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.
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.
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.
Phishing is the fraudulent attempt by scammers to obtain sensitive information such as usernames, passwords, and credit card details by disguising themselves as a trustworthy entity in an electronic communication. The communications have expanded to text messages and social media platforms in addition to emails and letters.
You are familiar with the concept. You hear warnings regularly. Unfortunately, the scammers are working diligently to come up with new ways to trick you into providing your personal information. The Oregon Consumer Protection division is warning of new tactics. The IRS also publishes warnings to reveal tax scams. We have accumulated a short list of tips and warnings from both agencies
Some you may already know about; others might not be on your radar. Follow these tips to protect yourself against phishing attacks:
Keep your software up to date: The latest security software, web browser, and operating system is the best defense against viruses, malware, and other online threats.
Do not click: Rather than clicking on a link, even if it looks to be from someone you know, type the website name yourself. Scammers can create a phony website that can infect your computer or steal your information.
Trust your instincts: If it sounds too good to be true or asks for your personal information, do not engage. If something seems suspicious, do not respond and most importantly, delete it.
Make a call: If you think it might be a legitimate contact, call the company yourself. Find the number independently. Do not use the phone number from the email or text.
Don’t act quickly: Be wary of anything that prompts you to act immediately. Scammers attempt to instill fear and urgency. Refrain from engaging potential scammers online or on the phone.
Fake Charities: Fraudulent charity schemes usually start with unsolicited contact by phone, text, email, or social media. Bogus websites often use names similar to legitimate charities to trick people into sending money or providing personal financial information. Request the tax identification number which can be used to verify their legitimacy. You can then use the search tool on irs.gov website.
IRS Contact: The IRS will never initiate contact with taxpayers via email about a tax bill, refund, or Economic Impact Payment. Don’t click on links claiming to be from the IRS. The IRS will also never threaten you with a demand for immediate payment, ask for financial information over the phone, or call unexpectedly.
Thankfully, we are all becoming more aware of Phishing emails and are using discretion while choosing to respond. Use that same caution with texts and social media. These tips are a good reminder to always stay alert and vigilant in order to keep your personal and financial information safe.
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.
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.
You already know that maintaining a healthful diet, reducing stress, and getting plenty of exercise help keep your heart strong, but these other easy tips can give your heart-healthy lifestyle a boost.
Start a gratitude journal:
Tapping into happy, positive emotions has been linked to lower changes of cardiac problems, while feelings of negativity can contribute to heart risks like high blood pressure over time. Each day, write down one thing that you are grateful for, flip through for an uplifting reminder of all the good things in your life.
Healthy eating:
If you can’t seem to say no to that cookie or side of fries, try keeping yourself on a healthy eating track by planning out meals ahead of time. Include lots of fruits and vegetables, whole grains, and lean portions.
Try walking & meditating:
Cardio and strength training strengthen your heart and help you maintain a healthy lifestyle. In addition, breathing exercises such as meditation work to reduce stress and high blood pressure.
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 Trust. Like 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
A non-profit corporation, separate from Willamette View, Inc., that is dedicated to the residents of the Willamette View retirement community. We are here to help you if your funds run out. We know that uncontrollable things can happen such as unexpectedly high care costs, market drops in investments value, or the good fortune of a long life. Our financial assistance program is available, and even has special provisions for couples, when one becomes ill to enable peace of mind from financial worries.
Your safety net…
We help residents who’s funds have been depleted, by paying the portion of their Willamette View living costs that their monthly income does not cover. As long as funds are available and the eligibility standards are met, we will be your safety net.
Financial assistance…
The Foundation provides financial help at no cost to WVI residents. We want you, and your family, to know that when you need help we will be here for you with assistance and compassion. Our program strengthens the community without burden.
A benefit available…
Our program is a benefit to you as a resident of the Willamette View retirement community.
Funded by donations…
Our program has been funded by residents, their families and friends through contributions, bequests, gift annuities, and in the past by resident activities and resident run stores on the campus. Our funds have been supplemented by investment earnings.
