A Publication of the Spinal Column Newsweekly
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SPINAL COLUMN NEWSWEEKLY
Accredited Veterans Affairs Attorney. Member: National Network of Estate Planning Attorneys; National Academy of Elder Law Attorneys; President, Michigan Forum of Estate Planners and the Michigan Conference of Estate Planners
JANUARY 18-24, 2012
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SPINAL COLUMN NEWSWEEKLY
Over 70 years and counting
Bob and Jeannine Kaiser met when they were 17-years-old
Bob and Jeannine Kaiser with their wedding party, on July 12, 1941. The couple met at a dance at St. Anne’s Catholic School.
JANUARY 18-24, 2012
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GODDARD-TALMAY AGENCY 347 N. Pontiac Trail • Walled Lake, MI 48390
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ob and Jeannine Kaiser are still newlyweds even though they married over 70 years ago. During their marriage, they have never wavered in their commitment to one another and attribute the secret to a successful and long-lasting marriage to putting each other first. “We always tried to do things to please the other,” Jeannine said. “Neither one of us ever had to have the last word.” After reviewing many submissions in response to the Spinal Column Newsweekly’s quest to find the longest married couple in west Oakland, it was Bob and Jeannine who came out on top. They will be awarded a $50 gift card to It’s a Matter of Taste in Commerce, and a $50 flower arrangement from the Flower Factory in Highland. The second longest married couple will receive a $40 gift certificate from Dobski’s in Waterford, and a $50 flower arrangement from the Flower Factory. Jeannine and Bob met when they were both 17: He was playing trumpet in an orchestra at a dance at St. Anne’s Catholic School; she was milling about, selling Boblo Island cruise tickets at the time. “He approached my mom and said he wanted to buy a ticket, but would buy two if she came with him,” said Joanne Hicks, the couple’s youngest daughter. While dating, they would see each other every Thursday and walk hand-in-hand along the Ambassador Bridge into Canada for hot fudge sundaes or a soft drink. And it was apropos that they married two years later at St. Anne’s Catholic Church, on July 12, 1941. Bob took a job with a daily Detroit newspaper in the classified department while Jeannine became a homemaker. They moved in with Bob’s mother in northwest Detroit for a short time. He later took a job with Ford Motor Co., and soon after, the Kaisers welcomed their first child into the world, Ronald. However, World War II overshadowed this time and Bob was eventually drafted into the U.S. Navy. The family was uprooted when he was stationed in Virginia as a cryptologist, but he was discharged after two years. The couple then returned to Michigan and bought their first small home in Oak Park. Bob was rehired by Ford and worked in Livonia. As the years passed, seven more children would follow in rapid succession: Carol, Janet, Robert, Dennis, Jeannie, Patrick and Joanne. “My mom respected my dad as head of the household, but he was always kind, never demeaning,” Joanne said. “I don’t remember them yelling or fighting. They were just great parents, very easy-going.” Jeannine recalls two significant gifts Bob gave her over the years that she still cherishes — a gold cross and chain, and an embellished compact. “Throughout their marriage, they were always holding hands, giving each other a kiss and just very affectionate,” Joanne said. As the family grew, the Kaisers decided in 1968 to move to a larger home on Wolverine Lake. “I always remember my siblings and I as teenagers had classmates who had unhappy homes and my parents would take them in when they were having problems,” Joanne said. “We also had foreign
exchange students. My parents opened their home to anyone who needed it.” While their marriage has had peaks and valleys, neither Bob nor Jeannine ever held a grudge and worked beyond their issues respectfully. “We would make light about situations and didn’t dwell on our problems,” Bob said. “Yes, we always tried to work things out,” Jeannine added. The Kaisers have been very involved in their community. Bob served as president of the Wolverine Lake Village Council from April 1971 to April 1975, and then as a village councilman until May 1977, while holding down an executive job with Ford. Jeannine volunteered and helped out the needy in the community. Through the years, the couple entertained and hosted parties for their friends and neighbors. “Everyone loved our home and my mom was a gracious hostess,” Joanne said. “My parents were well-respected.” Bob retired from Ford after 32 years. They moved from Wolverine Lake after 20 years and bought a condominium in Port Charlotte, Fla. and lived there for a time. They moved back to Michigan a decade ago and set up a home in Livingston County’s Hartland for seven years. Now in their 90s, the couple resides in an assisted-living apartment in Independence Village of White Lake. They are the proud matriarch and patriarch of a family of eight children; 24 grandchildren; 47 great-grandchildren; and seven great-greatgrandchildren. Seven of their children living in the area are assigned one day a week to visit and help out their parents. As a couple, Bob and Jeannine leave their family a legacy of what love means. “They are strong Catholic-Christians and had their ups and downs like everybody else, but managed to work things out,” Joanne said. “God has always been the No. 1 priority in their lives.” ❏ — By Leslie Shepard
JANUARY 18-24, 2012
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Lovebirds with longevity Some of the submissions we received Pete and Wanda Dorman Wedding Date: Nov. 9, 1946 Wedding Location: First Congregational Church, Pontiac Honeymoon Location: Ames, Iowa Children: Two Grand-children: Two Current Residence: Westlake Health Campus, Commerce
Newell and Gloria Sheridan Wedding Date: April 21, 1951 Wedding Location: St. Gabriel's, Detroit Honeymoon Location: Houghton Lake, Mich. Children: Four Grand-children: Three Current Residence: West Bloomfield Township
Gene and Rosie Quackenbush Wedding Date: Oct. 30, 1948 Wedding Location: First Baptist Church, Pontiac Honeymoon Location: Niagara Falls, N.Y. Children: Three Grand-children: Four Great-grand-children: Two Current Residence: Waterford Township
Roger and Sharon Bohn Wedding Date: Dec. 17, 1960 Wedding Location: First Methodist Church, Dearborn Honeymoon Location: Stowe, Vt. Children: Two Grand-children: Five Current Residence: Milford
Stanley and Bernice Pawlak Wedding Date: June 21, 1947 Wedding Location: St. Andrew's Catholic Church, Detroit Honeymoon Location: "Michigan circle tour" around the lower peninsula Children: Three Grand-children: Five Current Residence: White Lake Township
Donald and Glenda Toomey Wedding Date: April 23, 1957 Wedding Location: St. Christina Catholic Church, Detroit Honeymoon Location: Downtown Detroit Children: Three Grand-children: Eleven Great-grand-children: Four Current Residence: Highland Township
Kenneth and Dorothy Jacobson Wedding Date: June 28, 1947 Wedding Location: Epiphany Lutheran Church, Detroit Honeymoon Location: Houghton, Mich. Children: Seven Grand-children: Five Current Residence: White Lake Township
Lyle and MaryLou Goss Wedding Date: April 18, 1953 Wedding Location: Southfield Methodist Church Children: Five Grand-children: Eight Great-grand-children: Eight Current Residence: White Lake Township
See page 8 for more couples
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Donald and Victoria Watson Wedding Date: Aug. 9, 1947 Wedding Location: St. Margaret Mary Church, Detroit Honeymoon Location: Houghton Lake, Mich. Children: Five Grand-children: Twelve Great-grand-children: Four Current Residence: White Lake Township
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Richard and Wanda Radcliffe Wedding Date: June 16, 1951 Wedding Location: First Methodist Church, Angola, Ind. Children: One Grand-children: Four Current Residence: White Lake Township
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George and Rose Mouradian Wedding Date: Dec. 16, 1950 Wedding Location: St. Sarkis Armenian Apostolic Church, Detroit Honeymoon Location: Salt Lake City, Utah; Denver, Colo.; and Chicago, Ill. Children: Three Grand-children: Four Great-grand-children: One, two by proxy Current Residence: Commerce Township
JANUARY 18-24, 2012
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SENIORS TODAY
Life during the golden years From independent living to nursing homes, options abound The Bortz Health Care nursing home in West Bloomfield Township (left) has been a haven for area senior citizens since 1956. Independence Village of White Lake (right) features beautiful grounds that include a pond and a walking path that are popular with many of the facility’s residents.
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he baby boomer generation is currently entering the retirement phase and soon this demographic may be forced to consider the reality of alternate housing options. As they come into the golden years of their lives, seniors may opt to trade in the housework for life in an independent or assisted living facility. Still there are others that must wrestle with a gambit of concurring concerns associated with aging, which could mean difficult alternatives such as a nursing home. Seniors need to consider several factors before selecting a housing option, according to the experts. From staying in their own homes to specialized care that provides around-the-clock nursing, there are a myriad of housing options available. The main distinction between which option is right for each senior is the amount of care provided for daily activities and medical care. Other points to consider include what constitutes a sufficient level of care, what the facility offers and the associated costs. There is a whole range of costs for senior housing, ranging from subsidized senior apartments to nursing homes — which can average $70,000 per year. When considering senior housing, the following factors come into play: Location, level of care, insurance, and long-term care insurance. In general, the higher the level of care, the more it costs. Nursing homes are the most expensive, but assisted living facilities can run $3,000 to $4,000 a month or more. Medicare, the federal program that provides health insurance coverage to senior citizens, generally doesn’t cover senior housing options other than nursing homes. Medicare also only covers limited stays in nursing homes when skilled nursing care is required. Medicaid, the federal health insurance program for people with limited incomes, may cover some assisted living costs and does provide nursing home coverage. However, facilities are not required to accept Medicaid. Seniors can purchase insurance to off-set some of the costs of long-term care. Coverage and provisions can vary, but frequently some in-home help and assisted living facility costs are covered, as well as nursing homes. Staying at home may still be a viable option if there is a close network of nearby family, friends, and
neighbors, or if transportation is easily accessible. If the neighborhood is safe, and the home can be modified to reflect a senior’s changing needs, and the home and yard maintenance is not overwhelming, then there’s no place like home. However, if physical and medical needs require a higher level of care, then the following residences may be considered and a plan for the future may be needed in case circumstances change. INDEPENDENT LIVING What a way to spend the golden years of life — waking up every morning in an inviting place surrounded by smiling faces, where there’s always an itinerary of fun activities to choose from and a social hub of peers you can count on for interaction and conversation. Independent living is a way for seniors to maintain their autonomy while still receiving a modicum of assistance. Facilities offering such living accommodations include retirement communities and homes, as well as apartment complexes geared especially toward senior citizens. Some of the amenities include help with outdoor chores, as well as recreational centers or clubhouses located on the premises. In addition, they provide an avenue for interacting with their peers in the community and typically don’t require significant amounts of maintenance or upkeep. However, if one doesn’t want to make that first bold step, consider moving in with a family member, or simply moving to a more accessible apartment or condominium. The key is to have access to transportation, services, and social networks. Much more than a retirement community, Independence Village in White Lake Township boasts well-appointed apartment homes, non-traditional services, comfortable and inviting amenities, and a close-knit community. The complex is home to multiple living areas, several lounges, an activity room, cafe, beauty and barber shop, exercise facility, computer and laundry rooms, library, and village store. Apart from the facility itself, there are beautiful grounds that include a pond and walking path.
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SPINAL COLUMN NEWSWEEKLY
JANUARY 18-24, 2012
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SENIORS TODAY
Senior housing
additional cost for a single room. Many offer a communal dining room and areas for socializing and recreation. ❯ ❯ ❯ ❯ PAGE 9B Westlake Health Campus in Commerce Township is a new facility that opened in “We have a real warm sense of community in the building,” said Carolyn July 2011. Trilogy Health Services purchased the former 10,000-square-foot Pelland, a leasing representative with Independence Village. “It’s homey yet Westwind Health Center and repurposed it into a sprawling 60,000-square-foot upscale and very clean.” complex comprised of an assisted living facility and long- and short-term skilled Much of the staff has been working there for years and takes time to meet nursing care. each resident’s needs. “It’s big and beautiful,” said Executive Director Colleen Higgins. “Trilogy owns “We strive to exceed their expectations,” Pelland said. and operates 65 facilities within the Midwest and each consecutive build is based Independence Village offers both independent and assisted living opportunities on previous experience, and based on trends and studies of what works best.” spread out across 149 units. Westlake plans to open an Alzheimer’s disease- and dementia-specific memory “The difference is the amount of services they receive,” Pelland explained. “Meal care facility located in its own building on the campus in May 2012. and housekeeping plans are different, such as personal care, shower help, med Currently the facility houses 50 beds for long- and short-term care and another reminders, dressing assistance, to activities and night checks.” 39 assisted living units. Independent living consists of a continental breakfast and dinner; housekeeping The complex spared no expense in equipping it with cutting-edge technology every two weeks; a full activities program; a like electronic charting. Physical, occupational, transportation shuttle for errands and appointand speech therapy is conducted on site. ments; staff on duty 24-7; and daily check-ins. “It’s a good place for residents,” Assisted living residents receive three meals Higgins said. “It’s homey, warm and comfortdaily, daily housekeeping, and laundry and able to make it better for residents.” linen service once a week. Resident packages The complex is designed with comvary in the amount of personal care. munity spaces and is layed out in a town Skilled and hospice care is available, and square model. Inside there is a lounge with a there’s a nurse on staff to oversee assistance. big-screen television, as well as game boards; Independence Village seeks to keep the sena library; a therapy room with exercise equipiors’ bodies engaged and the brains stimulated ment; and the Bogie Lake Cafe, where resito maintain a full life of social and educational dents can always enjoy a snack or cup of cofopportunities. fee. “We have an extremely popular activity proOn the site’s perimeter is a life trail gram. It’s one of our strengths,” Pelland said. system with exercise equipment geared “Our activity director has been here 11 years.” toward the senior demographic. Seniors are encouraged to get their hearts Activities vary, but staples include pumping and their feet moving by joining such Bingo, religious services, entertainment, bowlactivities as Wii bowling leagues, Tai Chi, thering, Tai Chi and outside transportation to apeutic ball exercise, walking clubs, or Zumba. shopping areas and dining. In line with the philosophy that one never “We take residents on outings twice a stops learning, there are art and music history week. It can be as simple as transporting lectures; life history book workshops; cooking them to Sonic for an ice cream, to a local classes; financial, health and safety seminars; restaurant to dine, to going to the cider mill,” and information on travel. Higgins said. Entertainment ranges from live music perResidents are given the freedom to formances, happy hours, talent shows, contailor their itinerary, and Westlake makes that certs in the park, and theater events. happen. “We take residents on a lot of trips (to “We have a wide variety of activities places) such as restaurants, theaters, downand offerings depending on the preference of town, casinos, and ball games,” Pelland said. residents’ life-long learning interests,” Higgins “Every summer we picnic at Kensington said. “We contact those in the community to (Metropark in Milford) to listen to the Detroit bring in painting, sign language, whatever Symphony Orchestra, and recently we went to they want.” Heavenly Scent Herb Farm for a tea luncheon.” The facility accepts Medicare, Denominational and non-denominational The Westlake Health Campus in Commerce Township provides many Medicaid and private insurance. Residents in worship is available, including Bible studies activities for its residents, including art classes and fishing trips like the assisted living units must pay privately or and various worship services. have a long-term care policy in place that may one resident Valerie K (above) recently enjoyed. Lastly, seniors are afforded the opportunity pay a portion. to give back through fund-raisers, food donation drives, and a host of other Westlake is noticing a sharp uptick in enrollment since it opened. opportunities. “We’re experiencing some growing pains. We’ve grown so quickly since we Independent living rates range from $2,850 to $3,500 per month, depending opened,” Higgins said. “We opened assisted living on Sept. 1 and 16 residents on the amenities of the residential quarters. Assisted living packages range anyhave already enrolled in the initial 20 spots opened, and we stay full most of the where from $3,500 to $4,300 per month. time on the health center side.” “These are privately paid, but some receive veterans assistance,” Pelland said. FOSTER CARE “Some residents have long-term care policies that can be used here.” Senior foster care is a new concept in elder care. Each residential setting must ASSISTED LIVING be licensed. Apart from providing personal care and room and board, caregivers Another housing option for seniors who need a bit more help with day-to-day attend to seniors’ emotional and spiritual needs. activities — including taking and receiving medications — is assisted living faciliIn these safe and affordable settings, individuals in need of care enjoy a nurturties, which typically don’t offer housing accommodations for those with severe ing atmosphere and inclusions in the home life of the caregiver. medical conditions requiring significant medical assistance from a doctor or other A variety of services are provided, including supervision, meals, assistance with qualified medical personnel. daily activities, recreational opportunities, and help in arranging transportation. Although some offer apartment-style living, others offer rooms — which may Penny Lane Adult Foster Care in White Lake Township has been a “home away be shared with another resident unless the senior is willing and able to pay an PAGE 12B ❯ ❯ ❯ ❯
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from homeâ€? for the elderly for 18 years. The home is licensed to care for 12 patients. Services range from toileting, showering, hygiene, laundry, medication administration, prescription delivery and three meals per day. The facility also contracts outside services from a general doctor, podiatrist, and beautician. “It’s an alternative to a nursing home with more personal care,â€? said Penny Lewis, the owner and administrator of Penny Lane Adult Foster Care. Patients get exercise daily. “We have activities in the home, but I don’t provide transportation,â€? Lewis said. “We have Alzheimer’s/dementia patients, so activities are done according to their level of care.â€? Patients also are given puzzles, books, music and pet therapy. Bible studies are also a personal choice. “Whatever the need, we make it happen,â€? Lewis said. “We work with hospice until the end so they don’t have to move.â€? The 5,000-square-foot ranch home consists of two living rooms, four bathrooms, six bedrooms, and a screened-in porch overlooking a pond. The property is surrounded by state land for a scenic and peaceful view. “It’s unique because it’s in a home setting and family environment,â€? Lewis said. “It’s an alternative to a nursing home at much more affordable pricing.â€? NURSING HOMES For those senior citizens needing extensive care, nursing homes are the way to go. Licensed medical personnel supervise residents’ care and 24-7 medical assistance is almost always on-site, and occupational or physical therapists are frequently available to tend to residents’ medical needs. Severe medical conditions — including recent hospitalization for a severe condition or a chronic illness that has gradually deteriorated the health of the senior citPAGE 13B â?Ż â?Ż â?Ż â?Ż
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JANUARY 18-24, 2012
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SENIORS TODAY
Senior housing â?Ż â?Ż â?Ż â?Ż PAGE 12B
izen — are often the impetus for seeking care in a nursing home. Bortz Health Care in West Bloomfield Township has been a haven for senior residents since 1956. It is one of 13 facilities scattered throughout Michigan, with one also located in Florida. The plantation-style home, built in the 1900s, boasts of a massive porch, wraparound windows, a solarium and several fireplaces. “It looks like Tara of ‘Gone with the Wind,’â€? said Administrator Michelle Bortz. “One of the fireplaces is called the ‘Fireplace of 100 Faces.’ If you look at the stones (you) see a vision of a face in each one.â€? Other amenities include satellite television, a “great room,â€? an enclosed porch and a day room. “We’re pretty unique. Just the setting alone and the staff sets us apart,â€? Bortz said. The home employs 100 people, many whom have been with the company for nearly 30 years. “That’s very rare in our industry,â€? Bortz said. The facility houses 85 residents who have access to a long list of activities such as bowling, Bingo, outside entertainment, going to the movies, dining or shopping. “Just because our residents are in a nursing home doesn’t mean life is over,â€? Bortz said. “They still do a lot, if not more, than they would if they were living at home.â€? Bortz said that, over the years, the nursing home industry has changed in many ways, most notably the environment. “Now it’s a home-like environment, Bortz said. “No longer do you walk into a sterile environment. It’s difficult to place someone in a nursing home — it’s very hard on the family so when residents move in they’re part of our family and feel it when they walk in the door.â€? Costs can be absorbed by Medicare for up to 100 days. After that, Medicaid can pick up costs or the care must be self-paid. “There are a lot of nursing homes in our area that ask residents to leave if they want to have Medicaid pay, but they are not asked to leave here,â€? Bortz said. “They will always have a home here.â€? For residents paying out-of-pocket, Bortz charges a daily rate that only excludes pharmacy costs. “Other places charge extra for other services but here we charge one rate per day with no additional costs other than pharmacy,â€? Bortz said. With the rise in the level and amount of elderly care anticipated in the future, Bortz noted that the industry will continue to thrive. “We are all living longer ... long-term care will always be around,â€? she said. â?? — By Leslie Shepard RESOURCES • Independence Village (independent/assisted living), 935 Union Lake Road, White Lake 248-360-7235 • Heritage at Ridge Valley (independent living), 700 Napa Valley Drive, Milford 248-676-2121 • Westlake Health Campus (nursing and rehabilitation center), 10735 Bogie Lake Road, Commerce 248-363-9400 • Estabrooks Havencrest (assisted living), 9259 Sandyside, White Lake 248-698-3700 • Penny Lane Adult Foster Care (adult foster care/assisted living), 1305 Ford Road, White Lake 248-887-0616 • Lockwood of Waterford (independent living), 1407 Skipper Drive, Waterford 248-618-0777 • Inn of Cass Lake (independent living), 900 N. Cass Lake, Waterford 248-681-8229 • American House at Regent Street (assisted living), 4460 Orchard Lake Road, West Bloomfield 248-636-1130 • America House at West Bloomfield (independent living; assistance available), 5859 W. Maple Road, West Bloomfield 248-254-6943 • Canterbury-on-the-Lake (independent and assisted living), 5601 Hatchery Road, Waterford 248-674-9292 • Sunrise of West Bloomfield (assisted living), 7005 Pontiac Trail, West Bloomfield 248-739-8101 • Bortz Health Care (nursing home), 6470 Alden Drive, West Bloomfield 248-363-4121 • Waltonwood at Twelve Oaks (independent and assisted living/nursing home), 27475 Huron Circle, Novi 800-239-9725 • Sanctuary at White Lake (independent and assisted living/nursing home; opening in the spring), 10770 Elizabeth Lake Road, White Lake • Lourdes Senior Community (independent and assisted living/nursing home), 2300 Watkins Lake Road, Waterford 248-674-2241 • Village Manor (independent and assisted living), 9501 E. Highland Road, Howell 810-632-6200
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SENIORS TODAY
Financial planning for today’s seniors West Oakland experts offer advice on making your money stretch
I
t’s never too late for seniors to learn about financial planning, including with regards to IRAs, 401(k)s and Social Security. In fact, it’s very important. “As long as they’re still alive and have years ahead of them, the way they handle their money could really make or break them,” said Rob Reading, managing director at America’s IRA Center on Main Street in Milford. “Americans have two threats today more than ever before — and one is outliving their money. We’re living longer, but the bad news is, we’re living longer. The fact of the matter is we have to make our money stretch. With the right planning, all of these things can be properly calculated.” According to Dave O’Connor, a Bloomfield Hills financial advisor with Merrill Lynch, life expectancy is a crucial factor for seniors to consider as they address their long-term financial health. “As medical miracles become more
common, having a working plan in place that evolves is critical to living within the expected distribution range and a likely transfer of wealth to the subsequent generations,” he said. Jeffrey Stark, an advisor with Edward Jones in Milford, said seniors should understand themselves and their situation thoroughly before seeking financial advice, including where their assets are located, what type of accounts they have. Seniors should prepare a O’Connor list of needs and expectations prior to an initial meeting with a financial advisor. “They should be able to talk about their mortality and how they would like their assets to provide for a surviving spouse or how they will be passed on
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to those that remain,” he said. According to Reading of America’s IRA Center, the No. 1 threat to seniors’ wealth today is taxes. “It’s common to have a 401(k) or IRA tax-deferred savings plan, but when they pull money out, they will be taxed,” he said. “When people start taking Social Security, it’s important to coordinate tax-deferred investments with Social Security, otherwise their taxes could be put up in a higher rate. So there’s things, if looked at ahead of time, that can be properly planned for to help mitigate and maybe eliminate taxes in certain ways.” Another critical issue is Social Security planning. Reading said there are a lot of strategies available through the federal Social Security Administration that people don’t understand. “One of the big problems is people will ask Social Security people questions and they don’t have the answers to them,” Reading said. “We’ve had extensive training on how the Social Security system works. We have the POMS (Programs Operations Manual System) manual. There’s a lot of ways that people can begin increasing their Social Security benefits.” For example, a couple that Reading recently counseled were around the age of 67 and were holding out until they were 70-years-old to collect their Social Security benefits at a higher rate. “I let them know of a $1,000-amonth spousal benefit she could have taken at age 65, which would have been a total of $40,000,” he said. “Then they could switch to their own benefits at age
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70 and take the larger amount, but they weren’t aware of that.” According to O’Connor, financial planning also includes the areas of life, health and long-term care insurance. “These are areas some seniors may not think advisors can encompass in Reading their plan, but really it is a cornerstone to the intricacies of (a) unique financial plan tailored to the family,” O’Connor said. Stark said that one mistake seniors tend to make when investing is focusing on gains and losses instead of income stream generated from investments. “Seniors need income, not net worth,” Stark said. “When capital gains are used to fund retirement, running out of money becomes a reality if the markets enter a time of capital destruction. Dividends and interest trump capital gains and losses, from my perspective.” Most financial advisors also say that when it comes to 401(k) funds, it’s best to roll over dollars from that account into an IRA whenever leaving an employer. “It’s always better to have your money in your name, under your control and not the company that you no longer work for,” Stark said. According to Reading, the trustee-totrustee roll over, or direct roll over, into an IRA account is the most common practice to move money from a 401(k).
T
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Reading said the first step in that process is to decide upon the investment or financial vehicle to which you wish to move the money, and which financial institution or custodian will be holding the investment of the new IRA account. “You then establish your IRA account with the custodian of your choice and proceed with the trustee-totrustee rollover, which simply means your funds will be moved directly from your 401(k) to your newly established IRA account,” he said. “No tax will be due as a result of this transfer. “I’m a strong advocate of the trustee-to-trustee method,” he added. “This will insure that your time frame window is met on rollovers.” Reading added that non-spousal beneficiaries are losing 35 to 80 percent in taxes on these accounts and that he has seen this occurrence happen frequently. He also cited a May 2007 Wall Street Journal article which stated that “it is expected that fully 80 percent of all the assets currently held in IRAs, 401(k), 403(b), 457, Keogh, SEP-IRA and other plans will end up in the coffers of the United States Treasury and not the pockets of the people who worked so hard to build those assets.” But Reading said these problems can be avoided by working with someone specifically trained in distribution planning. “I’m finding that people have far too much money at risk,” he said. “The market has never been this volatile, but yet everybody seems to be brainwashed that they have to have money in the market now. There are things that people don’t understand, too,
where it might make sense to have aggressive investments that fluctuate like stocks early in your life, when you start taking income — it’s completely different.” In fact, Reading cited a December 2005 article by Jim C. Otar in Investment News stating that if someone is taking a 4-percent income from an investment and their investment drops 30 percent, they will need to achieve a 63-percent gain over three years just to break even. Stark said that cash flow and diversity are the keys to long-term Stark investment success, that seniors should work with a financial advisor best suited to their personality, and that a custom model needs to be worked out. He added that seniors should also consider the need to review and establish beneficiaries on IRA accounts and establish durable powers of attorney that cover issues such as finance or health decisions should the senior’s capacity of judgment or health decline. When it comes to wills and trusts, Stark said that wills can stand alone, while trusts may or may not be desired or necessary based on the individual and their financial situation. “I see lawyers over-selling estate needs or over-complicating the issue from time to time,” he said. “Something else that is relatively new is lawyers that write the estate plan, as well as sell the investments within them. I believe this can create serious conflicts of interest.” Raymond Barry of Raymond C. Barry & Associates in Milford said that an
Lyon Township Public Library 27005 S. Milford Road • South Lyon, MI 48178 248-437-8800 • www.lyon.lib.mi.us
SAVVY SOCIAL SECURITY PLANNING:
estate plan consists of three documents: a will, a revocable living trust, and a durable power of attorney. “A properly drafted testamentary estate plan will transfer wealth and property to a person’s heirs by avoiding probate of assets and minimizing taxes after death,” Barry said. “In addition, having an estate plan in place that includes durable powers of attorney will eliminate the need to go to probate court to petition for a guardianship over a loved one who has been incapacitated by illness or injury.” When it comes to liquidity issues, Reading said that a good rule of thumb for a senior is to have no less than 25 percent of their investment assets in liquid accounts such as savings deposits, certificates of deposit, Treasury bills, money market deposit accounts, and money market funds. Stark also said he sees many people using the instability of the market as a means of scaring seniors into highcost, low-liquidity insurance-based products. “Often, the investments they had in the first place were fine and counseling was all that was required to educate
the senior as to the benefits of holding high quality, cash flow investments through a bad market phase,” Stark said. “Too commonly, the only person that truly benefited was the agent in many exchanges.” ❏ — By Michael Shelton RESOURCES • David O'Connor, Merrill LynchBloomfield Hills, 248-645-7474 • Rob Reading, America's IRA Center, Milford 248-438-1010 • Jeffrey Stark, Edward Jones, Milford 248-685-1600 • Robert Diskin, Raymond James Financial Services, Bingham Farms 248-642-9938 • Brenda Oldham, Ram Insurance and Financial Consulting, Highland 248-748-0101 • Raymond Barry, Raymond C. Barry & Associates, PLLC, Milford 248-505-1648
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2080 S. Telegraph Rd. Bloomfield, MI 48302