SPECIAL ADVERTISING SECTION
Financial planning in crisis
An offer of certainty in a COVID world By Lisa Powers Although 2020 may have seemed like it lasted a lifetime, the flip of the calendar to 2021 continues uncertainty and a “new normal” that is anything but. The unexpected and unsettling events that COVID-19 created have only heightened the need for everyone to implement a strategy to address the concerns and challenges of aging. Perhaps you became a caregiver for an elderly or disabled family member while struggling with remote school and work demands. Your retirement plans may be thrown off course. Whether you deem yourself wealthy or consider your savings and retirement modest, your decisions now will impact how you age and your legacy for your loved ones. Here are three key questions: Do you have an estate plan? Creating or updating your plan provides a roadmap to family members, protects your wishes, and can preserve your assets. Beyond the essentials (will, power of attorney, and health care proxy), your plan must address your specific preferences and name alternate agents if your primary choice cannot act. Naming your spouse alone is not enough, as he or she may be quarantined with you. Have you considered you might need Medicaid to pay for care? The pandemic has forced many families to care for loved ones at home, but costs can exceed those of institutional settings. Working with an experienced eldercare attorney who
understands Medicaid eligibility, including the harsh new rules that penalize transfers of assets for home care, is critical to protect assets. We dispel the myths about qualifying for Medicaid and offer legal strategies to help you qualify to receive care at home from providers you choose. Do not wait until you have exhausted your savings or, worse, liquidated your IRA to pay for care. Who’s on your team? Proper estate and Medicaid planning is never a do-ityourself project. It is dangerous to assume a financial planner, accountant, or individual attorney can do everything you need. Consistent with our team approach, we refer and partner with other community supports and agencies to preserve your choices for care. Bottom line: the stresses of COVID-19 cannot pull your attention away from your estate plan. Contact the experienced attorneys of Harris Beach’s wills, trusts and estates practice group at 419-8800 for certainty and peace of mind.
Fiscal Preparedness By Michael Farrell Everyone knows their personal finances are important. But sometimes, any life occurrence—from a small shift to a seismic event—can push the significance of these fiscal concerns to the forefront. That’s what the COVID-19 pandemic has done for so many people. Economic downtur n, employment fluctuation, and unexpected monetary needs have illuminated the necessity for financial preparedness, no matter your age or
professional stage. For those committed to cautious savings and tactful investments, their preparation has helped manage this time of need and establish a way forward to the brighter days ahead. That’s why understanding the importance of fiscal literacy and planning is so important. It may be too late for some to reverse the past effects of this economic and health crisis, but it’s never too late to inform your present and prepare for the future. M a s s M u t u a l N e w Yo r k ’s T h e Establishment can help. The Rochesterbased education entity within Metro Cowork’s East Avenue location now offers free webinars focused on financerelated topics important to both young and experienced professionals—and are convenient for those staying safe at home. These online sessions educate attendees on such things as student loans, money management, investing, and insurance and do it in an accessible way that resonates across a wide range of fiscal proficiencies. It’s engaging education to elicit financial preparedness and could provide protection for the next batch of unforeseen financial challenges in the distance—or just down the road. To learn more about The Establishment and its upcoming schedule of classes, visit theestablishmentnys.com.
Navigating Transition By Lizz Ortolani As the pandemic continues to impact our community, it brought many questions and unexpected anxieties for many people. Our work lives changed and adjusted; the work we do at Ortolani Services remains as important as ever. We specialize in helping people on Medicare, individuals, sole proprietors, contract workers, retirees, and small businesses. Health insurance changed a lot in the past twenty years, and our staff is committed to advocating for and supporting all of those who choose to work with us. An essential part of our work is helping people in transition.This year, many people experienced transitions, including being laid off, furloughed, or choosing to retire early. You may find yourself overwhelmed as you go through a life change, like marriage, divorce, birth of child, or death of a spouse—further escalated by the strain of the pandemic. With this come questions about how to make choices about health insurance moving forward. If you are sixty-five years of age or older or on Social Security Disability, Medicare is a federal health insurance program that helps to cover some healthcare expenses. Many people choose to enroll in Medicare when 585mag.com | January/February 2021
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