.A Practical Guide

To your Financial, Legal and Home Care Planning .Bob Milligan Sherr’ee Mullins Kris Rogers Milligan Financial Mullins Law LLC FirstLight HomeCare

Table of ContentsForward 1Financial Planning 2Estate Planning 6

Home Care Planning.…………………….10

Authors’ Biography………………………….15

A Practical GuideTo your Financial, Legal and Home Care

ForwardThe authors designed this beginner’s practical guide to highlight the financial, legal and home care questions you should be considering carefully when planning what shape you and your family’s future will take. Are you ready for whatever the future may hold for you and your family financially, legally and in the home care areas? An important and essential question to ask yourself. Your decisions now and how you put together your plan can affect how you live the rest of your life and maybe your family’s life. The three subjects are in the authors’ view the three main areas you should look at when putting together any plan. They are only subjects you should consider and not the complete discussion of the subjects on which to base planning decisions. These are very important life decisions and when you decide you are ready to pursue your plan the authors strongly suggest you contact a professional in each of the fields to address your specific needs and situation. One plan size and shape does not fit all. This e-book takes the three areas of interest and divides them into separate chapters for ease of reading and understanding. The authors hope you find this e-book helpful, thought provoking and motivational in beginning your future plan(s).

The following steps will change your life. They outline the process that can be used to achieve anything, but this discussion will focus on financial planning. They can be written on a napkin or entered into a computer. You can have one list or multiple lists. They should be something that is meaningful and something you can take ownership of. The hard part, but most important step, is to review your plan and repeat these steps on a regular basis until you have reached your goal!

Here are the steps:

1. Write down what you want to do and when you want to do it.2. Determine how important it is by assigning a number one to ten,

ten being very important and one not important at all. 3. Estimate the amount you think you need.4. Total the current amount you have saved for it. 5. Make appropriate changes if needed.6. Review these steps on a regular basis.

By using these steps, your plan will be clear and concise. Since long term plans are more of a process than an event, your odds for success increases every time they are reviewed and repeated. How often depends upon your goals and the complexity of your plan. For example, if someone has $1 million in bank accounts and they decide to go the movies, then not a lot of thought is required. However, if someone is halfway through their career and they suddenly decide they need to start saving for retirement and they want to catch up by investing in foreign emerging markets, then their financial plan will probably need more attention.

Another way to increase the odds for success is to seek the help from a financial advisor. Ideally, they should be someone who you trust, feel comfortable with and who has the knowledge to objectively evaluate your plan. Not only will they set up the right type of accounts and recommend appropriate investments, they will also help you keep track of them. They can be used a mentor, a coach, or someone to keep you focused, particularly when you are facing a major life event. Major life events could be college for your children or retirement. Other events such as employment changes, deaths, divorces, health changes, could cause your financial plan to change. Other things like market cycles, investment portfolios, rates of returns, dividends, bull markets, bear

Chapter 1

FINANCIAL

PLANNING

markets, and inflation, can all be confusing. Using a financial advisor will help you make the right decision at the right time.

Chapter 2

ESTATE

PLANNING

Chapter 2

ESTATE

PLANNING

Chapter 1

FINANCIAL

PLANNING

Can you answer yes to the below questions?

LAST WILL AND TESTAMENT 1. Do you have a will?

2. How old is your will? If it under 3 years old?

3. Is your will current as to your children, assets, debts and current residential state?

4. Do you know the current tax consequences for your beneficiaries under your current will?

5. Are you still comfortable with who you named as the executor of the will?

6. Does your will name a guardian for your minor children?

7. Have you limited the fees an executor may pay themselves out of the estate?

8. Have you made a determination in your will for you’re possible major life decisions, like divorce or bankruptcy?

9. Have you considered/included a charitable gift for the tax benefits to the estate?

If you answered no to any of the questions you should consider making a new will.

 

*** Did you know – That without a will, a second or subsequent spouse is limited in what they can inherit under Indiana law?

Chapter 2

ESTATE

PLANNING

Chapter 2

ESTATE

PLANNING

Can you answer yes to the below questions?

LIVING TRUST

1. Have you made a revocable living trust to protect your assets?

This document protects your assets placed in the trust for you during your life and your heirs after

death. A trust is a document that places your assets in the trust as a protective devise. The maker determine the terms under which the assets within the trust can be used for, such as making monthly distributions, use for medical care, or during financially difficult times. After the trust make’s death the trust continues and a successor trust is named and makes distributions or holds the assets as per the maker’s wishes stated in the trust terms.

2. Have you made a Special Interest Trust

This document protects such parties as aging parents that can no longer provide care for

Communicate your wishes – make or update your will. Whether it is a standalone will or incorporated within your trust this document allows you to communicate your wishes regarding your estate including what happens to your money, possession and minor children when you die. If you die without a will the state law and courts will make those determinations for you.

Communicate your wishes now and at the time of your death while protecting your assets – make a living trust. A living trust is a legal documents that holds property designated by you for the benefit of you and your beneficiaries.

themselves, a disabled child, or pets you wish cared for after your death?

If you answered no to any of the questions you should consider making a living trust.

*** Did you know a trust will help your survivors avoid probate after your death?

Can you answer yes to the below questions?

LIVING WILL

1. Have you made a living will?2. Do your family and doctor know what medical

procedures you want if you would not be able to communicate that yourself?

3. Is your living will under three years old?4. Are you still comfortable with the

determinations you have made on the living will?

*** Did you know – that you can link your living will with your medical power of attorney?

MEDICAL POWER OF ATTORNEY

1. Have you made a medical power of attorney?

2. If you have a prior medical power of attorney are

Communicate your medical procedure wishes – by make a Living Will and Medical Power of Attorney. These documents direct the doctors, family members and your medical power of attorney as to your wishes if you should become too ill to communicate your medical procedure wishes.

Communicate your medical procedure wishes – by make a Living Will and Medical Power of Attorney. These documents direct the doctors, family members and your medical power of attorney as to your wishes if you should become too ill to communicate your medical procedure wishes.

you still comfortable in the person making medical/health care decisions for you? Do

they have special medical knowledge? Will they be too emotionally involved to make sound medical decisions on your behalf?

3. Have you included a HIPPA release for your medical power of attorney?

If you answered no to any of the questions you should consider making a living trust.

*** Did you know that you can choose the specific circumstances that your medical power of attorney starts and ends?

Can you answer yes to the below questions?

GENERAL DURABLE POWER OF ATTORNEY1. Have you made a general durable power of

attorney?

2. If you have not made a general durable power of attorney – do you have someone close to you that is good with finances that you can name as a general durable power of attorney?

3. If you have a general durable power of attorney – are you still comfortable with the person you named with the responsibility of making decisions as you would wish.

*** Did you know a power of attorney ends upon your death?

LETTERS OF INSTRUCTION

Communicate your wishes as to who will make decisions as to your personal, legal and financial matters if you become incapacitated by making a general durable power of attorney.

Communicate your wishes as to who will make decisions as to your personal, legal and financial matters if you become incapacitated by making a general durable power of attorney.

Letters of Instruction. Your estate plan should include instructions related to several matters your heirs and family will need.

1. Do you have a Letter of Instructions?Communicate a list of your instructions for your survivors to follow by making a Letter of Instruction. This document is not included in your will and can include information about your assets and activities and where they are located.

2. Do you have instruction in place for your business?Communicates your wishes for your business including partner instructions, a successor plan, buy-out agreement, transition instructions and beneficiaries business distributions.

3. Have you left instruction as to your wishes concerning taxes and how they are to be paid out of your estate?

If you answered no to any of the questions you should consider making a General Durable Power of Attorney & Letters of Instructions.

Lack of an estate plan or estate planning

mistakes can be very hard to fix. Estate plans

are not just for the wealthy. It is safer to assume

it is broken and fix it now before it is too late.

Even for those that realize an estate plan can

benefit them and their families can wait until it

is too late, such as when a death or disability as

already happened. As we live longer now we

have more health issues to face and/or aging

Communicate your wishes as to who will make decisions as to your personal, legal and financial matters if you become incapacitated by making a general durable power of attorney.

Letters of Instruction.

Your estate plan should include instructions related to several matters your heirs and family will need.

Estate Plan Mistakes!It’s a mistake to think - that if it’s not broken don’t fix it when it comes to your estate plan.

parent to care for. This can affect your finances in many unexpected

ways. Your estate plan needs to keep up with the changes in your life; an

out-of-date estate plan can be just as bad as not having one at all. Estate

plans protect you and your family in a multitude of beneficial ways.

Evaluating your parents’ home begins with a general safety check. Use this checklist to identify problem areas:Throughout the home

Are handrails securely fastened on both sides of all stairways?

Are all areas, including stairways, well lit? Are switches easy to operate?

Do outside lights illuminate entrances and exits? Is a cordless telephone accessible at all times and being

charger regularly? Are outside doors protected by security locks that can

be easily operated? Are smoke detectors and carbon monoxide detectors

strategically located? Are batteries replaced on a regular basis? Are floors and stairs kept free of cords and loose

objects?Bathroom

Is safety equipment like grab bars for the tub, shower and near the toilet properly installed?

Do the tub and shower have non-slip surfaces? Is the hot water heater set to prevent scalding? Can you remove tripping hazards, such as cords and

throw rugs? Is there a night light?Bedroom

Is there a sturdy bedside table with a non-tip lamp and space for eyeglasses?

Chapter 3

HOME

CARE

PLANNING

Does furniture placement allow a clear path between the bathroom and bedroom? Do rugs have non-slip backing? Is there a comfortable chair with arms for rest or comfort when dressing?Kitchen

Can frequently used items be reached without using a chair or stool? Is a fire extinguisher within easy reach of the stove? Is there a work area where a person can sit while preparing food?

Chapter 3

HOME

CARE

PLANNING

Do your parents need help?No one likes to ask for help, especially a parent asking a grown child. No one likes to admit that they are “getting older.” It is often difficult to approach this issue with your parents and timing is always a factor.Here are warning signs that may indicate your parent needs help at home: Spoiled food that doesn't get thrown away Missing important appointments Unexplained bruising Trouble getting up from a seated position Difficulty with walking, balance and mobility Uncertainty and confusion when performing once-familiar tasks Forgetfulness Unpleasant body odor Infrequent showering and bathing Strong smell of urine in the house Noticeable decline in grooming habits and personal care Dirty house, extreme clutter and dirty laundry piling up Stacks of unopened mail or an overflowing mailbox  Late payment notices, bounced checks and calls from bill collectors Poor diet or weight loss Loss of interest in hobbies and activities Changes in mood or extreme mood swings Forgetting to take medications – or taking more than the prescribed dosage  Diagnosis of dementia or early onset Alzheimer's Unexplained dents and scratches on a car

Once these signs are present, offering outside assistance and accepting assistance may be an entirely different issue.

The results of John Hancock’s 2013 Cost of Care Survey indicate that the cost of long-term care services continues to rise as reflected by the results below.

National average costs for long-term care servicesOver 16,000 care providers across the nation were surveyed in 2013. The chart below reflects the national average cost of long-term care in various care settings, ranging from facility care, to care received in a home setting.

Facility-Based Care 2013 Nat. Avg. (1-yr.) 2013 Typical Unit Cost Nursing Home: Private Room $94,170 $258 daily

Nursing Home: Semi-Private Room $82,855 $227 daily

Assisted Living Facility $41,124 $3,427 monthly

Home and Community-Based Care 2013 Nat. Avg. (1-yr.) 2013 Typical Unit Cost Home Health Care Aide $29,640 $19 hourly

Adult Day Care $18,460 $71 daily

Trends in the cost of careThe chart below shows the average annual increase in long-term care costs over the last five years across various care settings.

Long-term care setting Avg. Annual Increase (5-yr.) Nursing Home: Private Room 3.6%

Nursing Home: Semi-Private Room 3.6%

Assisted Living Facility 2.0%

Home Health Care Aide 1.3%

Adult Day Care 1.6%

Why are more families choosing FirstLight HomeCare?

FirstLight HomeCare is staffed by people who have “been there” and who understand the challenges families face when caring for loved ones across town, or across the country. Every FirstLight Homecare care provider is a direct employee (not a contractor), state licensed where required, thoroughly screened and background-checked, and must pass through our rigorous pre-testing, and our care training, including complete training in client health data privacy issues.

FirstLight HomeCare provides assistance to families through a wide range of companion care services at home or in a healthcare facility setting. How we help:

Regular visits, conversation & company Medication reminders Meal preparation Light housekeeping Laundry services Shopping, errands & transportation Recreational activities Mail & paperwork organization Live-in services 24-hour care Family respite care

Call us today at 317-586-2273 to learn more about how we can help you and your family.

BiographyBob Milligan

I have enjoyed the past 30 years helping people with their financial needs and continue to use all of those experiences as the owner of Milligan Financial Services. I started my career as an agricultural loan officer in 1981, upon earning a degree in Agricultural Economics from Purdue University. That degree and my experiences from working on my family’s farm gave me the knowledge and confidence to help farmers work though the most challenging period since the 1930’s. In 1989 I went to work for a local bank to add retail banking and commercial lending to my experience. I stayed with that corporation as I transitioned my career to become a licensed financial advisor in 1999. In 2003, I had an opportunity to join a regional brokerage firm and continued there until August 2011, when I started Milligan Financial Services. As an independent investment advisor representative I am able to focus on my client’s needs and goals without the pressures of production quotas or product restrictions. People make financial decisions for many reasons, sometimes it’s due to economic changes, sometimes it’s due to changes in personal situations. No matter what the motivation is, I believe it’s important to make the right decision at the right time based squarely on my client.

Sherr’ee Mullins, Esq.

I am a graduate of Indiana University, Indianapolis with a Bachelor of Science and Doctor of Jurisprudence. I became an attorney to help others that found themselves in need of skilled legal assistance or a strong advocate to assist in upholding their rights. Being a Hendricks County resident I became involved in local activities and learned I really enjoyed working with the people in Hendricks and surrounding counties, so I relocated my office, Mullins Law LLC, from Carmel to Plainfield in 2006 to serve those I had come to know as extraordinary people. I value each of my clients, and continue to feel very fortunate and honored they continue to trusted me with their legal matters every day.

Kris Rogers, OTR As an Occupational Therapist and the spouse of an Army National Guard Serviceman, I completely understand the growing need for assistance. Working as a therapist for over 13 years in different settings I saw families struggling with balancing caregiving for a family member and the day to day activities of living. When my husband deployed our second year of marriage it really hit me how vital it is to have a support system to call on when work, child school schedule and home management needs more attention than one person can give. My husband and I started FirstLight Home Care with the idea of giving back to the seniors in the community as well as helping those that need just an extra set of hands.

WARNING!

The material contained within this checklist guide is for informational purposes only and does not constitute legal, financial, home care, or health advice or any such representations by the authors. Before you make any legal, financial or home care decisions you should consult a professional within the field(s) to determine the risks, rights or obligations your decisions may have on your specific situation and facts with your plan.