SR TODAY 1.18.12

A Publication of the Spinal Column Newsweekly

Accredited Veterans Affairs Attorney. Member: National Network of Estate Planning Attorneys; National Academy ofElder Law Attorneys; President, Michigan Forum of Estate Planners and the Michigan Conference of Estate Planners

PAGE 2B www.spinalcolumnonline.com SPINAL COLUMN NEWSWEEKLY

JANUARY 18-24, 2012 www.spinalcolumnonline.com PAGE 3B

B www.spinalcolumnonline.com SPINAL COLUMN NEWSWEEKLY

Over 70 years and countingBob and Jeannine Kaiser met when they were 17-years-old

Bob and Jeannine Kaiser with their wedding party, on July 12, 1941. The couple met at a dance at St. Anne’s Catholic School.

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SENIORS TODAY

Bob and Jeannine Kaiser are still newlyweds even though they married over 70 years ago. Duringtheir marriage, they have never wavered in their commitment to one another and attribute thesecret to a successful and long-lasting marriage to putting each other first.

“We always tried to do things to please the other,” Jeannine said. “Neither one of us ever had tohave the last word.”

After reviewing many submissions in response to the Spinal Column Newsweekly’s quest to find thelongest married couple in west Oakland, it was Bob and Jeannine who came out on top. They will beawarded a $50 gift card to It’s a Matter of Taste in Commerce, and a $50 flower arrangement fromthe Flower Factory in Highland. The second longest married couple will receive a $40 gift certificatefrom Dobski’s in Waterford, and a $50 flower arrangement from the Flower Factory.

Jeannine and Bob met when they were both 17: He was playing trumpet in an orchestra at a danceat St. Anne’s Catholic School; she was milling about, selling Boblo Island cruise tickets at the time.

“He approached my mom and said he wanted to buy a ticket, butwould buy two if she came with him,” said Joanne Hicks, the cou-ple’s youngest daughter.

While dating, they would see each other every Thursday and walkhand-in-hand along the Ambassador Bridge into Canada for hot fudgesundaes or a soft drink.

And it was apropos that they married two years later at St. Anne’sCatholic Church, on July 12, 1941.

Bob took a job with a daily Detroit newspaper in the classifieddepartment while Jeannine became a homemaker. They moved inwith Bob’s mother in northwest Detroit for a short time.

He later took a job with Ford Motor Co.,and soon after, the Kaisers welcomed theirfirst child into the world, Ronald. However,World War II overshadowed this time andBob was eventually drafted into the U.S.Navy. The family was uprooted when he wasstationed in Virginia as a cryptologist, buthe was discharged after two years. The cou-ple then returned to Michigan and boughttheir first small home in Oak Park. Bob wasrehired by Ford and worked in Livonia.

As the years passed, seven more childrenwould follow in rapid succession: Carol,Janet, Robert, Dennis, Jeannie, Patrick andJoanne.

“My mom respected my dad as head ofthe household, but he was always kind,never demeaning,” Joanne said. “I don’tremember them yelling or fighting. Theywere just great parents, very easy-going.”

Jeannine recalls two significant gifts Bob gave her over the yearsthat she still cherishes — a gold cross and chain, and an embellishedcompact.

“Throughout their marriage, they were always holding hands, giv-ing each other a kiss and just very affectionate,” Joanne said.

As the family grew, the Kaisers decided in 1968 to move to a larg-er home on Wolverine Lake.

“I always remember my siblings and I as teenagers had classmateswho had unhappy homes and my parents would take them in whenthey were having problems,” Joanne said. “We also had foreign

exchange students. My parents opened their home to anyone whoneeded it.”

While their marriage has had peaks and valleys, neither Bob norJeannine ever held a grudge and worked beyond their issues respect-fully.

“We would make light about situations and didn’t dwell on ourproblems,” Bob said.

“Yes, we always tried to work things out,” Jeannine added.The Kaisers have been very involved in their community. Bob

served as president of the Wolverine Lake Village Council from April1971 to April 1975, and then as a village councilman until May1977, while holding down an executive job with Ford. Jeannine vol-

unteered and helped out the needy in thecommunity.

Through the years, the couple enter-tained and hosted parties for their friendsand neighbors.

“Everyone loved our home and my momwas a gracious hostess,” Joanne said. “Myparents were well-respected.”

Bob retired from Ford after 32 years.They moved from Wolverine Lake after 20years and bought a condominium in PortCharlotte, Fla. and lived there for a time.They moved back to Michigan a decade agoand set up a home in Livingston County’sHartland for seven years.

Now in their 90s, the couple resides inan assisted-living apartment inIndependence Village of White Lake. They

are the proud matriarch and patriarch of a family of eight children;24 grandchildren; 47 great-grandchildren; and seven great-great-grandchildren. Seven of their children living in the area are assignedone day a week to visit and help out their parents.

As a couple, Bob and Jeannine leave their family a legacy of whatlove means.

“They are strong Catholic-Christians and had their ups and downslike everybody else, but managed to work things out,” Joanne said.“God has always been the No. 1 priority in their lives.” ❏

— By Leslie Shepard


Pete and WandaDorman

Wedding Date:Nov. 9, 1946

Wedding Location:FirstCongregationalChurch, Pontiac

Honeymoon Location: Ames, IowaChildren: Two Grand-children: TwoCurrent Residence: Westlake Health Campus, Commerce

Gene and Rosie QuackenbushWedding Date: Oct. 30, 1948Wedding Location: First Baptist Church,

PontiacHoneymoon Location: Niagara Falls, N.Y.Children: ThreeGrand-children: Four Great-grand-children: TwoCurrent Residence: Waterford Township

Roger and Sharon BohnWedding Date: Dec. 17, 1960Wedding Location: First Methodist Church,

DearbornHoneymoon Location: Stowe, Vt. Children: TwoGrand-children: FiveCurrent Residence: Milford

Stanley and Bernice PawlakWedding Date: June 21, 1947Wedding Location: St. Andrew's Catholic

Church, DetroitHoneymoon Location: "Michigan circle tour"

around the lower peninsulaChildren: ThreeGrand-children: FiveCurrent Residence: White Lake Township

Lyle and MaryLou GossWedding Date: April 18, 1953Wedding Location: Southfield Methodist

ChurchChildren: FiveGrand-children: EightGreat-grand-children: EightCurrent Residence: White Lake Township

See page 8 for more couples

Newell and GloriaSheridan

Wedding Date:April 21, 1951

Wedding Location:St. Gabriel's,Detroit

Honeymoon Location: Houghton Lake, Mich.Children: FourGrand-children: ThreeCurrent Residence: West Bloomfield Township

Donald andGlenda Toomey

Wedding Date: April 23, 1957Wedding Location: St.

Christina CatholicChurch, Detroit

HoneymoonLocation:Downtown Detroit

Children: Three Grand-children: ElevenGreat-grand-children: FourCurrent Residence: Highland Township

Kenneth andDorothy Jacobson

Wedding Date: June28, 1947

Wedding Location:Epiphany LutheranChurch, Detroit

HoneymoonLocation:Houghton, Mich.

Children: Seven Grand-children: FiveCurrent Residence: White Lake Township

Lovebirds with longevitySome of the submissions we received


More area lovebirdsDonald and Victoria WatsonWedding Date: Aug. 9, 1947Wedding Location: St. Margaret Mary Church, DetroitHoneymoon Location: Houghton Lake, Mich.Children: FiveGrand-children: TwelveGreat-grand-children: FourCurrent Residence: White Lake Township

Richard and Wanda RadcliffeWedding Date: June 16, 1951Wedding Location: First Methodist

Church, Angola, Ind.Children: OneGrand-children: FourCurrent Residence: White Lake

Township

George and Rose MouradianWedding Date: Dec. 16, 1950Wedding Location: St. Sarkis Armenian Apostolic

Church, DetroitHoneymoon Location: Salt Lake City, Utah;

Denver, Colo.; and Chicago, Ill.Children: ThreeGrand-children: FourGreat-grand-children: One, two by proxyCurrent Residence: Commerce Township

Robert and Alice ScottWedding Date: Jan. 1, 1956Wedding Location: Alice's grandfather's house,

DetroitChildren: Three (50 foster children over

19 years)Grand-children: SixGreat-grand-children: 10Current Residence: White Lake Township

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Life during the golden yearsFrom independent living to nursing homes, options abound

The Bortz Health Care nursing home in West Bloomfield Township (left) has been a haven for area senior citizens since 1956. Independence Village of White Lake(right) features beautiful grounds that include a pond and a walking path that are popular with many of the facility’s residents.

The baby boomer generation is currently entering the retirement phase andsoon this demographic may be forced to consider the reality of alternatehousing options. As they come into the golden years of their lives, seniorsmay opt to trade in the housework for life in an independent or assistedliving facility. Still there are others that must wrestle with a gambit of con-

curring concerns associated with aging, which could mean difficult alternativessuch as a nursing home.

Seniors need to consider several factors before selecting a housing option,according to the experts. From staying in their own homes to specialized care thatprovides around-the-clock nursing, there are a myriad of housing options available.The main distinction between which option is right for each senior is the amountof care provided for daily activities and medical care.

Other points to consider include what constitutes a sufficient level of care,what the facility offers and the associated costs. There is a whole range of costsfor senior housing, ranging from subsidized senior apartments to nursing homes— which can average $70,000 per year. When considering senior housing, the fol-lowing factors come into play: Location, level of care, insurance, and long-termcare insurance.

In general, the higher the level of care, the more it costs. Nursing homes arethe most expensive, but assisted living facilities can run $3,000 to $4,000 amonth or more.

Medicare, the federal program that provides health insurance coverage to sen-ior citizens, generally doesn’t cover senior housing options other than nursinghomes. Medicare also only covers limited stays in nursing homes when skillednursing care is required. Medicaid, the federal health insurance program for peoplewith limited incomes, may cover some assisted living costs and does provide nurs-ing home coverage. However, facilities are not required to accept Medicaid.

Seniors can purchase insurance to off-set some of the costs of long-term care.Coverage and provisions can vary, but frequently some in-home help and assistedliving facility costs are covered, as well as nursing homes. Staying at home maystill be a viable option if there is a close network of nearby family, friends, and

neighbors, or if transportation is easily accessible. If the neighborhood is safe, andthe home can be modified to reflect a senior’s changing needs, and the home andyard maintenance is not overwhelming, then there’s no place like home. However,if physical and medical needs require a higher level of care, then the following resi-dences may be considered and a plan for the future may be needed in case circum-stances change.

INDEPENDENT LIVINGWhat a way to spend the golden years of life — waking up every morning in an

inviting place surrounded by smiling faces, where there’s always an itinerary of funactivities to choose from and a social hub of peers you can count on for interactionand conversation.

Independent living is a way for seniors to maintain their autonomy while stillreceiving a modicum of assistance. Facilities offering such living accommodationsinclude retirement communities and homes, as well as apartment complexes gearedespecially toward senior citizens. Some of the amenities include help with outdoorchores, as well as recreational centers or clubhouses located on the premises. Inaddition, they provide an avenue for interacting with their peers in the communityand typically don’t require significant amounts of maintenance or upkeep.

However, if one doesn’t want to make that first bold step, consider moving inwith a family member, or simply moving to a more accessible apartment or condo-minium. The key is to have access to transportation, services, and social net-works.

Much more than a retirement community, Independence Village in White LakeTownship boasts well-appointed apartment homes, non-traditional services, com-fortable and inviting amenities, and a close-knit community.

The complex is home to multiple living areas, several lounges, an activity room,cafe, beauty and barber shop, exercise facility, computer and laundry rooms,library, and village store.

Apart from the facility itself, there are beautiful grounds that include a pondand walking path.

PAGE 11B ❯ ❯ ❯ ❯


SENIORS TODAY

“We have a real warm sense of community in the building,” said CarolynPelland, a leasing representative with Independence Village. “It’s homey yetupscale and very clean.”

Much of the staff has been working there for years and takes time to meeteach resident’s needs.

“We strive to exceed their expectations,” Pelland said. Independence Village offers both independent and assisted living opportunities

spread out across 149 units. “The difference is the amount of services they receive,” Pelland explained. “Meal

and housekeeping plans are different, such as personal care, shower help, medreminders, dressing assistance, to activities and night checks.”

Independent living consists of a continental breakfast and dinner; housekeepingevery two weeks; a full activities program; atransportation shuttle for errands and appoint-ments; staff on duty 24-7; and daily check-ins.

Assisted living residents receive three mealsdaily, daily housekeeping, and laundry andlinen service once a week. Resident packagesvary in the amount of personal care.

Skilled and hospice care is available, andthere’s a nurse on staff to oversee assistance.

Independence Village seeks to keep the sen-iors’ bodies engaged and the brains stimulatedto maintain a full life of social and educationalopportunities.

“We have an extremely popular activity pro-gram. It’s one of our strengths,” Pelland said.“Our activity director has been here 11 years.”

Seniors are encouraged to get their heartspumping and their feet moving by joining suchactivities as Wii bowling leagues, Tai Chi, ther-apeutic ball exercise, walking clubs, or Zumba.

In line with the philosophy that one neverstops learning, there are art and music historylectures; life history book workshops; cookingclasses; financial, health and safety seminars;and information on travel.

Entertainment ranges from live music per-formances, happy hours, talent shows, con-certs in the park, and theater events.

“We take residents on a lot of trips (toplaces) such as restaurants, theaters, down-town, casinos, and ball games,” Pelland said.“Every summer we picnic at Kensington(Metropark in Milford) to listen to the DetroitSymphony Orchestra, and recently we went toHeavenly Scent Herb Farm for a tea luncheon.”

Denominational and non-denominationalworship is available, including Bible studiesand various worship services.

Lastly, seniors are afforded the opportunityto give back through fund-raisers, food donation drives, and a host of otheropportunities.

Independent living rates range from $2,850 to $3,500 per month, dependingon the amenities of the residential quarters. Assisted living packages range any-where from $3,500 to $4,300 per month.

“These are privately paid, but some receive veterans assistance,” Pelland said.“Some residents have long-term care policies that can be used here.”

ASSISTED LIVINGAnother housing option for seniors who need a bit more help with day-to-day

activities — including taking and receiving medications — is assisted living facili-ties, which typically don’t offer housing accommodations for those with severemedical conditions requiring significant medical assistance from a doctor or otherqualified medical personnel.

Although some offer apartment-style living, others offer rooms — which maybe shared with another resident unless the senior is willing and able to pay an

additional cost for a single room. Many offer a communal dining room and areasfor socializing and recreation.

Westlake Health Campus in Commerce Township is a new facility that opened inJuly 2011. Trilogy Health Services purchased the former 10,000-square-footWestwind Health Center and repurposed it into a sprawling 60,000-square-footcomplex comprised of an assisted living facility and long- and short-term skillednursing care.

“It’s big and beautiful,” said Executive Director Colleen Higgins. “Trilogy ownsand operates 65 facilities within the Midwest and each consecutive build is basedon previous experience, and based on trends and studies of what works best.”

Westlake plans to open an Alzheimer’s disease- and dementia-specific memorycare facility located in its own building on the campus in May 2012.

Currently the facility houses 50 beds for long- and short-term care and another39 assisted living units.

The complex spared no expense in equipping it with cutting-edge technologylike electronic charting. Physical, occupational,and speech therapy is conducted on site.

“It’s a good place for residents,”Higgins said. “It’s homey, warm and comfort-able to make it better for residents.”

The complex is designed with com-munity spaces and is layed out in a townsquare model. Inside there is a lounge with abig-screen television, as well as game boards;a library; a therapy room with exercise equip-ment; and the Bogie Lake Cafe, where resi-dents can always enjoy a snack or cup of cof-fee.

On the site’s perimeter is a life trailsystem with exercise equipment gearedtoward the senior demographic.

Activities vary, but staples includeBingo, religious services, entertainment, bowl-ing, Tai Chi and outside transportation toshopping areas and dining.

“We take residents on outings twice aweek. It can be as simple as transportingthem to Sonic for an ice cream, to a localrestaurant to dine, to going to the cider mill,”Higgins said.

Residents are given the freedom totailor their itinerary, and Westlake makes thathappen.

“We have a wide variety of activitiesand offerings depending on the preference ofresidents’ life-long learning interests,” Higginssaid. “We contact those in the community tobring in painting, sign language, whateverthey want.”

The facility accepts Medicare,Medicaid and private insurance. Residents inassisted living units must pay privately orhave a long-term care policy in place that maypay a portion.

Westlake is noticing a sharp uptick in enrollment since it opened. “We’re experiencing some growing pains. We’ve grown so quickly since we

opened,” Higgins said. “We opened assisted living on Sept. 1 and 16 residentshave already enrolled in the initial 20 spots opened, and we stay full most of thetime on the health center side.”

FOSTER CARESenior foster care is a new concept in elder care. Each residential setting must

be licensed. Apart from providing personal care and room and board, caregiversattend to seniors’ emotional and spiritual needs.

In these safe and affordable settings, individuals in need of care enjoy a nurtur-ing atmosphere and inclusions in the home life of the caregiver.

A variety of services are provided, including supervision, meals, assistance withdaily activities, recreational opportunities, and help in arranging transportation.

Penny Lane Adult Foster Care in White Lake Township has been a “home away

Senior housing❯ ❯ ❯ ❯ PAGE 9B

PAGE 12B ❯ ❯ ❯ ❯

The Westlake Health Campus in Commerce Township provides manyactivities for its residents, including art classes and fishing trips like the

one resident Valerie K (above) recently enjoyed.


SENIORS TODAY

from home” for the elderly for 18 years. The home is licensed to care for 12 patients. Services range from toileting,

showering, hygiene, laundry, medication administration, prescription delivery andthree meals per day.

The facility also contracts outside services from a general doctor, podiatrist,and beautician.

“It’s an alternative to a nursing home with more personal care,” said PennyLewis, the owner and administrator of Penny Lane Adult Foster Care.

Patients get exercise daily. “We have activities in the home, but I don’t provide transportation,” Lewis

said. “We have Alzheimer’s/dementia patients, so activities are done according totheir level of care.”

Patients also are given puzzles, books, music and pet therapy. Bible studies arealso a personal choice.

“Whatever the need, we make it happen,” Lewis said. “We work with hospiceuntil the end so they don’t have to move.”

The 5,000-square-foot ranch home consists of two living rooms, four bath-rooms, six bedrooms, and a screened-in porch overlooking a pond. The property issurrounded by state land for a scenic and peaceful view.

“It’s unique because it’s in a home setting and family environment,” Lewis said.“It’s an alternative to a nursing home at much more affordable pricing.”

NURSING HOMESFor those senior citizens needing extensive care, nursing homes are the way to

go. Licensed medical personnel supervise residents’ care and 24-7 medical assis-tance is almost always on-site, and occupational or physical therapists are fre-quently available to tend to residents’ medical needs.

Severe medical conditions — including recent hospitalization for a severe condi-tion or a chronic illness that has gradually deteriorated the health of the senior cit-

PAGE 13B ❯ ❯ ❯ ❯

Senior housing❯ ❯ ❯ ❯ PAGE 11B

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SENIORS TODAYSenior housing❯ ❯ ❯ ❯ PAGE 12B

izen — are often the impetus for seeking care in a nursing home. Bortz Health Care in West Bloomfield Township has been a haven for senior

residents since 1956. It is one of 13 facilities scattered throughout Michigan, withone also located in Florida.

The plantation-style home, built in the 1900s, boasts of a massive porch, wrap-around windows, a solarium and several fireplaces.

“It looks like Tara of ‘Gone with the Wind,’” said Administrator Michelle Bortz.“One of the fireplaces is called the ‘Fireplace of 100 Faces.’ If you look at thestones (you) see a vision of a face in each one.”

Other amenities include satellite television, a “great room,” an enclosed porchand a day room.

“We’re pretty unique. Just the setting alone and the staff sets us apart,” Bortzsaid.

The home employs 100 people, many whom have been with the company fornearly 30 years.

“That’s very rare in our industry,” Bortz said. The facility houses 85 residents who have access to a long list of activities such

as bowling, Bingo, outside entertainment, going to the movies, dining or shopping.“Just because our residents are in a nursing home doesn’t mean life is over,” Bortz

said. “They still do a lot, if not more, than they would if they were living at home.”Bortz said that, over the years, the nursing home industry has changed in

many ways, most notably the environment.“Now it’s a home-like environment, Bortz said. “No longer do you walk into a

sterile environment. It’s difficult to place someone in a nursing home — it’s veryhard on the family so when residents move in they’re part of our family and feel itwhen they walk in the door.”

Costs can be absorbed by Medicare for up to 100 days. After that, Medicaidcan pick up costs or the care must be self-paid.

“There are a lot of nursing homes in our area that ask residents to leave if theywant to have Medicaid pay, but they are not asked to leave here,” Bortz said.“They will always have a home here.”

For residents paying out-of-pocket, Bortz charges a daily rate that only excludespharmacy costs.

“Other places charge extra for other services but here we charge one rate perday with no additional costs other than pharmacy,” Bortz said.

With the rise in the level and amount of elderly care anticipated in the future,Bortz noted that the industry will continue to thrive.

“We are all living longer ... long-term care will always be around,” she said. ❏— By Leslie Shepard

RESOURCES• Independence Village (independent/assisted living), 935 Union Lake Road, White Lake 248-360-7235• Heritage at Ridge Valley (independent living), 700 Napa Valley Drive, Milford 248-676-2121• Westlake Health Campus (nursing and rehabilitation center), 10735 Bogie Lake Road, Commerce

248-363-9400• Estabrooks Havencrest (assisted living), 9259 Sandyside, White Lake 248-698-3700• Penny Lane Adult Foster Care (adult foster care/assisted living), 1305 Ford Road, White Lake248-887-0616• Lockwood of Waterford (independent living), 1407 Skipper Drive, Waterford 248-618-0777• Inn of Cass Lake (independent living), 900 N. Cass Lake, Waterford 248-681-8229• American House at Regent Street (assisted living), 4460 Orchard Lake Road, West Bloomfield248-636-1130• America House at West Bloomfield (independent living; assistance available), 5859 W. Maple Road,

West Bloomfield 248-254-6943• Canterbury-on-the-Lake (independent and assisted living), 5601 Hatchery Road, Waterford

248-674-9292• Sunrise of West Bloomfield (assisted living), 7005 Pontiac Trail, West Bloomfield 248-739-8101• Bortz Health Care (nursing home), 6470 Alden Drive, West Bloomfield 248-363-4121• Waltonwood at Twelve Oaks (independent and assisted living/nursing home), 27475 Huron Circle, Novi800-239-9725• Sanctuary at White Lake (independent and assisted living/nursing home; opening in the spring), 10770

Elizabeth Lake Road, White Lake• Lourdes Senior Community (independent and assisted living/nursing home), 2300 Watkins Lake Road,

Waterford 248-674-2241• Village Manor (independent and assisted living), 9501 E. Highland Road, Howell 810-632-6200

Living here hasits advantages.

Meals prepared based on your personal preferences.

Non-stop activities. And a staff always ready with

a smile and a helping hand. That’s Westlake Health

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assisted living. Come and experience our customer

service difference and see just how good life can

be at our campus. Call or stop by today for more

information or to schedule your personal tour.

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SENIORS TODAY

Financial planning for today’s seniorsWest Oakland experts offer advice on making your money stretch

It’s never too late for seniors tolearn about financial planning,including with regards to IRAs,

401(k)s and Social Security. In fact, it’svery important.

“As long as they’re still alive andhave years ahead of them, the way theyhandle their money could really make orbreak them,” said Rob Reading, manag-ing director at America’s IRA Center onMain Street in Milford.

“Americans have two threats todaymore than ever before — and one isoutliving their money. We’re livinglonger, but the bad news is, we’re liv-ing longer. The fact of the matter is wehave to make our money stretch. Withthe right planning, all of these thingscan be properly calculated.”

According to Dave O’Connor, aBloomfield Hills financial advisor withMerrill Lynch, life expectancy is a crucialfactor for seniors to consider as theyaddress their long-term financial health.

“As medical miracles become more

common, having a working plan inplace that evolves is critical to livingwithin the expected distribution rangeand a likely transfer of wealth to thesubsequent generations,” he said.

Jeffrey Stark, an advisor withEdward Jones in Milford, said seniorsshould understand themselves and

their situation thor-oughly before seek-ing financial advice,including wheretheir assets arelocated, what typeof accounts theyhave.

Seniorsshould prepare alist of needs and

expectations prior to an initial meetingwith a financial advisor.

“They should be able to talk abouttheir mortality and how they would liketheir assets to provide for a survivingspouse or how they will be passed on

to those that remain,” he said.According to Reading of America’s

IRA Center, the No. 1 threat to seniors’wealth today is taxes.

“It’s common to have a 401(k) orIRA tax-deferred savings plan, but whenthey pull money out, they will betaxed,” he said. “When people starttaking Social Security, it’s important tocoordinate tax-deferred investmentswith Social Security, otherwise theirtaxes could be put up in a higher rate.So there’s things, if looked at ahead oftime, that can be properly planned forto help mitigate and maybe eliminatetaxes in certain ways.”

Another critical issue is SocialSecurity planning. Reading said there area lot of strategies available through thefederal Social Security Administrationthat people don’t understand.

“One of the big problems is peoplewill ask Social Security people questionsand they don’t have the answers tothem,” Reading said. “We’ve had exten-sive training on how the Social Securitysystem works. We have the POMS(Programs Operations Manual System)manual. There’s a lot of ways that peo-ple can begin increasing their SocialSecurity benefits.”

For example, a couple that Readingrecently counseled were around the ageof 67 and were holding out until theywere 70-years-old to collect their SocialSecurity benefits at a higher rate.

“I let them know of a $1,000-a-month spousal benefit she could havetaken at age 65, which would have beena total of $40,000,” he said. “Then theycould switch to their own benefits at age

70 and take the larger amount, but theyweren’t aware of that.”

According to O’Connor, financialplanning alsoincludes the areasof life, health andlong-term careinsurance.

“These are areassome seniors maynot think advisorscan encompass intheir plan, but real-ly it is a cornerstone to the intricaciesof (a) unique financial plan tailored tothe family,” O’Connor said.

Stark said that one mistake seniorstend to make when investing is focusingon gains and losses instead of incomestream generated from investments.

“Seniors need income, not networth,” Stark said. “When capital gainsare used to fund retirement, running outof money becomes a reality if the mar-kets enter a time of capital destruction.Dividends and interest trump capitalgains and losses, from my perspective.”

Most financial advisors also say thatwhen it comes to 401(k) funds, it’sbest to roll over dollars from thataccount into an IRA whenever leavingan employer.

“It’s always better to have yourmoney in your name, under your con-trol and not the company that you nolonger work for,” Stark said.

According to Reading, the trustee-to-trustee roll over, or direct roll over, intoan IRA account is the most commonpractice to move money from a 401(k).

PAGE 15B ❯ ❯ ❯ ❯

Reading

O’Connor

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Reading said the first step in thatprocess is to decide upon the invest-ment or financial vehicle to which youwish to move the money, and whichfinancial institution or custodian will beholding the investment of the new IRAaccount.

“You then establish your IRAaccount with the custodian of yourchoice and proceed with the trustee-to-trustee rollover, which simply meansyour funds will be moved directly fromyour 401(k) to your newly establishedIRA account,” he said. “No tax will bedue as a result of this transfer.

“I’m a strong advocate of thetrustee-to-trustee method,” he added.“This will insure that your time framewindow is met on rollovers.”

Reading added that non-spousalbeneficiaries are losing 35 to 80 per-cent in taxes on these accounts andthat he has seen this occurrence hap-pen frequently.

He also cited a May 2007 WallStreet Journal article which stated that“it is expected that fully 80 percent ofall the assets currently held in IRAs,401(k), 403(b), 457, Keogh, SEP-IRAand other plans will end up in the cof-fers of the United States Treasury andnot the pockets of the people whoworked so hard to build those assets.”

But Reading said these problemscan be avoided by working with some-one specifically trained in distributionplanning.

“I’m finding that people have far toomuch money at risk,” he said. “Themarket has never been this volatile, butyet everybody seems to be brain-washed that they have to have moneyin the market now. There are thingsthat people don’t understand, too,

where it might make sense to haveaggressive investments that fluctuatelike stocks early in your life, when youstart taking income — it’s completelydifferent.”

In fact, Reading cited a December2005 article by Jim C. Otar inInvestment News stating that if some-one is taking a 4-percent income froman investment and their investmentdrops 30 percent,they will need toachieve a 63-per-cent gain overthree years just tobreak even.

Stark said thatcash flow anddiversity are thekeys to long-terminvestment suc-cess, that seniors should work with afinancial advisor best suited to theirpersonality, and that a custom modelneeds to be worked out.

He added that seniors should alsoconsider the need to review and estab-lish beneficiaries on IRA accounts andestablish durable powers of attorneythat cover issues such as finance orhealth decisions should the senior’scapacity of judgment or health decline.

When it comes to wills and trusts,Stark said that wills can stand alone,while trusts may or may not be desiredor necessary based on the individualand their financial situation.

“I see lawyers over-selling estateneeds or over-complicating the issuefrom time to time,” he said.“Something else that is relatively new islawyers that write the estate plan, aswell as sell the investments withinthem. I believe this can create seriousconflicts of interest.”

Raymond Barry of Raymond C. Barry& Associates in Milford said that an

estate plan consists of three docu-ments: a will, a revocable living trust,and a durable power of attorney.

“A properly drafted testamentaryestate plan will transfer wealth andproperty to a person’s heirs by avoidingprobate of assets and minimizing taxesafter death,” Barry said. “In addition,having an estate plan in place thatincludes durable powers of attorney willeliminate the need to go to probatecourt to petition for a guardianshipover a loved one who has been incapac-itated by illness or injury.”

When it comes to liquidity issues,Reading said that a good rule of thumbfor a senior is to have no less than 25percent of their investment assets inliquid accounts such as savingsdeposits, certificates of deposit,Treasury bills, money market depositaccounts, and money market funds.

Stark also said he sees many peopleusing the instability of the market as ameans of scaring seniors into high-cost, low-liquidity insurance-basedproducts.

“Often, the investments they had inthe first place were fine and counselingwas all that was required to educate

the senior as to the benefits of holdinghigh quality, cash flow investmentsthrough a bad market phase,” Starksaid. “Too commonly, the only personthat truly benefited was the agent inmany exchanges.” ❏

— By Michael Shelton

RESOURCES• David O'Connor, Merrill Lynch-Bloomfield Hills, 248-645-7474

• Rob Reading, America's IRA Center,Milford248-438-1010

• Jeffrey Stark, Edward Jones, Milford248-685-1600

• Robert Diskin, Raymond JamesFinancial Services, Bingham Farms248-642-9938

• Brenda Oldham, Ram Insuranceand Financial Consulting, Highland248-748-0101

• Raymond Barry, Raymond C. Barry& Associates, PLLC, Milford248-505-1648

Financial planning❯ ❯ ❯ ❯ PAGE 14B

Stark

Lyon Township Public Library27005 S. Milford Road • South Lyon, MI 48178

248-437-8800 • www.lyon.lib.mi.us

SAVVY SOCIALSECURITY PLANNING:What Baby Boomers Need to Know

to Maximize Retirement IncomeSaturday, January 21, 10:30 a.m.

Guest Speaker: Rob Reading of America’s IRA Centers, Milford

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WE CAN HELP YOU PROTECT YOUR LIFETIME OF HARD WORK AND SERVICE.Please call today for a free private consultation for yourself or a loved one. We can help!

VA Benefits • Long Term Care PlanningEstate Planning • Medicaid/Nursing Home Benefits

VETERANS BENEFITS: Veterans and their surviving spouses may qualify for a well-funded benefit to helpwith in-home, assisted living and long term care.

MEDICAID BENEFITS: With proper legal advice you don’t have to spend your entire life savings for long termcare. Please call to find out if you or a family member qualifies for this benefit.

Tuesday, February 28th • 4:00 to 5:30 p.m.VETERAN’S BENEFITS FOR ASSISTED LIVING/

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Come to this seminar and learn how the Honor Flight Network recognizes American Veterans for their sacrifices and achievements by sending Veterans to Washington, D.C. tosee YOUR memorial at no cost. Currently World War II Veterans and terminally ill Veterans from all wars are given top priority. Guardians fly with the Veterans on everyflight providing assistance and helping Veterans have a safe, memorable and rewarding experience. You will also hear from a World War II Veteran who has personally

taken the tour and be shown a short video of this amazing experience.

Come to this seminar and also learn how Veterans and spouses of Veterans can save up to $2,616 a month (2 Veterans married to each other), $2,019 a month (Veteran withspouse or dependent), $1,703 a month (single Veteran), or $1,094 a month (surviving spouse) for care in the home or an assisted living facility such as Sunrise Senior Living.

Veterans and/or surviving spouses that are considering assisted living may be entitled to a little known benefit fromthe Veterans Administration called Aid and Attendance. Elder Law and Accredited VA Attorney Steven Lebowski willexplain this financially beneficial Aid and Attendance program, its eligibility requirements and how to apply for thisspecial pension. You can also learn how a community like Sunrise SeniorLiving can be tax deductible.

Seating is limited so please make your reservation early. Adult day carewill be provided by qualified staff. Please ask for this service when makingyour reservation. Light refreshments will be served.

To reserve your seat for this event call 248-972-0800 2080 S. Telegraph Rd.Bloomfield, MI 48302

PAGE 16B www.spinalcolumnonline.com SPINAL COLUMN NEWSWEEKLY

SR TODAY 1.18.12

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