(all photos by Elaine A. Russell)
I am not a financial wizard. Far from it. In fact, I am much better at spending money... than saving money (as evidenced by my completely empty savings account back home). However, this whole past year has been an extended lesson to me in what I need to/should do/can do... to make things a bit better.
And so... I thought I would take a minute and share with you what I have learned. (if you are good with money and have everything ready for when you pass on... please disregard this entire post... and just look at the photos if you want...).
BIG DISCLAIMER: I am not a professional. I am just telling you what happened with my family. Consult a real professional for any kind of advice... financial or otherwise.
You're here? Ok. Let's go..
1. Have a will. Name beneficiaries. Name an executor ... someone you trust. Spell it all out. Don't leave anything to chance (or the state). Yes, I know. But just when you think it will never happen... it could. Prices range from about $50 for the on-line variety to upwards of $1000 for an attorney... depending on what all you've got, and how complicated it could get.
2. Have an attorney draw up a living will while you're at it. Because the last thing you want is to end up on life support for the next 30yrs or so while your family goes under financially trying to take care of you. Here again.... spell it out. Don't want resuscitated? Say so. Don't want IV fluids or antibiotics? Say so. Don't want blood transfusions? Say so. Your family shouldn't have to guess what you would want... and given the opportunity... most families will go way beyond what you may want them to do... should the situation arise ....because they love you.
3. Fill out that donor card. Yes you. Don't be squeamish. It's not like you're gonna need those parts after you're gone... and it may really help someone else out. So... unless it's against your religion... do it. And tell a family member you've done it.
4. Gather up any papers (or copies) that will need to be saved... such as: Deed to a house or property, car registration, car title, and such. Buy a fireproof box and put them in it (get one that locks). You may also want to put in an extra set of keys for the car and the house... just in case your loved ones can't find them. Put a copy of your will in there. Put a copy of your living will in there.
5. Have insurance? Make sure those policies... or at least the policy numbers are written down and put them in the fireproof box too. Once a year, you may want to also put in the most recent policy statement papers so that all the info is there. On the papers... there should be the policy number, maturation date, approx worth, payment information, and phone number to a representative. My dad actually had more insurance than he probably needed... simply because he got policies and then forgot about them once they were paid in full. If they are all in one place... and you check it once a year and update the info... at least you'll know what you've got.
6. Other insurance and benefits. My parents also had insurance that helped them pay for prescriptions... if you have one... put a copy of that in the box as well. Also. When the company my dad worked for changed ownership, or had an active union... there were certain "perks" that became available. When my dad passed, my mom was able to apply for 2 benefits that ended up giving her some much appreciated money towards funeral costs. My mom didn't even know about them... but fortunately... someone else did.
7. What I did for my mom when dad was becoming increasingly ill... was that I bought a simple little notebook. Inside it, I wrote down average bills for each of the utilities... and roughly when they were due. So... one page had average monthly expenses. The next page had average monthly income information *including automatic deposits. The next page had social security information. The next had bank account numbers. The next had medical information (*allergies, a list of current medications, list of surgeries, etc). The next had a list of insurance info... etc. I can't tell you how incredibly handy that notebook became. It was like a one-stop-shop of info. That goes in the fireproof box too.
8. Investments. If you have CDs, IRAs, Mutual Funds... Stocks, bonds... whatever. Make sure you have a copy of this paperwork... or at least a phone number to your advisor/broker in that fireproof box too.
OK. Still with me? Here's some more info I gleaned along the way...
*There is insurance you can get that will help pay for nursing home care. Average nursing home costs... at least here... is about $6,000 a month. Most people don't have that kind of money. Sometimes.... you get "lucky"... in that Medicare/ Medicaid will cover some of those costs. But it depends on your loved one's diagnosis and condition. As sick as my dad was... the thing that actually paid for his care in a nursing home for 2 months, was that he had an ulcer on his backside that required daily nursing care. Yah. He was dying... but that ulcer got him the paid ticket. Go figure. Had it not been for that.... it would have been very ugly. The usual proceedings is that the family ends up cashing in insurance, re-mortgaging the house... or some equally tragic tactic.
If you don't have the insurance, at least think about what you would do if the situation came up. Are there family members that would take care of your loved one in their home? Would you pay for a private care-taker?
There are certain clauses/ laws regarding finances... for instance. .. In some states, property and assets can't be signed over or "sold for a dollar" to family in order to avoid paying for nursing home care...for 5yrs surrounding the person's admission date to that nursing home. If it's within your state's time frame... it's fair game for the state to sell to pay for your care. Sometimes it's "safe" if there is a surviving spouse that needs to live in the house... but each state is different. Find out the rules for your state.
*Prescription help. There are insurance policies that will help you pay for meds. Also medicaid/medicare can sometimes help as well. My father had one medication alone that cost $9300 for a 28 day supply. With help from the pharmacist.... he got that amount cut down to about half through insurance. Fortunately.... my mom has a wonderful family owned pharmacy that takes payments for the rest.
*There are also some wonderful organizations that sometimes help families in financial need like this too. Ask around. You may be able to tap into some help.
*Hospice. Through hospice... we were able to get medical equipment, care, and endless emotional support. I can't thank them enough. Usually these organizations are run by volunteers. Show them some love.
*Then there is the whole issue of funerals and end of life planning. Believe it or not... you can actually pay for everything ... services, casket or cremation, flowers, programs, photos, newspaper announcements, headstones, plots.... everything! While you are still alive. My parents had already purchased grave sites, and had taken time with me to write down what they wanted as far as services, cremation, and such... but not everyone does. I was fortunate enough to even know what songs my dad liked... and how he wanted things taken care of. There were still alot of little things to decide... but it certainly could have been much worse had we not had had that kind of discussion while he was alive.
Lastly... disbursement of your stuff. This should be covered in your will... but hey. Let's take a minute here. If you know a certain relative would absolutely love to have your coin collection or your memorabilia from Woodstock... make sure it goes to them. Better yet, you may want to give it to them while you're still around and see the smiles on their faces.
Now is the golden opportunity to go thru your stuff. Get rid of things you don't need. Unload those clothes from high school that you probably can't *(or shouldn't) wear anymore. Sell off those collectibles and go to Hawaii! Take a cruise.... see the countryside. You will have much more fun recounting that time when the buffalo stampeded you... than having a pretty pink vase or collection of fur coats. No one wears fur anymore anyway.
*photos by Elaine A. Russell
*photos by Elaine A. Russell
*photos by Elaine A. Russell
(photos by Elaine A. Russell)
the flight from Phoenix to Philadelphia... some where over Kansas, and then over Missouri
and finally coming into Philadelphia....
and this was the sunset in Philadelphia..... and then coming into Williamsport PA
-----------------------------------> photo by Kristin M. Russell
(Vintage Conoco Station in McLean, Texas)
(local farm in Texas)
(Southwest Antiques, in Weatherford, OK)
(sunset in Oklahoma)
( Theater in Miami, OK)
**photos by Elaine A. Russell
