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Who are you caring for?
Which best describes their mobility?
How well are they maintaining their hygiene?
How are they managing their medications?
Does their living environment pose any safety concerns?
Fall risks, spoiled food, or other threats to wellbeing
Are they experiencing any memory loss?
Which best describes your loved one's social life?
Acknowledgment of Disclosures and Authorization
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington. Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services. APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid. We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour. APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment. You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints. Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights. APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.I agree that: A.I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information"). B.APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink. C.APFM may send all communications to me electronically via e-mail or by access to an APFM web site. D.If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records. E.This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year. F.You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
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Mostly Independent
Your loved one may not require home care or assisted living services at this time. However, continue to monitor their condition for changes and consider occasional in-home care services for help as needed.
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That would depend on many factors. Her age, income, tax bracket and so on. I think people usually set up monthly payments so you don't have to pay taxes on a large sum.
If she cashes in the annuity, she'll pay regular income tax on the difference between what she paid way back when and how much it cashed in for. This assumes it's a tax-deferred annuity.
A call to the company holding it on Monday will tell you what portion is taxable. A call to your accountant will tell you the tax consequences.
If in the future mom may need to apply for Medicaid to pay for her care, whatever is done now with her investment $ needs to be flexible enough to liquidate to qualify for Medicaid. NH costs are staggering at 5k - 15k a month. Really you'd need 300/400K not to need medicaid.
Annuities - which is an insurance product - have a pretty strict contract, usually allow at the very most 10% to be withdrawn without penalty (but with a fee) on a set time schedule. You & mom need to clearly find out what type of annuity was done & what is allowed to be taken without penalty. Cashing out beyond what is allowed in the insurance contract could be costly.
Out of curiosity, what "better safe investment" are you thinking about & just how old is mom & what is her health like???
Mom is 76 and not in great health. We thought it would cost 10% to take any amount out, but I see if we take more than 10% out, there is a higher fee. Can the annuity be rolled into some other kind of investment?
Mishy, I spent a good part of my career working with annuities. No one here can give you a serious answer without a great deal of more information. Speak with someone from a financial services firm and have the contract in front of you when you ask your questions. There are different types of annuity contracts and each issuing company has its own contract rules and fee schedule. But to answer your final question, an annuity can typically be rolled into another annuity without tax consequences. To cash it out, there is likely tax consequences but it depends upon the gains and contract penalties.
Question for gee whiz: would you recommend annuities as an investment. My dad invested in several with bankers life as his dementia was just starting. I have poa but these guys are miserable jerks. I may end up suing to figure out the terms and conditions attached to these d*mn things. I don't know how they got hold of him, junk mail, phone solicitation, but it's a mess with substantial amounts of money tied up that they are going to need for care soon.
Tax consequences, penalties, fearful words with no real power if you find out, calculate the real answers, then factor in the fees for taking your own money out over the years. Geewiz is right.
Unfortunately I think elders fall for the rhetoric annuity (and reverse mortgage) salespeople use, just as elders fall for the sob stories created by some unscrupulous "charities". Elders actually believe what they read and/or are told by a slick snake oil salesperson. My parents got caught in this trap - I was furious when I found out but the annuity had already been purchased. Our attorney agreed that at their age no one should legitimately have tried to sell them an annuity.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
A call to the company holding it on Monday will tell you what portion is taxable. A call to your accountant will tell you the tax consequences.
Annuities - which is an insurance product - have a pretty strict contract, usually allow at the very most 10% to be withdrawn without penalty (but with a fee) on a set time schedule. You & mom need to clearly find out what type of annuity was done & what is allowed to be taken without penalty. Cashing out beyond what is allowed in the insurance contract could be costly.
Out of curiosity, what "better safe investment" are you thinking about & just how old is mom & what is her health like???