The Return of the Multigenerational Family

Once upon a time, the ‘old ways’ of families included an essential factor of generations living, growing and aging together in the same house. Multigenerational Families served the care and teaching needs of the many young children that couples would produce and gave support to the aging elders of the family. Many cultures still hold generational households as a central value in their structure. Americans gave up the large family unit trend as we became the Land of Opportunity and acquired mobility. America trended to smaller number of births, higher income and education as well as love of space and
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Reverse Mortgage … A Great Financial Tool

In retirement, top priorities are often estate planning, protecting investments and traveling. But large monthly home payments, high interest rates, foreclosures, home repairs, modifications and medical expenses can make doing those things difficult. A solution to a more secure retirement, no matter one’s circumstances, may be a reverse mortgage. A mortgage with special terms for homeowners 62 and older, a reverse mortgage, has no income or credit score qualifications, and no monthly payment requirements, which offer many advantages for senior homeowners. In a reverse mortgage, a homeowner still owns their home. Those who enter a reverse mortgage continue to be
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How We Help You Protect Your Clients—and Their Loved Ones

By Timothy M. Vogel At Vogel & Dubois our experience of helping clients through Elder Law goes back to 1983. We have developed many legal planning tools, documents and strategies to help older persons and their families. Here are key questions you can ask your clients to urge to begin thinking about how to protect themselves and their loved ones. Who will provide for your spouse and loved ones if you are incapacitated or die? Do you have a Last Will and Testament, a Power of Attorney for Finances, a Power of Attorney for Health Care or a Trust? After
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Making Funeral Arrangements – At Time of Need

By Mark Hutchins When someone passes away, many times they have not done any advance funeral planning. This leaves the family with the burden of making the final arrangements for their loved one. There are many things to consider during this process. Why should I plan a funeral for my loved one? A funeral or memorial is a customary way to recognize death and its finality. Today, many families chose to hold Celebration of Life services. Services are held for the living to show respect for the dead and to help survivors begin the grief process. They also give mourners
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Real Estate as a Financial Protection Tool

By Linda Wyman, Real Estate Financing Specialist Purchasing a primary residence, an investment property or a second home may be a great way to diversify ones assets. These types of properties may offer equity whether one sells or refinances the property. Home equity is no longer “a sacred cow” that should never be tapped, refinancing to lower the interest rate or tap the cash in the equity maybe a useful financial tool. Refinancing can be a traditional or a reverse mortgage. eniors are literally sitting on their largest asset—their home; 82% of seniors own their homes. Many seniors are looking
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Do you need a Daily Money Manager?

By Debra L. Richard, CLU The Personal Financial Assistant is a local personal service company. We help older adults in Southern Maine to maintain their independence by managing their day-to-day finances and assisting family caregivers and estate executors through life transitions. The Personal Financial Assistant can organize bills and records, reconcile financial statements, help manage monthly income and expenditures, monitor budgets, track insurance claims and tax records, research unclaimed property, sort incoming mail, complete forms and notarize documents, among other services. Owner Debra L. Richard, CLU of Old Orchard Beach knows that in today’s complex and fast-paced world, it may
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Financial Security for an Aging Population

By John A. LeMieux, CFP® CIMA® The elderly population of America is changing as the World War II generation gradually gives way to their aging children. As this transition occurs the issue of financial security, like every other issue the baby boomers have affected, is becoming a larger part of the national discussion because this biggest generation is moving from middle age to elderly.The financial security the baby boomer parents expected, and to a large degree experienced, is very different from the uncertain future facing their children. Pensions and life time health insurance have given way to 401(k)’s and Medicare
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How our members are helping seniors

This is a new section on our website and will feature useful articles and examples of how our members are helping seniors. Check back soon for more information. The Maine Senior Resource Alliance (MSRA) is a group of professionals from various professions and businesses who are dedicated to providing quality services targeted to senior citizens throughout Maine. We meet regularly and invite speakers on timely issues and ways to better serve our clients.
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