Estate Planning

Do you know the value of your estate? If you have not estimated the value of your estate, you might be surprised at its size. Everyone, regardless of age or economic status, needs to evaluate their estate plan.

• conserve assets,
  
• evaluate estate, gift, and income tax implications,
  
• decide in what amounts you want your property to go to heirs, as well as when and how it will be distributed, and
  
• decide who will manage the distribution of your estate.
  

The first step in planning your estate is to make an inventory of your assets and liabilities. Your assets are the things you own. Your liabilities are the things you owe. The value of your estate is the current market value of all your assets minus deductions.

Assets generally include:

• real or personal property you own at death,
  
• property passing to your surviving spouse or children,
  
• certain gifts made within 3 years of death such as:
  
  • life insurance,
    
  • property in which you gave up retained interest,
    
  • property that you gave up right to alter, revoke, amend or terminate;
    
  • property jointly owned,
    annuities, and
    
  • life insurance proceeds payable to your estate.
    

• certain taxes payable at your death,
  
• liabilities, which include mortgages and other debts,
  
• last illness and funeral expenses,

• final administrative estate settlement costs, like court fees.
  
• the "marital deduction: for property passing to your spouse, and
  
• certain charitable deductions.
  

For estate planning purposes, property is generally of two types--real and personal. Real property, commonly referred to as real estate,is land with attached improvements. Personal property is any interest a person owns that is not real property (land or buildings). Personal property includes all items of property that aren't fixed on the land. Machinery and livestock are referred to as personal property in estate planning. Stocks and bonds are also classified as personal.

Property ownership refers to the way legal title to property is held. The most common forms of property ownership are sole ownership, joint tenancy with right of survivorship, tenancy-in-common or life estate. When determining the value of your estate, you need to know who owns the property.

With sole ownership, one individual has absolute ownership and control of the property. The owner can distribute the property to anyone he or she chooses during life or at death.

With joint tenancy with right of survivorship, the asset is owned by two or more people. If one of the joint tenants dies, the asset automatically passes to the surviving joint tenant.

With tenancy-in-common, property can be owned by several owners simultaneously. Each person owns an undivided interest in the property. The deceased's fractional percentage of ownership passes to his or her heirs rather than to surviving tenants in common.

A life estate in real property gives the holder, known as the life tenant, a right to use the property during life. The person holding a remainder interest receives title to the property at the death of the life tenant.

You may not have a large enough estate to be concerned about estate taxes. But you have accumulated some things of value in your life. Review your estate plan as the amount of property you own and property values change.

An estate plan lets you decide what will happen to your possessions during your lifetime and at death. Estate planning assures that your assets will go to persons, organizations, or institutions of your choice, with minimum problems and economic loss.

Your Relationships

Remembering is Healthy

Each of us has a history of unique personal experiences that makes us who we are. These life experiences are like precious keepsakes that we store away in our memories and later bring to mind throughout our lives. Reminiscing is a way of recalling these memories.

Have you ever wondered if an urge to talk about the past is healthy or abnormal? Reminiscing is common among healthy adults as they grow older. In fact, research indicates that older people who review their lives are less apathetic and withdrawn than those who do not.

The past is always part of our lives and reminiscing helps us keep memories alive. It also keeps us in touch with those things that mean the most to us.

Reminiscence has sometimes been devalued and seen as a negative activity. It has been regarded as a turning away from reality, a form of living in the past, and even as a mental dysfunction. We now, however, are acknowledging many of the positive effects that reminiscing can have for seniors.

Reminiscing is an enriching experience that provides deep personal satisfaction and contributes to many other important benefits for seniors. By sharing their memories, seniors are able to preserve their identities, see their contribution to life, and experience positive feelings about themselves, which promotes mental and emotional well-being.

Reminiscence has many rewards for the listener as well. There is satisfaction in getting close to the person, enjoying their stories and learning from their experiences and wisdom. Older family members fulfill a natural and important role by relaying family history, ethnic heritage, and folklore, which promotes intergenerational understanding and sharing. These bonds add meaning to our lives.

Reminiscing occasionally causes emotional distress, such as when it stirs up painful memories that we once had laid to rest. More often, reviewing the past with others reaps benefits. We can learn new things about another person or historical era. We can use it to combat isolation.

What triggers reminiscence for you? It might be a song you heard at a concert or on the radio. Perhaps you reminisce the most at family gatherings, where celebrations from the past come to mind. It might also happen as you are reading about the past and remember what happened in your life during that era.

Reminiscence doesn't follow any particular pattern. One memory brings back another. Mark Twain is supposed to have said, "I find that the further back I go, the better I remember things, whether they happened or not!"

Most seniors will benefit from reminiscence -- from the well elderly to those with physical , emotional and cognitive disabilities. Reminiscence will especially benefit persons suffering from Alzheimer's disease.

No one is born with a perfect memory, and we all remember some things better than others. When, on the other hand, a senior cannot remember, he or she may feel a sense of loneliness and disorganization. At such times, reminiscence can be used as an activity to strengthen the ability to remember.

Young people, of course, often head for the door when Grandpa starts to talk about "the good old days." Next time that happens to you, explain that you know how much they want to stay in top physical condition, and that reminiscing is just good exercise for your brain and your spirit!

Your Health

Taste Changes

Sometimes food just doesn't seem to taste the same as it once did. If you're having that experience, it might be possible that you've lost some of your sense of taste and possibly your sense of smell.

The senses of taste and smell both affect the flavor of foods. And it's possible that both the senses of taste and smell may decrease with age. Research shows that a greater percentage of older people than younger people have difficulty identifying sweet, bitter and salty tastes.

Aging may also affect your vision. How well you see doesn't change the taste of foods, but it might influence how much you enjoy your meal. You might prefer to eat in a well-lit room, as opposed to a dimly-lit restaurant. For instance, candlelight may not be enjoyable anymore if you can't see your food. If you have problems with your vision, adding color to the room, and to the foods you eat may help you get the most pleasure from your meals.

Even if you don't experience the same flavor of food you once did, you can increase your enjoyment in eating in the following ways:

• Include a variety of textures and colors in your meals.
  
• Eat with people you enjoy. Invite a friend to cook and eat together. Or participate in a congregate meal site.
  
• Switch from one food to another during a meal to "wake up" your taste buds.
  
• Avoid foods that are extremely hot or cold. Flavors are less intense at extreme temperatures.
  
• Eat slowly to savor the flavor longer.
  
• Stop smoking. Smoking can mask the flavor of foods.
  
• Wait at least 15 minutes after brushing your teeth before you eat.