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Tips from Elder Life Group

Planning Your Legacy This Holiday Season

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The holidays have a way of bringing what matters most into focus. As families gather around tables and living rooms fill with laughter and snow shaken off our boots, many of us find ourselves thinking about the people we love – and the legacy we want to leave behind.

This season of giving is also an opportunity to give yourself and your loved ones something truly meaningful: peace of mind for the future.

The holidays remind us of what we’re working to protect – our families, our values, and the memories we’ve built together over a lifetime.

For many seniors, this time of year brings both reflection and clarity. You’ve spent decades building a life, raising a family, and creating a home. Now, thoughtful financial planning can help ensure that everything you’ve worked for continues to benefit the people and causes you care about most.

Understanding Funeral and Estate Trusts

One of the most caring things you can do for your family is to plan ahead for final expenses. Funeral and estate trusts are designed specifically to set funds aside for end-of-life costs, ensuring your wishes are honored without placing a financial burden on your loved ones during an already difficult time.

These trusts work by allowing you to prepay and prearrange funeral services and end of life plans. More importantly, they give your family clear guidance during a time when they should be focusing on your legacy, not on additional financial stress.

Beyond funeral planning, Estate Trusts help manage and distribute your assets according to your wishes. They can minimize estate taxes, avoid probate delays, and provide for your beneficiaries in ways that reflect your values and intentions.

Creating a Legacy That Reflects Your Values

Legacy planning isn’t just about numbers on a balance sheet. It’s about the stories you want to tell, the values you want to pass down, and the impact you want to have on future generations.

Maybe you want to ensure your grandchildren can afford college. Maybe there’s a charity or cause that’s been important to you throughout your life. Or maybe you simply want to know that your spouse will be financially secure and comfortable.

Whatever your priorities, the right financial planning tools can help bring your vision to life. Trusts, life insurance policies, and other estate planning vehicles give you control over how your legacy unfolds.

A Gift to Yourself and Your Family

This holiday season, as you think about gifts for the people you love, consider the gift of planning ahead. It’s a way of ensuring that your hard work and careful savings continue to provide for your family long into the future.

The peace of mind that comes from having your affairs in order is something you’ll carry with you every day, not just during the holidays. And your family will be grateful for the clarity and care you’ve shown in planning for tomorrow.

At Elder Life Group, we understand that every family’s needs are unique. If you’re thinking about funeral trusts, estate planning, or other financial tools for seniors, we’re here to help with information and guidance tailored to your situation. Call us today! We are always here to help.

traveling-elderly

7 Tips for Senior Travelers

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For seniors enjoying the golden years of retirement, traveling abroad can be an enriching experience, providing a fresh perspective on life and exposure to diverse cultures. However, simply packing bags and hopping on a plane is not realistic. For older individuals who may encounter health challenges or other emergencies, travel requires careful consideration and preparation in advance.

Here are 7 tips to help you enjoy safe travels this summer:

1. Review and update legal documents:

Before your trip, make sure to review and update your essential legal documents. Ensure that your passport is valid for at least six months beyond your planned return date. Additionally, check visa requirements for your destination country well in advance, as processing times may vary. Having valid and updated documents will prevent potential travel disruptions and save you from last-minute expenses.

2. Review health insurance and Medicare coverage

Take the time to understand how health insurance works in the country you plan to visit. Each nation has its own healthcare system and regulations, so it’s crucial to know what medical services are available to tourists and how they are covered. If you are a Medicare beneficiary, review your health insurance coverage with your agent before traveling abroad. In most cases, Medicare typically does not provide coverage for medical services outside the U.S., except in rare situations, like emergencies in the closest hospital across the border.

3. Obtain comprehensive travel insurance:

Investing in comprehensive travel insurance is crucial for older travelers. Medical emergencies or unexpected trip cancellations can result in significant financial burdens. Ensure your insurance covers medical expenses, evacuation, trip cancellations, and baggage loss.

4. Notify your bank and credit card companies:

Inform your bank and credit card companies about your travel plans, including the destinations and dates. This will help avoid any potential issues with card transactions while abroad and reduce the risk of unauthorized access to your accounts. Some banks may have international travel services, offering travel-specific cards or fee waivers on foreign transactions.

5. Set a realistic budget:

Traveling on a fixed budget requires thoughtful financial planning. A realistic budget accounts for accommodation, transportation, meals, sightseeing, and more. It might also be helpful to research the cost of living in your destination. Having a budget will allow you to enjoy your trip without worrying about spending too much money.

6. Be on your guard against scams and fraud:

Older travelers can be targets for scams and fraud. Stay vigilant and avoid disclosing personal or financial information to strangers. Be cautious of unsolicited offers, especially those that seem too good to be true. Stick to reputable travel agencies and service providers to minimize the risk of scams.

7. Make emergency contact information readily available:

While traveling abroad, having emergency contact information readily available is essential for your safety and peace of mind (and that of your loved ones). Keep a physical copy of this emergency contact list in your wallet or purse, as well as a digital version on your smartphone. In case of unexpected situations, having these contacts readily accessible will ensure you can easily reach out for assistance.

Remember, careful financial planning and safety considerations go hand-in-hand when traveling. Traveling abroad can be an unforgettable experience, and with careful planning, you can embark on your summer journey with confidence.

For more information, visit the U.S. Department of State’s guide on international travel for seniors. To speak to an Elder Life Group advisor, reach out today!