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We always like to promote worthwhile events and causes on our blog and this one is no exception. On August 31, 2010, RV4TheCure comes to Pittsburgh, hosted by Martin M. Shenkman, CPA, MBA, PFS, JD, a well-known author of over 34  tax, estate and legal books. In 2006, his wife, Patti Klein, MD, was diagnosed with multiple sclerosis.  Marty and Patti are traveling throughout the country providing  advice on special estate, tax and legal issues confronting those with multiple sclerosis, Parkinson’s disease, ALS, and other chronic diseases.

RV4TheCure is a program, a national initiative, designed to educate professional advisors in several disciplines (CPAs, attorneys, financial planners, insurance consultants) on how they can better advise clients whose families have been impacted by chronic illnesses.

According to Marty, although there  are often simple modifications that can be made to investment plans, insurance arrangements, powers of attorney and other common steps that can make the planning and documents more protective for, and tailored to, those living with chronic illness.

The couple, because traveling had become so difficult for Patti, purchased an RV to accommodate the many health issues more typical travel made so difficult. The Shenkmans now travel from one seminar location to another  with their Airstream trailer.

Ken Eisner, of Eisner Law, PC, along with the National Multiple Sclerosis Society, Team Fox, and the Association of Hole in the Wall Camps are teaming up to host his free seminar presented by Martin entitled “Estate and Financial Planning for Clients Living with Chronic Illness” on August 31, 2010 at the Rivers Club, Oxford Center, 301 Grant Street, Suite 411, Pittsburgh, PA  15219.

Registration will begin at 7:30 a.m. and the seminar will be held from 8:00 a.m.–9:00 a.m.  Professional advisors will be entitled to one hour CPE, CFP, or CLE credit.  There will be no solicitation at this event. If you are interested or know of other professional advisors that would like to better serve and advise their clients living with chronic illness, then please register by either calling Ken Eisner at (724) 940-7500 or e-mailing keisner@eisnerlawfirm.com.  Seating is limited.

Despite his hectic schedule, Martin was kind enough to do a brief Q&A with us to tell us more about the program.

What drives you and how do you maintain this drive to continue doing rv4thecure? Our 4-year journey with chronic illness has repeatedly demonstrated how many living with health issues are treated insensitively, unfairly and are often taken advantage of….. Creating awareness will address that. Helping professionals better understand the issues and giving them planning tools will help that. Through the rv4thecure mission we will have an impact in both these areas. By reaching out to professional advisers, each of whom may have hundreds or thousands of clients, we are able to greatly leverage the impact of our efforts to help more people living with chronic illness.

What advice do you have for those who are struggling with chronic illness to help change the way they think? With respect to estate, tax and financial planning, those living with chronic illness must be forthright and really explain to their advisers (CPA, attorney, financial planner) what their illness is, what its likely disease course is and then work pro-actively with advisers to plan. Too often people with health issues don’t really disclose their status, or sufficient detail, to enable their advisers to help.

What plans do you have for rv4thecure in the short and long term? Where do you hope it will take you? In time, all over the U.S. We’re doing a trip through the Midwest in August/September. We’re planning a trip down the east coast in early spring 2011 and later that year to the south to Texas.

What can professional advisors expect to learn from Estate and Financial Planning for Clients Living with Chronic Illness? First, we’ll build awareness as to the common nature of chronic illness. 120 million Americans are affected yet most advisers would guess a very small percentage of their clients are living with chronic illness. Second, by making relatively modest (in terms of professional time and effort) changes to general planning techniques, advisers can make a tremendous positive impact on clients living with chronic illness. This also presents a great business opportunity. With an aging population the techniques and planning ideas we teach about will be useful to all advisers trying to build their practices.

Do you have any other tips or advice you’d like to share with our readers? Show empathy. The next time someone is pushing the grocery cart slower than you would like, or reacts a bit less quickly than you would at a traffic light, first consider that they might have a tough health issue they’re struggling with and being abrasive will hurt them, stress them, and do little to change the speed at which they can react. Given the statistics, it will likely be you or someone you love in the same situation at some point, so treat them appropriately.

RV4TheCure has just launched its own Facebook page. Just search for RV4TheCure and follow them!

Are you following us on Twitter? — Home Evolutions will give you real-time updates when our latest blogs are posted, as well as timely information on Aging-in-Place news from around the country.

With the current heat wave hitting our region and much of the northeast with record-breaking high temperatures—first and foremost, everyone (especially seniors and people with disabilities) should be cautious and vigilant to not become over heated. Stay cool by remaining indoors with air conditioning and fans during the hottest times of the day, and remember to not do strenuous activities in excessive heat.

Since most people are running their fans more and their air conditioning lower and longer (especially perhaps seniors who are aging-in-place in their own homes), it is also wisely frugal and economically important to keep an eye on how much you are spending on energy through these hot days.

A recent article offers some tips on how seniors can lower their energy costs and save money during the summer. One way to do this is to reduce the amount of energy used every month. Here are a few ideas for ways that seniors can cut back and things they can change to help reduce monthly energy expenses.

In General

• Turn it off if you’re not using it! You could save 2% on your electric bill.
• Unplug appliances that aren’t in use—they still draw electricity.
• Replace air conditioning filters once a month.
• When re-charging cell phones (or other re-chargeable devices), only leave them plugged in as long as it takes to charge them.
• Install a whole house fan and save up to 5% on electricity.
• Install window shades or film to keep the house cooler. Shade trees also can help.
• Have your cooling ducts checked for leaks and sealed—this could save up to 20%!
• Make sure to adjust outdoor lighting timers to save money since it is daylight longer.
• Check and re-install weather stripping, seals, and caulk.
• Set your thermostat to 78 when you’re home and 85 when you’re away.
• Use ceiling fans to keep rooms cooler.
• Keep the blinds drawn to cool down your house.

In the Kitchen

• Cooking with your microwave uses 1/3 less energy than your stove.
• Use the dishwasher instead of washing by hand—it uses less water.
• Save 1% of your electric bill by air drying your dishes if you use a dishwasher.
• If you have a range hood, use it frequently to vent heat from cooking.
• Grill out to keep cooking costs down.

When Doing Laundry

• Do as much of your laundry in cold (or warm if need be) water. Always rinse in cold water.
• Dry your clothes on the line and save money on your energy bill (up to 5%).
• Always run full loads in the dryer when you use it.
• Clean your dryer filters for efficiency.

Are you following us on Twitter? — Home Evolutions will give you real-time updates when our latest blogs are posted, as well as timely information on Aging-in-Place news from around the country.

A few weeks ago, this blog described how a Certified Retirement Financial Advisor (CRFA) can help seniors economically prepare for their aging-in-place futures.

As a follow-up to that story, we are happy to announce that a regulatory agency, the Society of Certified Retirement Financial Advisors (SCRFA) has been formed to make sure that any CRFAs that you may employ are properly educated, certified, and qualified to help make your retirement goals an attainable possibility.

The SCRFA was formed to set standards, maintain educational curriculums, provide opportunities and programs for continuing education, and monitor the quality of the CRFA program.

There is also a Board of Standards which is comprised of individuals from the financial services industry who have 10 or more years experience serving retirees.

The CRFA curriculum includes the following topics:

• Asset Harvesting to Last a Lifetime
• Asset Allocation Appropriate for Retirees
• Taxation of Social Security
• Deductibility of Medical and LTC Premiums
• Tax Deferred vs. Tax Free
• Protection of Principal and Guarantees
• Advanced Directives and Trusts
• IRA and Retirement Plan Distribution Planning
• Health and Finances—Long-Term Care
• Estate Planning and Asset Preservation
• How to Construct Fixed Income Ladders for Consistent Income
• How to Construct and Protect Retiree Investment Portfolios

This list of topics is continually expanding as additional issues become important to retirees, as tax laws change, or as the economic environment changes and requires a need for additional education.

The SCRFA has also established a Code of Ethics for graduates, which embodies five fundamental principles of ethical conduct.

CRFA graduates promise the following:

1.To conduct their business according to high standards of honesty and fairness—and to render that service to their clients so that any “prudent man” would agree that their conduct and business practices are beyond reproach.

2. To provide competent and “client centric” service. If products or services do not fit the prospect or client, they will identify that fact as soon as possible and withdraw.

3. Seek to make a comprehensive review of your financial circumstances and make appropriate referrals to other professionals for services beyond their expertise. In other words, seek to protect your financial well-being, whether or not it is within their specific area of expertise.

4. To provide prompt handling of your financial affairs and immediately address client concerns, dissatisfaction, or complaints.

5. To advertise honestly, and to use appropriate sales materials and presentations.

In addition, the typical CRFA graduate will use a variety of tools to provide appropriate solutions—including retirement planning software, a deferred or immediate annuity calculator, monte carlo simulations, and retirement income estimation projections.

Remember, you don’t want someone who simply “has a job” in the financial services industry who wants to sell products and services. You want a professional retirement advisor who has made the commitment to competency and high standards to serve their clients at the highest levels.

CRFA graduates have made that commitment to stay educated and knowledgeable about the solutions to the financial challenges of retirement. Plus, if a CRFA graduate does not have the expertise in an area important to your circumstances, he can access his network of other professionals in the community to assist him in specialty areas, including:

• CPAs for tax consultations;
• Attorneys for legal issues or document drafting;
• Property and Casualty Insurance agents to insure you have adequately covered your risks;
• Life, health, disability, and long-term care specialists.

Don’t forget, once you’ve consulted the right CRFA about financing your retirement future, be sure to then contact a CAPS certified remodeler like Home Evolutions for all of your aging-in-place needs.

Are you following us on Twitter? — Home Evolutions will give you real-time updates when our latest blogs are posted, as well as timely information on Aging-in-Place news from around the country.

Naturally our blog is dedicated to encouraging seniors and people with disabilities to age-in-place. But one consequence of such encouragement is the resulting question of how people can finance their decision to age-in-place once it is made.

That is why we here at Home Evolutions also like taking opportunities to provide our readers with financing information so that they can afford to continue living comfortably, safely, and independently at home.

So whom can people age 60+ (who have already cashed in their retirement funds or are about to do so) turn to for retirement help? Well, there has been a growing trend of increased education for financial advisors to help people in retirement. But a recent article warns that seniors should be careful about several of the financial specialty designations that are currently out there.

One option is to consult with a Certified Retirement Financial Advisor (CRFA). A CRFA is a financial professional who has completed a program of study designed on the unique financial challenges faced by retirees. These programs are designed for experienced financial professionals who learn creative solutions to these important challenges. Upon course completion, graduates pass a closed book exam and are required to sign a pledge to abide by the Society of Certified Retirement Financial Advisors Code of Ethics. This Code embodies five fundamental principles of ethical conduct which assure seniors of honest and competent service.

Thus seniors can be assured to receive reliable retirement help from CRFA designated financial professionals because they must have at least two years experience in financial services. Different graduates from the certification program can also each have a different focus of expertise. For example, while one may be a specialist in health insurance coverage for retirees, another may be a specialist in retirement financial asset management.

CRFAs maintain specialized retiree-specific financial knowledge which covers every aspect of financial concerns to someone in their retirement years including:

• Avoiding tax on social security income.
• Liquidating assets for the lowest or zero capital gains tax.
• Utilizing section 72 rules for early retirees who need to tap their retirement funds before age 59 ½.
• IRS exchanges for tax deferrals.
• Minimizing taxes on IRA distributions and Roth IRA conversions.
• Building retiree portfolios for greater secure income.
• Creating low-risk equity portfolios.
• Training in estate planning and asset protection.
• Long-term care planning and related tax issues.
• Trusts, advance directives, and integration of retirement and estate plans.
• Beneficiary selection for retirement accounts and other assets.

Another legitimate designation is Chartered Advisor for Senior Living (CASL), but this certification does not require as many retiree-specific courses.

The article also warns to be cautious of any other designations held by a financial advisor who contends that the designation has prepared him or her to give appropriate financial advice for people in retirement. This is because there are several designations that have no substance and they are simply programs designed to make a financial sales person look like a professional.

Here are some simple questions you should ask a retirement planner (If the professional cannot answer them easily, then move on):

• How can IRS section 1031 help me (it helps people divest real estate without current taxation).
• What is the lowest possible rate on capital gains that I could possibly qualify for (0% starting in 2008)?
• Can anyone convert their IRA to a Roth IRA (their modified adjusted gross income must be under $100,000 currently).
• If I want to leave my IRA to my three children, do I need to split it into three accounts (no—the children can split the IRA after your death into three accounts).
• Will a living trust help me save taxes (no—the benefit of a living trust that cannot be accomplished otherwise is the avoidance of probate and privacy).
• What’s the difference between an annuitant driven and owner driven annuity (all annuities are owner driven—if the owner dies, the owner’s beneficiary gets the proceeds).
• Can I lose money with an equity indexed annuity (yes—if you withdraw funds during the surrender period, the surrender charge could be larger than anything you have earned resulting in a loss)?
• Why shouldn’t I put my son’s name on my accounts as joint tenant so he inherits them directly if I die (you can be deemed to have given a gift which may have tax consequences and you have exposed jointly held assets to your son’s creditors).

Once you’ve consulted the right CRFA about financing your retirement future, be sure to then contact a CAPS certified remodeler like Home Evolutions for all of your aging-in-place needs.

Are you following us on Twitter? — Home Evolutions will give you real-time updates when our latest blogs are posted, as well as timely information on Aging-in-Place news from around the country.