The story below is from our 2023 edition of Retire-VA. View the rest of the issue for free here!
With retirement comes many questions. Luckily, our experts are ready to help you with your journey.
I have started my end-of-life planning. What should I do with my estate jewelry?
Deciding what to do with your estate jewelry depends on your personal preferences, financial goals, and sentimental attachments. Here are some options to consider:
Gift It: Share the joy of estate jewelry with your loved ones by gifting pieces to family members or close friends. Passing down heirloom jewelry can create lasting memories.
Repurpose or Redesign: If some of the jewelry items don’t align with your taste, you can work with a skilled jeweler to repurpose or redesign them into new pieces that better suit your style.
Appraise for Insurance: Obtain professional appraisals to ensure that it’s adequately insured to protect against loss, theft, or damage.
Sell It: Selling it can provide financial value. Consider selling to local jewelers or local auction houses.
Donate It: Charitable donations of estate jewelry can support causes close to your heart and potentially offer tax benefits.
Involve family members with open discussions to understand each person’s preferences and sentiments. This can help ensure an amicable distribution of the jewelry. If you decide not to sell or wear the estate jewelry immediately, ensure proper storage in a safe and secure place to maintain its condition and value.
These decisions can be challenging. Seek advice from family members, appraisers, or estate planning professionals. Reach out to AmRhein’s Fine Jewelry to help you with your appraisals and estate jewelry needs.
Tom Sells, III, Co-Owner, Graduate Gemologist, General Manager
AmRhein’s Fine Jewelry
540-989-7100
How can I minimize the effect that inflation, tax law changes, and market uncertainty will have on my investments and retirement timeline?
A sound retirement plan is based on an investor’s individual goals and an analysis of the whole financial landscape, not fear or uncertainty. It requires a shift from “I’m scared this will happen, so I think I should do this” to “Should this happen, we’ve already planned for it.” To best position yourself, partner with an experienced advisor who will create a comprehensive financial plan that will address five specific areas including taxes, investments, estate planning, income, and healthcare. A comprehensive approach will help break it all down and show you a plan for now and for what could be. Inflation affects expenditures as well as savings and should be reviewed on an ongoing basis. Tax law implications must be considered to minimize the amount of monies being wasted unnecessarily. To feel confident about your financial plan, you should know it was customized for you, it covers every aspect of your retirement landscape, and is being revised continually. Working with a tax savvy financial professional can help you achieve these goals. Our firm does not offer tax preparation. We offer tax strategies related to investing and retirement income. For full disclosures visit AYERSFINANCIAL.COM.
Patrick Ayers, President/CEO
Ayers Financial Services
540-563-9144
Is a Life Plan community different than a retirement community?
A Life Plan community is a type of retirement community. Brandon Oaks is unique because if offers residents the ability to move through the continuum of care without a change in their monthly service fees once they become a resident. That means, our residents have the comfort of knowing they will be taken care of for life – whether they eventually need assisted living, memory support, skilled nursing or even inpatient therapy – Brandon Oaks has them covered. That peace of mind, combined with amazing amenities such as a heated salt water pool, dog park, full calendar of social and wellness activities, and two dining venues are why our residents say they should have made the move sooner.
Carter Hanna, Director of Sales and Marketing
Brandon Oaks Life Plan Community
(540) 777-5602
When thinking about my end-of-life medical care, how do I make sure my wishes are met?
Planning ahead for the end of life can be a lasting gift to yourself and your family. Families that plan well often report feeling confidence knowing their loved one’s wishes were honored.
If it feels complicated, simplify it by considering three questions:
Would I want to be cared for at home or in another setting, like a long-term care facility?
What medical care would I want if, for example, my heart stopped beating or if my ability to swallow was impaired?
Who would I want to make medical decisions on my behalf if I cannot? (This trusted friend or family member should be a mentally competent adult who understands and will follow your wishes.)
Put your wishes in writing by completing an advance care directive (living will) and a medical power of attorney. Be sure to give your physician and your loved ones copies of your finalized documents.
Visit CarilionClinic.org/plan for expert resources about end-of-life planning.
Lisa Sprinkel, M.S.N, R.N., Vice President
Carilion Clinic Home Care and Hospice
800-964-9300
What Makes Crowning Touch A Senior Moving Company?
We are certified Senior Move Managers, trained to address the special needs of downsizing seniors. We help with the sorting, organizing and planning prior to a move. We do detailed packing and unpacking. We sell what the family no longer wants in our consignment shop or auction house and split the revenue 50/50 to offset the moving cost and we have a certified Senior Real Estate Specialist to sell the home if needed. We even find new homes for plants and pets. We are a one stop shop, handling all the details a standard moving company does not handle.
Linda Balentine, President
Crowning Touch Senior Moving Services
540-982-5800
How do I decide what to donate versus sell when I’m downsizing?
Tools, tools, and more tools sell easily. A weed eater will generally bring more than a set of stemware. Appliances that run well are highly valued, like washers and dryers. Electronics in general, especially newer model TV’s, sell very well. Forget pianos and formal dining room furniture like china cabinets. There is also dwindling demand for formal china itself, and none for silverplate. Outdoor and casual furniture should sell well at 1/3rd of the original price.
Linda Balentine, President
Crowning Touch Senior Moving Services
540-982-5800
What is the difference between non-profit and for-profit retirement communities?
Most retirement communities are for-profit corporations, and many are owned by national companies. On the other hand, non-profit retirement communities like Friendship are typically more invested in the local communities they serve and as nonstock companies are “owned” by the citizens.
Both nonprofit and for-profit communities must comply with the same rules and regulations; however, for-profit communities with shareholders and private owners are typically focused on profits, while nonprofit retirement communities are motivated by mission.
Non-profit communities can also be differentiated by a commitment to provide financial support to their tenants and residents and their ability to invest profits back to the mission, often in the form of capital expenditures for the facilities, equipment, amenities, programs, and services.
The status of a retirement community can tell you a lot about how it is managed, so it’s a good idea to ask about this when you visit!
Mike Shannon, Chief Financial Officer
Friendship Health & Living Community
(540) 777-4044
How do you know it may be time for your loved one to make the move to assisted living?
Think back over the past year and your visits with your loved one. Do you recall any of the following issues?
It’s getting harder for them to safely maneuver around the house.
They have experienced at least one fall or are at higher risk of falling.
Meal preparation is becoming more difficult.
You’ve noticed signs of hunger or that nutritional needs aren’t being met.
They need more assistance with activities of daily life (getting dressed, bathing, managing medications, etc.).
You have worries about their isolation and safety.
If any of these issues ring a bell, it may be time to explore assisted living options. Getting your loved one a helping hand is beneficial in improving their physical and mental well-being. Assisted living facilities like those at Friendship Salem Terrace and Friendship Assisted Living can help with clinical care, dietary support, housekeeping, and laundry along with providing daily activities and social interactions. Not only does assisted living significantly improve the quality of life for the person needing assistance; it can also make life easier for the main caregivers.
Brent Poff, Administrator
Friendship Salem Terrace
540-444-0343
What sets Good Samaritan apart from other hospices?
As a mission focused organization, our promise from inception has been to meet and respond to the advanced illness needs of our communities. Because we are independent and unrestrained by a larger healthcare system, we are able to do so quickly and nimbly. In 2020 Good Sam expanded services with the addition of a palliative care program, providing disease management and supportive care for those living with serious or advanced illness. In 2024, Good Sam will be opening the Center for Caring, the first freestanding, inpatient hospice facility to serve southwest Virginia. Good Sam employs a full time medical director, Dr. Jennifer Easterday, who is board certified in hospice and palliative medicine. We are able to have physician input and orders immediately, which is a direct benefit to the care of our patients. Additionally, Good Sam maintains family bereavement care for more than a year after a loved one’s death, as well as the community at large. At Good Sam, our mission is that no one walks the journey alone.
Scotti Hartman, CFRE, Vice President of Business Development
Good Samaritan
540-776-0198
What are my Medicare coverage options?
There are two main ways to acquire Medicare coverage. You can choose original Medicare and add a Medicare Supplement Plan (also known as a Medigap) or you can pick a Medicare Advantage Plan that fits your needs. The Annual Enrollment Period begins October 15th and runs through December 7th every year. This is the best time to enroll in or change plans. However, you may qualify to enroll in or change plans at other times of the year due to special circumstances. Contact your Humana agent for further info.
Whitney Hosey
Humana MarketPoint - Licensed Agent
540-355-0894
I really like my specialist (cardiologist, oncologist, etc.) Can I keep seeing him/her after I join PACE?
InnovAge PACE has a network of medical specialists in each community. If your specialist is already in the InnovAge network, you may be able to see the same specialist. If the care is approved by your medical team, but your specialist is not in the InnovAge network, InnovAge will coordinate your care with an in-network specialist. Our PACE clinics arrange all specialty medical appointments with transportation for participants. If a family member or a friend is unable to go with you, a member of your care team can accompany you. All medical care will be coordinated through a customized approach at the local InnovAge PACE center. The doctors and many members of the medical team are experts in senior healthcare and are dedicated to giving personalized care to each participant. You can read about the program at www.innovage.com/about-pace/pace-overview.
Eric Beasley, Senior Director of Business Development
InnovAge Virginia PACE
540-682-9440
When is the right age to move to a Life Plan Community?
The optimal age to move into a Life Plan Community, like Kendal at Lexington, varies based on health, finances and personal preferences. Generally, individuals often consider moving in their 70s or early 80s when they are relatively healthy and can fully enjoy the community’s amenities and social activities. You can move into Kendal at Lexington as early as 65. Moving earlier allows for greater access to the continuum of care services as needs change.
Erica Turman, Director of Marketing and Sales
Kendal at Lexington
540.464.2601
What is a Life Care Coordinator?
A Life Care Coordinator is an educated and experienced professional with a specialized focus on issues related to aging and elder care who can assist aging adults and their families in attaining their maximum functional potential. Life Care Coordinators are able to address a broad range of issues related to the well-being of aging adults. They also have extensive knowledge about the costs, quality, and availability of resources in their communities.
April Jones, CEO and Life Care Coordinator
Life Care Coordinators
540-354-3589
LifeCareCoordinators@gmail.com
What happens to the unsold items from an auction or estate sale?
This is a question we address with the seller at the beginning of our planning process. We can arrange for a buy-out or donation to a non-profit. We can also arrange for light housekeeping services after all items have been removed.
Mountain City Realty & Auction, LLC, Broker/Auctioneer
540-989-1946
What happens when every day is Saturday?
When you’re retired, every day can feel like Saturday. With more time for shopping, hobbies and leisure activities, will your retirement income be adequate to support your retirement lifestyle? A Guaranteed Lifetime Income Annuity* from New York Life Insurance and Annuity Corporation (A Delaware Corporation) can help generate income for any day of the week.
*New York Life Guaranteed Lifetime Income Annuity is issued by New York Life Insurance and Annuity Corporation, a wholly owned subsidiary of New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010. Product available in jurisdictions where approved. Guarantee is based on the claims paying ability of the issuer.
For most jurisdictions, the policy form numbers for the Guaranteed Lifetime Income Annuity is: 211-P100. State variations may apply.
J. Len Hale, CLU, ChFC, LUTCF, CASL, Agent
New York Life Insurance Company
P. 540-983-0120
F. 540-983-0126
Why choose Oakey’s for Advance Planning?
At Oakey’s when you speak with someone about advance planning, you are speaking with an Oakey’s employee who lives and works in the Roanoke Valley. Our licensed staff has ties to the community and understands your needs. We also are able to assist you when you have questions or changes that need to be made.
Pre-planning your funeral is a thoughtful and practical decision to make for your family. Whether you prefer a traditional service, contemporary service or cremation service you should put those requests in writing. This will allow you to be remembered in a very specific and special way. Your requests are important to your family members and it will give them peace of mind to know that they have carried out your wishes. In addition, your family members won’t have to speculate about what you may have wanted. They can more clearly focus on the celebration of your life.
Advance Planning: Lorraine Cunningham, Vice President
Oakey Service Company
800-638-0710 or locally at 540-982-2100
What options are available for Cremation Burial?
You may be interred in a regular burial space, Sherwood allows up to two cremation burials or a full burial and a cremation burial in each space. Niches come with stone or glass fronts and allow you to be creative when honoring your loved one!
Susan Mini, President/CEO
Sherwood Memorial Park
540-389-1049
What should you look for in an active Life Plan Community?
When considering a Life Plan Community, it is important to learn how the lifestyle programming is implemented throughout the community. The day-to-day programs, services and experiences should be unified and well-coordinated so residents can thrive in the various aspects of daily living. Key to this is innovative wellness and fitness programs working in partnership with therapy services to help facilitate functional independence. This, coupled with engaging social, spiritual and vocational opportunities, sets the stage for an abundant and purposeful lifestyle experience. Our communities do this, and Sunnyside has been recognized both nationally and internationally for its whole-person wellness focus, and named a top 5 “Best in Wellness” in North America by the International Council on Active Aging.
Josh Lyons, President & CEO
Sunnyside Communities
540.568.8203
What does it mean when a retirement community offers Life Care?
Life Care at The Glebe means residency, services and care for life – and all under one roof. Residents contract in advance for an apartment or cottage, enjoy community-based amenities and services, such as a pool, fitness center, award-winning dining options, art studio, woodworking shop and have access to onsite long-term care as physical and cognitive needs change. As care needs arise, residents remain on-site, close to friends and neighbors, and move between Independent Living, Assisted Living, Memory Care and Nursing Care at The Glebe.
With a Life Care contract monthly fees stay the same as care and service levels increase. When residents move to Assisted Living, Memory Care or Nursing Care, the only additional charge is for two extra meals per day and any ancillary costs such as medical supplies and pharmacy services. While monthly fees don’t increase as care needs increase, the monthly fee continues to be subject to an annual increase. Life Care helps shield residents from spiraling long-term care costs and provides the assurance that they’ll always receive the care they need at The Glebe – even if they outlive their financial resources.
Shelli Schinkus, Director of Sales and Marketing
The Glebe
540-591-2201
What do we mean by a wellness-centered lifestyle?
At the core of who we are is our mission to serve a diverse community of seniors with an innovative mix of programs and services. We pride ourselves on a robust wellness program offering fitness and preventive health management classes that keep seniors healthy and poised for an active retirement. This is complemented by our natural surroundings providing walking trails, recreational outings/spaces and time in the great outdoors. Our healthcare residences follow suit by focusing on personal choice and individualized approaches to care in a home-like setting where the natural beauty of our campus floods through every window.
Tambra Dixon, Director of Marketing & Development
Warm Hearth Village
540-443-3414
The story above is from our 2023 edition of Retire-VA. View the rest of the issue for free here!