that you pass away, the bank increases their estate minimums, so now your estate doesn't qualify. For example, your estate may have been two million dollars when you appointed the bank, and that amount met the bank's minimum requirements. But, since then, they bumped up their minimum to five million, which makes your estate ineligible. Even if you meet the qualifications and the bank still has an estate department, the bank's review committee may reject your estate. Maybe they see the estate as too risky, due to family feuds and potential litigation. Or maybe the estate has too many illiquid assets (house, art, collectibles, etc.). Banks want to be in this business to control your portfolio, and it is a lot of work to liquidate those kinds of assets. Should a professional executor review my will before I sign? I am often asked to be the professional executor for my clients, but I am rarely the attorney who drafts the will. This may be due to the client living in another state, they have an attorney they're comfortable with, or that we're not currently drafting wills. The short answer is: No, it's not required any more than it's required for a spouse or best friend to review it. However, if you name a professional executor (such as a bank or attorney), we can be a good second set of eyes to review your Last Will to make sure it's what you want. It's like getting a free second opinion. But if you're working with a good attorney, it's not necessary to have a professional executor review the will. You also don't want your drafting attorney to feel like he is being second-guessed.  It could also be confusing having a lot of different people with different opinions looking at the will. You don't want too many cooks in that kitchen. Does naming beneficiaries on my accounts help my professional executor? No, it probably makes things harder! Why? Naming beneficiaries to your account creates liquidity problems. It's as if you are treating your bank or brokerage account like a life insurance policy: “In case of my death, this account will automatically go to my niece.” You might think this is great because it minimizes probate, but there are complications. Here's the problem: if you name beneficiaries on too many (or all) of your accounts, you put your executor in a liquidity crunch. Because those beneficiary accounts go directly to the beneficiary, the executor won't have operating cash to move the estate forward. The executor may not have enough funds to pay bills, taxes, etc.   An example of this is one of our estates with two houses, a business, a car, and a bunch of accounts. The accounts and car had beneficiaries on them. So, now I am the executor of two houses and a business, and I have no cash. My job is to settle the estate, but I have no money to clean out the houses, secure the business property, or pay to evict the tenant that won't leave. There are solutions, but they are not ideal. I'll probably have to sell the business or house at a severe discount, because who is going to want to buy a house full of junk because I can't pay to have it cleaned? Who is going to buy a business where I haven't been able to secure it or get the financials done? No cash means selling the property “as-is,” which means fewer buyers.  When I am named as executor, I make sure there are more than sufficient accounts in probate to cover the estate bills, or else I usually will decline to serve, as it puts me in a tough position.  These are great, relevant questions, so please keep them coming!  Free copy of "The Solo Ager Estate Plan"Complete this form to receive your complimentary copy of Anthony's Amazon best-seller, “The Solo Ager Estate Plan”

Our guest for this podcast is Dr. Sara Zeff Geber. Sara is an author, certified retirement coach, and professional speaker on retirement and aging. This conversation explores the world of “solo agers,” people who have no children or who are aging alone. We discuss how prevalent this group of seniors is and what their unique needs and challenges are. Learn more about managing the unique challenges of solo agers: the legal and financial steps to take, including selecting Power of Attorney and Advance Directive designeehow to locate professional fiduciaries and patient advocates when there are no immediate family members to fill these roleswhat the possible living arrangements are when the older adult can no longer manage his or her own homecan moving to another country be an option, one that is less expensive, and already established by U.S. and Canadian citizens as safe and securewhy people who have been caregivers themselves are more inclined to start the planning for their own futures Is isolation a significant risk factor for solo agers? What are the challenges of “solo agers” and what steps are necessary to manage these challenges? Why are foresight and robust planning so critical for aging well, especially for this group? This is an important conversation that touches on successful retirement for those who are living alone in their senior years. And learn what measures will help to make this a more successful process. CLICK HERE TO LISTEN ON APPLE PODCASTS Mini Bio Dr. Sara Zeff Geber, a 2018 recipient of the “Influencers in Aging” designation by PBS' Next Avenue, has developed a niche specialty working with “Solo Agers,” people who have no children or who are aging alone.  Dr. Geber is the author of Essential Retirement Planning for Solo Agers: A Retirement and Aging Roadmap for Single and Childless Adults (Mango Press, 2018) which was selected that year as a “best book on aging well” by the Wall Street Journal. Sara is a regular contributor to Forbes.com on the topics of aging and retirement. She was recently invited to join the advisory team for Nexus Insights, a think tank and incubator for revolutionary concepts in senior living and aging. A sought-after speaker at conferences on retirement and aging, Sara is active in the Retirement Coaches Association, the American Society on Aging, the Life Planning Network, the Transition Network, the Sonoma County Section on Aging, and the Gerontological Society of America. Though married, Sara considers herself a Solo Ager, since she has no children. Items Mentioned in This Podcast Sara's book: Essential Retirement Planning for Solo Agers: A Retirement and Aging Roadmap for Single and Childless Adults Forms and resources for planning: Nolo.com Opportunities for CoHousing: Cohousing.org Options for moving to other countries for retirement: InternaltionalLiving.com

Our guest for this podcast is Dr. Sara Zeff Geber. Sara is an author, certified retirement coach, and professional speaker on retirement and aging. This conversation explores the world of “solo agers,” people who have no children or who are aging alone. We discuss how prevalent this group of seniors is and what their unique needs and challenges are. Learn more about managing the unique challenges of solo agers: the legal and financial steps to take, including selecting Power of Attorney and Advance Directive designeehow to locate professional fiduciaries and patient advocates when there are no immediate family members to fill these roleswhat the possible living arrangements are when the older adult can no longer manage his or her own homecan moving to another country be an option, one that is less expensive, and already established by U.S. and Canadian citizens as safe and securewhy people who have been caregivers themselves are more inclined to start the planning for their own futures Is isolation a significant risk factor for solo agers? What are the challenges of “solo agers” and what steps are necessary to manage these challenges? Why are foresight and robust planning so critical for aging well, especially for this group? This is an important conversation that touches on successful retirement for those who are living alone in their senior years. And learn what measures will help to make this a more successful process. Mini Bio Dr. Sara Zeff Geber, a 2018 recipient of the “Influencers in Aging” designation by PBS' Next Avenue, has developed a niche specialty working with “Solo Agers,” people who have no children or who are aging alone.  Dr. Geber is the author of Essential Retirement Planning for Solo Agers: A Retirement and Aging Roadmap for Single and Childless Adults (Mango Press, 2018) which was selected that year as a “best book on aging well” by the Wall Street Journal. Sara is a regular contributor to Forbes.com on the topics of aging and retirement. She was recently invited to join the advisory team for Nexus Insights, a think tank and incubator for revolutionary concepts in senior living and aging. A sought-after speaker at conferences on retirement and aging, Sara is active in the Retirement Coaches Association, the American Society on Aging, the Life Planning Network, the Transition Network, the Sonoma County Section on Aging, and the Gerontological Society of America. Though married, Sara considers herself a Solo Ager, since she has no children. Items Mentioned in This Podcast Sara's book: Essential Retirement Planning for Solo Agers: A Retirement and Aging Roadmap for Single and Childless Adults Forms and resources for planning: Nolo.com Opportunities for CoHousing: Cohousing.org Options for moving to other countries for retirement: InternaltionalLiving.com

Calling all Going Solo Agers - Elite Guest, Sara Zeff Geber, PhD, Certified Retirement Coach, and Professional Speaker, Author of Essential Retirement Planning for Solo Agers: A Retirement and Aging Roadmap for Single and Childless Adults from Santa Rosa, CA with Host, Cece Shatz on WGSN-DB Going Solo Author's Corner/Meet The Author. WGSN-DB Going Solo Network, Radio, TV & Podcasts - #1 Internet Singles Talk Network (www.goingsolomedia.com)A bit about Sara...Dr. Sara Zeff Geber, recent recipient of the “2018 Influencers in Aging” designation by PBS' Next Avenue, is an author, certified retirement coach, and professional speaker on retirement and aging. She has developed a niche specialty working with “Solo Agers,” people who have no children or who are aging alone. Dr. Geber is the author of the 2018 book, Essential Retirement Planning for Solo Agers: A Retirement and Aging Roadmap for Single and Childless Adults, which was recently selected as a “best book on aging well” by the WSJ. With her speaking and writing, Sara has been raising awareness of Solo Agers for the past 10 years. She believes Solo Agers have unique needs in later life that warrant greater foresight and a more robust approach to planning. Sara is a regular contributor to Forbes.com on the topics of aging and retirement. A sought-after speaker at conferences on Aging, Sara is also active in the American Society on Aging, the Life Planning Network, the Transition Network, the Sonoma County Section on Aging, and the Gerontological Society of America. A Solo Ager herself, Sara lives with her husband in Santa Rosa, California. Email: Sara@LifeEncore.com Website: SaraZeffGeber.com

EP 023: In this episode, we're digging into the concept of "Solo Aging". Solo Agers are those without kids, where the "kids" are usually the ones who take care of us as we age. Did you know that according to a 2005 Pew Research Study, 19.4% of the boomer generation did not have kids? So this is a big concept looking forward. So what better guest is there than the author of Essential Retirement Planning for Solo Agers, an Amazon best-seller and in the words of The Wall Street Journal, one of the “2018 Best Books on Aging Well”. Additionally, Dr. Geber is a regular contributor to Forbes.com on the topics of aging and retirement.   Dr. Geber shares her expertise by not only spending time laying the groundwork and providing background knowledge about solo agers but also by answering questions like, “What is the key to happiness for solo agers?” “What mistakes are commonly made by solo agers?” “How can solo agers leave behind a legacy?” and more!  Are you a Solo Ager or know someone who is? Then this episode is for you!   Chapters Welcome, Dr. Geber! [2:33] What does it mean to be a solo ager and how prevalent is being a solo ager nationally? [12:27] What are some myths out there about solo agers? [16.57] What has Dr. Geber found to be the key to happiness solo agers? [18:16] What are some big mistakes that solo agers may make? [24:25] How can solo agers leave a legacy? [27:58] What can solo agers do to bolster their social networks, especially as they retire from their careers? [31:57] What role does spirituality play with solo agers? How can people make spirituality more a part of their life as they age? [39:02] What are some of the considerations for solo agers as they decide how and where to live in later life? [42:33] What is Retirement Success for Dr. Geber? [52:27] Ben and Abby wrap-up the conversation. [54:37]   For more information and Solo Aging resources, go to our blog at https://blog.guidancepointllc.com/23 or give us an email shout at bensmith@guidancepointrs.com, abigaildoody@guidancepointrs.com, or curtisworcester@guidancepointrs.com .  

Are you a single woman, or married and childless, and now in your second half of your life? In this episode will talk with Dr. Sara Zeff Geber about living in retirement without having a younger generation to take care of you. In the current society many adult children are care givers for an elder parent. What can you do if you cannot rely on that kind of safety net when you get in a situation that living alone is no longer possible. Being single can be a wonderful life style. Yet it often can cause anxiety that you might need help at some time in the future. Dr. Sara Zeff Geber has researched this topic and written an excellent book full of tips on how to improve your lifestyle and reduce the impact of an unplanned major change in health as a solo ager. Listen to this interview to become aware and get solid recommendations on how to prepare for this kind of event. Most of all, taking action will help you to be at ease about the future and enjoy your retirement more.