Happy November!

I just got back from Washington, DC, where I spoke at the International Business Womens Conference and participated in a panel put together by Dotsie Bregel, founder of the National Association of Baby Boomer Women (www.nabbw.com). The conference was great and I met a lot of amazing women. A great way to end my speaking engagements for the year.

There is finally a nip in the air (after a way too long summer) and holiday decorations are already up around the city! Before you get all caught up in the holiday preparations and celebrations, this months article is a check list of some of the legal, financial, and miscellaneous items your aging loved one (and you!) should think about (and act upon) before the end of the year.

But if you or someone you know is facing eldercare issues right now and want help resolving your eldercare issues by choice, not crisis, please dont put it off until the next year. Find relief and peace of mind through Generational Coaching. Please call me toll-free (877) AGE-WISE or email me at Barbara@AgeWiseLiving.com for a complimentary "get acquainted" conversation. Im here to help!

Until next month, Happy Thanksgiving!

ARTICLE: YEAR-END CHECK LIST

LEGAL

Will. Have there been changes such as the sale of the home, additions to the family, or a death that make revision necessary?

Power Of Attorney. Is the agent ("Attorney-in-Fact") still available and willing to manage financial and business matters?

Living Will (Called different things in different states, a Living Will is the "instruction manual" for the Health Care Agent and/or others involved with the care.) Does it still accurately reflect their desires? Have they shared those desires with their family?

Health care proxy (Known in some states as a durable power of attorney for health care, healthcare power of attorney) Is the Agent or Personal Representative still available to serve? Has your aging loved one talked with him/her about what they want?

FINANCIAL The following suggestions are from Sheila Walker-Hartwell of Hartwell Planning (www.hartwellplanning.com).

Confirm the required minimum distribution (RMD) has been transferred out of the senior's IRA. This must be completed before December 31st to avoid a 50% penalty. It can sometimes take several weeks for the transfer to go through so it's not too early to begin the process now.

Suggest gifting to family members or friends. This is only applicable if the senior is spending less than his/her income each year, and there are more than adequate assets to support the senior for the rest of his life. Your senior can gift up to $12,000 to each and every person before the end of the year and give to as many people as desired.

Make sure all charitable contributions, including year-end gifts to the senior's place of worship, are completed. Beginning in 2007 all charitable donations must be backed up with a receipt from the non-profit organization for all amounts (it used to be amounts over $250), a cancelled check and record in the bank statement. These are tax deductible but only if you itemize on your tax returns.

For 2007 only, if the IRA withdrawal is not needed for income and if the senior is at least 70-1/2, consider making a direct transfer to a charity. The withdrawal amount is counted as the required distribution, no taxes will be due on the amount withdrawn but the senior can't deduct the charitable donation. A charitable donation up to $100,000 is allowed. Just be sure not to receive the amount into the senior's own bank account; it must go directly to the charity.

"MISCELLANEOUS"

(Re)Evaluate the help your aging loved one needs and/or is getting and make adjustments as needed.

(Re)Evaluate how your aging loved one is doing and update other family members (information and inclusion is often the key in getting support.)

Review your emergency plans - including evacuation. Sadly, as we have see all too tragically recently, emergencies can occur anywhere in the country - some that may require evacuation. Whether an emergency is on a grand scale or happens to you and/or your aging loved one alone, preparation is the key.

Upcoming Seminars

For lots more information about this and many other important eldercare issues, attend an AgeWiseLiving seminar. For upcoming dates and locations, please go to Seminars.

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