Planning for Your Future – 5 Essential Documents

There are important estate planning documents you should have for your benefit and the benefit of those you leave behind. We hope this list will help you get organized. You may want to review them with your family as well as your attorney and financial advisor.

Advance Directive
Often referred to as a living will, this document lists your wishes related to medical care and procedures when you are unable to communicate.

Durable Power of Attorney for Health Care
Included in your Advance Directive, you can appoint someone you trust to make medical decisions for you if you become incapacitated and can’t make them for yourself.

Durable Power of Attorney for Finances
This POA appoints an agent to help manage your financial affairs. It could be structured to become effective immediately, to take effect at a future date, or triggered upon an event such as incapacity.

Trust
A revocable living trust directs how your assets are to be used both during your lifetime and after your death. You will want to contact a trusted attorney to explore whether a trust would best facilitate your intentions.

Last Will and Testament (Will)
Your Will appoints beneficiaries and directs assets distribution after death.

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Financial Assistance through Willamette View Foundation

Are you interested in receiving Financial Assistance from the Willamette View Foundation?  We have resources that have already been accumulated to help you.  Using our Resident Assistance Program does not require the redirection of funds that could be used for other needs of the Willamette View community.

What can the Foundation do for you?

The Foundation can help when ends don’t meet. We have resources available to assist with your Willamette View bill when you have out lived your  resources.

How do you ask for help?

Just give us a call and we’ll walk you through our very easy application process.  Your request for assistance will be reviewed by the Willamette View Foundation’s Board of Directors, with anonymity, on a case-by-case basis after an evaluation of your specific circumstances.

What are some standards to keep in mind and what is expected of the residents?

  • Residents are expected to preserve and mange their assets wisely, including maintaining appropriate insurance.
  • Residents must have used their resources for reasonable recreation and personal expenses, including reasonable charitable contributions and gifts to friends and family.
  • Residents should strive to live within their financial means and refrain from extravagant spending.
  • Residents should obtain necessary medical care through economical means based on individual circumstances.

If You Need Help, We Are Here – The facts on receiving financial assistance

The Willamette View Foundation’s main purpose is to serve as the safety net for the residents of Willamette View who may come to a point in their lives when they have exhausted their funds through no fault of their own.  We have been providing financial assistance to Willamette View residents for 52 years

Asking for help is hard, but we are here to help. You can come directly to us; we’ll make the process as straight forward and easy as possible.

Here is what you need to know:

  • All Willamette View Inc. residents can apply for assistance.
  • All applications are reviewed by the Foundation Board of Directors on a case-by-case anonymous basis.
  • Residents must meet the Eligibility Standards to be approved for assistance.
  • The assistance program supplements your monthly income to cover your costs at Willamette View.
  • There is a special policy for couples.
  • Approved residents will begin receiving assistance as soon as all other resources have been depleted.
  • Financial Assistance is funded solely by generous donations from our supporters and investment earnings.
  • No qualified resident has ever been turned down. Over $10.5 million dollars in assistance has been  paid to Willamette View on behalf of residents unable to pay their monthly bill.

Willamette View Foundation – We are here for you

Willamette View Foundation is a free assistance service that is here to help pay the way for residents who are no longer able to meet their living costs at Willamette View and to assist residents with managing their daily bills.  If you are running out of money or struggling to keep up with your  finances, please know Willamette View Foundation is here to help you.

Our programs are funded by resources that have been accumulated and safeguarded for over 50 years.  They have come from donors, investment returns, and in the past, even resident activities on campus supported our Resident Assistance Fund.

Willamette View Foundation’s assistance program offers Willamette View residents a source of comfort and relief from the burden of following up on income and benefits, paying bills, balancing a checkbook, straightening out billings and balances, matching up medical bills and insurance, paperwork, and monitoring credit card statements.  The Foundation prepares quarterly reports for residents to review and keep abreast of their finances. We also consolidate and summarize all the information needed by the tax preparer to complete both Federal and Oregon individual tax returns.

These functions are available to residents receiving a direct subsidy as well as those participating in our management services program.  Both groups of residents receive assistance that is designed to provide peace of mind and financial security.  For some, the Foundation is the one place they know they can turn when they are not able to manage on their own, for others, it’s time to let go of those financial concerns.

The Foundation staff is available to help you with bill payment, tracking your spending, and explaining changes with your medical insurance.  In addition, we are always happy to help residents with miscellaneous problems or issues that are causing them anxiety; we’re here to lend a hand, a sympathetic ear, and words of encouragement.

Here are a few important facts about the assistance program:

Our assistance supplements your resources to cover your cost of living expenses at Willamette View.

Our assistance program is funded by donations and provided at no cost to Willamette View residents and all residents can apply for assistance.

Our assistance program is well funded and poised to meet the needs of current Willamette View residents.  

We have a Special Policy for Couples whose resources have been depleted by ones move to the Health Center.

 

 

Protecting Your Finances During Uncertain Times

Despite all of the financial uncertainty due to COVID-19, there are ways to protect your finances during the pandemic and market volatility. The market has the ability to rebound. We’ve seen some of that already.   It is important to remain calm and flexible to maintain financial stability during this time. Focus on the things you can control.

Remain Financially Flexible

According to experts, most sectors of the economy will likely recover quickly once the pandemic gets under control, but in the meantime, deciding what you can eliminate from your spending allows your finances to quickly adapt to our ever-changing economy.  Portfolio values fluctuate in a volatile market, avoid recognizing losses by reducing or eliminating draws from your portfolio.   If you are drawing from your savings monthly, this is a good time for self-reflection to create financial goals you can stick with through a crisis.  We have benefited from a thriving economy for many years, but it is time to practice  caution.

Restructure your spending

It is a good time to try to cut back on your spending.  Reducing your spending can help you    preserve your savings.  Review your monthly expenses to see which ones are truly necessary. Eliminate services and purchases you no longer need.  This will provide you with more financial security throughout the upcoming months.

Prioritize your health 

There is so many unknowns about the coronavirus so remember to embrace the kinds of practices that will keep you and your loved ones safe.  Keep in mind that your health is your most important asset.

Abide by the CDC guidelines, wear a mask, and follow these self-care practices that are helpful in every day living: eat well, stay active, and get adequate rest.

Willamette View Foundation is always here to help ease your financial worries.  Please contact us with your financial concerns so we can work together to protect your financial future.

Estate Planning Checklist

If you’ve been dragging your feet when it comes to estate planning, you aren’t alone.   According to a survey by Caring.com, nearly 6 out of 10 American adults lack even basic estate-planning documents. Even if you’ve put some documents together, are you sure you have what you need?  “Anyone who has   assets needs to get organized and engage in estate planning for the benefit of those they leave behind,”  says John F. Padberg, Planning and Life Events Specialist at Wells Fargo Advisors.  “While each person has unique circumstances to plan for, there are some key documents that can form the foundation for most estate plans.”

The 10 documents outlined here can serve as that base set. Six of the 10 are best kept as signed hardcopies; the remaining four can be stored digitally (if you wish).

Signed documents to safeguard as hard copies:

Will. This important set of instructions directs assets that you own individually (with no beneficiary designation), and appoints a personal representative to administer your estate after you pass. Keep the signed original in a secure place, like a safe deposit box, that’s known to people who will need access to it, such as your personal representative or close family members.

Power of Attorney (POA) for financial matters. This POA names someone you trust as the person to help manage your financial affairs.  It could be structured to become effective at the time you sign it or could be triggered to take effect upon becoming incapacitated.

Durable Power of Attorney for Health Care. This POA appoints an agent to make medical decisions for you if you can’t make them yourself.

Health Insurance Portability and Accountability Act (HIPAA) Release authorization. As a stand-alone document or as part of other documents, such as a durable POA for health care, this privacy-related document allows you to explicitly declare who should have access to your important medical information.

Living Will. Also called an advance directive, these instructions dictate your wishes about prolonging your life in cases like a terminal illness or if you’re in a permanent incapacitated state.

Revocable Living TrustLike a Will, this document also directs how your assets will pass to your  beneficiaries, but it may be funded during your lifetime and can provide for incapacity planning, as well.  A  revocable trust can provide some benefits that you wouldn’t typically get with a Will, with more privacy and without the costs and hassle of probate court.

Documents that you can keep in a digital format:

Current net worth statement.  This lists all of your assets and liabilities and what they’re worth. You could even include how various assets are titled. A net worth statement can be a big help in the process of getting organized, reveal the true scope of your estate, and provide your advisors with a very useful tool as they work to put together a customized plan for you.  It can also save your successors significant work in figuring out all that you have. Keep this document updated so that it reflects current information about all of your accounts, real estate, liabilities, and other items.

List of professional advisors.  Includes contact information for important advisors, such as your financial advisor, attorney, CPA, insurance agents, and doctors.

Medical condition record.  This is an informal way to let your trusted agent know about your health status when there’s a need.

A guide to these documents (both physical and digital).  Those you’ll leave behind will appreciate a simple catalog of all the estate-planning documents you’ve prepared and their locations so they can find them without hassle.

“This list is a good place to start, especially for those who haven’t prepared any estate-planning documents at all,” Padberg says. “But remember that each plan is different, and there certainly could be a need for other items, especially as the level of planning gets more Sophisticated.”  Seek assistance from your financial advisor and estate-planning attorney.

One final important tip: Set a time on your calendar for a regular review to keep all these documents up to date.

This article was written by/for Wells Fargo Advisors & provided courtesy of Adam J. Dale Senior Vice President-Investment Office/Private Client Group in Portland, OR

Maintain Eligibility for Resident Assistance

Willamette View residents have a safety net here at Willamette View Foundation. It’s a safety net that was created over 50 years ago and has been strengthened over the years by donors and investment earnings. It is
designed to provide direct financial support to residents whose financial resources are no longer able to cover their living expenses at Willamette View.

Some residents choose Willamette View because they know about the Foundation and its purpose, while others learn about it after moving into the community and discover a “gift with purchase”. My guess is that all residents, however or whenever they become aware of our purpose, and resources that are here to support them, feel some sense of relief.

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Financial Assistance for Couples

The Foundation has a special policy regarding financial assistance for married couples. We recognize that there is a possibility that a couple might become impoverished when one of them permanently moves to the Health Center.

The policy is designed to allow the partner who moves to the Health Center the opportunity to apply for financial assistance when half of the couple’s assets have been depleted. This leaves the other half of their assets for the “well partner” to use for his or her lifetime. For this purpose, the assets of the couple will be valued on the date one of them moves to the Health Center. The value should be captured and documented. It will need to be provided if, at some point, an application for financial assistance becomes necessary. If the “well partner” exhausts the remaining assets, they may also apply for financial assistance. All assets of the couple must first be used for either partner’s care prior to becoming part of either’s estate residue.

If you and your spouse anticipate that you may need financial assistance at some time in the future, it is important to contact the Foundation office so that we can provide additional information about the married couple policy. Often this conversation can help ease anxiety prior to and during the time of transition.