Author Archive

I’ve made it a custom over the years to spend a week in Costa Rica every winter.  I was just reminded of this tonight as I snuck outside in the dark to take a late night dip in our hot tub.  It was 8 degrees and the steam was rising into the night sky and crystalizing [...]
Read more here:
Living with Joy – Being Present

Ladies, it’s time to put ourselves on the list.  With everyone pulling us in every direction and all wanting a part of us, it’s so easy to keep moving our own needs down to the bottom of the list, but let’s think again.   
A few years ago, I was told that I needed both knees replaced.  The doctors wouldn’t do [...]
Read more here:
Live and Retire Happy, Wealthy and Healthy with Smart Choices Today

My husband, Mark and me at our home in Panama

What are you doing to create your millionaire lifestyle?  Well, if your goal is not a millionaire lifestyle, what about a million dollar investment portfolio?

Do you know that having $1 million in the bank at age 65 will only generate about $770 per week?  That’s right, because that’s all you’ll be able to pull out if you want to ensure that your nest egg lasts for at least 30 years.  This doesn’t sound much like a millionaire lifestyle does it?

If you are 50 years old and want to save have $1 million saved by the time you are 65, you would need to save about $35,000 per year and earn 10% a year too!  The story’s not that bad if your 40…about $10,000 a year at 10%.  Even if you can save the money, who is earning 10% consistently anymore?

What’s the solution?  I believe creating livetime passive business income doing what you love.  It can be something that you start now and develop over the next 10 years, or it could be something that you jump into right away full time.  I was working as a financial planner back in 2003 when I came up with my perfect passive income model.  My dream was to create a community and program where I could help women learn how to create smart life and financial choices with an army of smart women. 

It’s funny how things evolve when you have a goal and a dream and you keep focusing on it.  What happened next for me was that I began to sponsor events through my new company, Smart Women’s Coaching.  Even though I still ran my financial planning practice full time, I began to focus energy and time on this new venture.  I saw that there was a need for it and I began to create a community of support and advisors.

By 2007, I decided to retire and focus 100% of my time on Smart Women’s Coaching and two years later, today…we are launching a new online community called the Smart Women’s Cafe.  It’s a membership site where women can learn, grow and connect and features live coaching, teleseminars, an online library, and an amazing team of Contributing Experts who co promote and create joint ventures.

It’s been a lot of work and I have learned so much.  I had no idea how different creating a “start up” business would be versus my financial planning “franchise” with Ameriprise Financial.  When I started with Ameriprise Financial (formerly American Express Financial Services, formerly IDS) over 20 years ago, I paid a fee and purchased a franchise.  This meant everything I needed to run and market my business had been thought out, systematized and branded.  All I needed was an office and a computer.

If you are thinking about starting a business — and many women are — then be sure to do your homework.  There are several things you will want to do if you are starting from scratch.  Watch for my future posts, as I share with you my Secrets for Creating Lifetime Passive Income while Following Your Passion.

If your are serious and would like to get started right away identifying your Perfect Business Model and Strategy, then visit the Smart Women’s Cafe and pick up The Way to Wealth, by Brian Tracy ($100 value) and your free video training on Twitter by Lou Bortone…then take a free 30 day test drive and get started right away!

Also, for free live teleclasses this week on creating a Millionaire Lifestyle, visit our Calendar of Events!

Read more here:
Create Your Millionaire Lifestyle

Read more here:
Are You a Smart Woman?

Meredith Bromfield has compiled a list of inspirational quotations on the art of Giving. Here she offers insight and advice on how to take away clarity from these Words of Wisdom. Quote: “Every charitable act is a stepping stone toward heaven.” -Henry Ward Beecher Inspiration: Do you ever feel that you are making a difference? Do you feel like your life matters? Often in life we get caught up in the daily grind and we fail to realize that a small act of kindness can change someone’s life. So often we feel only the big things make a difference. But ask someone who has dropped something and the kind stranger helps them pick it up how very special they feel and grateful. Action: Make a difference today in the life of someone. See people as a divine encounter and maybe the greatest gift you can give them today is a smile. Look for opportunities to touch lives today! _________ Quote: “We make a living by what we get. We make a life by what we give.” -Sir Winston Churchill Inspiration: Often when I think of giving, my first thought is I really don’t have that much or does it really make a difference the little that I do give. Some times the thoughts are who do I give to? Am I really helping or am I enabling the situation? Sometimes I overanalyze my motives for giving. I think that the heart of giving needs to be a heart of gratefulness for all the abundance that I am truly blessed with and that my giving is an expression of that. Action: This week get in touch with why you give or maybe why you don’t give. Then purpose to give something to someone this week. It could be clothes you have outgrown to a charity such as Goodwill, or it could be you know someone who is not feeling well and sending them a get-well card. There are so many opportunities to give choose one and give. _________ Quote: “For this I bless you most: You give much and know not that you give at all.” -Kahlil Gibran Inspiration: Wow to be the person that giving is so much a part of your make-up that you aren’t even conscious of giving it. I went to visit my mom the other day at the nursing home and one of the workers there came up to me to thank me. I was surprised and asked what I had done and she said I called her by her name. She said most people just see us as workers and I know that is my job but you acknowledge me and for that I am grateful. Action: Be that person that really sees the people in your world and acknowledge them. I am so tired of hearing I can’t remember names – if that is the case apologize and say I really want to remember your name what is it? If you do that often enough you will find yourself remembering rather than making excuses that you can’t. _________ Quote: “Do all the good you can, by all the means you can, in all the ways you can, in all the places you can, at all the times you can, to all the people you can, as long as ever you can.” -John Wesley Inspiration: Life is short and you will pass this way only once. Leave a legacy of good that others may follow your lead. So often many feel that only major things matter. I disagree. I think the small things the daily things are what really matters. Being kind always matters. Sharing with those in need always matters. Action: Decide today that your life does matter and that everything you do to make someone else’s life a little better matter. Daily you get to choose to focus on yourself or others. I think it has to be a balance as both are important. Choose to be good to yourself and then out of that choose to be good to others. ________ Quote: “If you don’t like something, change it. If you can’t change it, change your attitude. Don’t complain.” -Maya Angelou Inspiration: I love this! It is always about choices! The awesome thing is that I get to choose what I will do. I get to choose to change either what is bothering me or my attitude. That is such a powerful statement “I get to choose.” When I complain I am a victim, but when I choose to change I am Victorious. I am choosing to live in Victory! Action: What are you struggling with today? Can you change it? If yes then do it! If not then find one good thing about what is happening in your life and give thanks for that one thing. Lastly remind yourself that complaining has never changed anything for the good. Besides you are not a victim you are choosing today to live in Victory!

The rest is here:
Words of Wisdom- Meredith Bromfield

Smart Women’s Coaching’s Own Contributing Experts Danielle Mayoras and Jill Jordan are proud panelists for the miniseries: What Every Women Needs to Know to Care for Loved Ones Now and in the Future R ochester, Michigan – September 15, 2009 A series of three free workshops focused on the financial, estate and care planning issues women face every day. This community program will take place at the Rochester Community Center, 816 Ludlow St, Rochester, MI Workshop dates are September 15th, 22nd and 29th, 2009 All three workshops will run from 6:30 P.M. to 8:00 P.M. This educational series is presented by the Women Educating Women Consortium. Attendees, should RSVP to 1-877-PLAN-758. The Women Educating Women Consortium is a collaborative effort of female professionals, for the purpose of educating women in areas in which they are the decision maker.  These are the life circumstances and issues affecting them daily.  The material to be covered in this community event will address and answer questions women have which impact their families.  Some of the areas to be discussed are; indicators which should lead to taking an active role in a loved one’s life, senior care options, what to look for in a senior community,  Medicare and Medicaid and their relationship to funding care,  what are the Veteran’s benefits, information about long term care insurance and retirement and estate planning. Presenters : Danielle Mayoras – Attorney and Counselor,  The Center for Elder Law Jill Jordan – Founder and Principal of Get Ahead by Getting Known Mary Jo Fresard – Director of Community Relations at Sunrise Senior Living Rochester Joann Lagman – Owner of  Home Helpers & Direct Link’s  Washington/Romeo office Nancy Salvia – Financial Advisor, Merrill Lynch Candius Stearns – Owner of DFBenefits Call 1-877-PLAN-758 to RSVP, Space is limited – reserve your seat today!

Read the original here:
Women Educating Women Miniseries

I am taking a much needed vacation for almost three weeks in Florianopolis, Brazil! It’s a gorgeous island near Rio De Jeniero. I had no idea how gorgeouos this place is. Watch for my videos and photos, that I will be posting in our new free community at the Smart Women’s Cafe and create your [...]
Read more here:
Plan Ahead when Traveling

By: Danielle B. Mayoras & Matthew L. Joswick A lot of articles explore Special Needs Trusts and the wonderful benefits that they provide to both parents and individuals with special needs who are on government benefits. When a parent leaves an inheritance over $2,000 to an individual with special needs, the inheritance is actually a gift to the government because it eliminates that child’s qualification for government benefits. The use of a Special Needs Trust eliminates this disqualification because the inheritance is not left to the special needs individual, but rather to his or her trust. As a result, the individual maintains his or her government benefits and receives an inheritance. These trusts provide peace of mind to the parents and an additional fund for the individual with special needs. The Special Needs Trust answers questions, such as follows: Who will look after my loved one with special needs when I pass away? How will my loved one’s extras be paid after I pass away? This article, however, goes beyond the basic Special Needs Trust and also focuses on the planning for an individual with special needs from mid life and beyond. In addition to the general concerns that parents of special needs children have, parents also worry about the long term care costs of their special needs loved ones. Specifically, what if the individual with special needs outlives his or her parent and needs long term care? What if the parents are not around to provide the long term care? How will the long term care costs be paid? The statistics show that it is likely that an individual with special needs will require some type of long term care. They are currently 1.2 million disabled Medicaid enrollees either receiving acute care or long term care. There are several different long term care options including home care, assisted living, adult foster care, and nursing homes. Each of these will be addressed separately below. Home care is health and supportive care provided to an individual in their own home by a licensed medical professional. The advantages of home care are obvious – your loved one receives care in the comfort of their own home. This ensures more privacy for your special needs loved one and also allows the family to better monitor the quality of health care that their special needs loved one is receiving. Assisted living facilities are a middle ground between home care and nursing home care. Typically residents of assisted living facilities require help with their activities of daily living, but do not need skilled nursing home care. The advantages of receiving care in an assisted living facility are clear – the environment is more residential and less restrictive with a greater emphasis on privacy and autonomy. With the average hourly rate for home care at $19.18 per hour, and the average cost of assisted living at nearly $40,000.00 per year, receiving care in these environments will be cost prohibitive for most families. Some long term care alternatives to these high costs are Adult Foster Care and nursing homes. Adult Foster Care (AFC) is a licensed, sheltered living arrangement for adults with special needs who are unable to live alone. AFC homes provide five basic services: room, board, supervision, protection, and household services (laundry, cleaning, etc). Additionally, adult foster care homes may provide the following services: 1. Assistance with dressing, personal hygiene, and/or eating; 2. Transportation to appointments, senior centers, shopping, or activities; 3. Medication reminders of administration; and 4. Assistance with money management. Typically there is a minimum room and board payment made to providers per month, which is set by the State. This amount is typically equal to the monthly income that the adult with special needs receives in governmental benefits. Adult foster care may be a cost-effective alternative to nursing homes or larger assisted-living facilities. For many special needs individuals who need long term care, Adult Foster Care is appropriate medically and financially is a good long term care option as well. On the other hand, nursing care facilities are places of residence for people who require constant care and assistance with their activities of daily living. Residents include both the elderly and individuals with special needs. The numbers are startling – the average cost of nursing home care in the United States exceeds $77,000.00 per year and is expected to reach $190,000 per year in 2030. Furthermore, almost 56% of nursing home residents spend at least one year in the nursing home, with another almost 26% spending at least three years in the nursing home. Many parents wonder how their special needs loved one will be able to afford it. One way is to qualify your adult child with special needs for Medicaid. Medicaid is a state administered program that pays for long term care costs if certain eligibility requirements are met. Although this is a Federal program, each state has its own guidelines regarding eligibility and services. Therefore, it is critical to consult with a special needs attorney who is familiar with the specialized Medicaid laws in the state where your loved one resides. Certain requirements must be met to qualify for Medicaid. These may include your age, whether you are disabled, blind, or aged; your income and resources; whether you are a United States citizen or a lawfully admitted immigrant. The rules for counting your income and resources vary from state to state and from group to group. There are special rules for those who live in nursing homes and for disabled children living at home. A single individual who resides in a nursing home may own certain assets, which Medicaid views as exempt assets, and still qualify for Medicaid. For example, in the State of Michigan, those exempt assets for Medicaid eligibility are as follows: 1. Home (with certain restrictions); 2. Car; 3. Personal Property; 4. Burial Blot and Burial Space items; 5. Funeral Contract worth up to $11,072.00; 6. Life Insurance with face value of $1,500.00; 7. $2,000 in cash assets; 8. Assets that are in a Special Needs Trust, an OBRA Trust or a Pooled Income Trust; and 9. Immediate Annuity. All other assets are countable and an adult child with special needs will not be Medicaid eligible until those assets are spent down or converted into one of the above exempt assets. You can ensure that your child with special needs qualifies for Medicaid upon your death by planning ahead. By completing a full estate plan, parents are able to place the adult child=s portion of their inheritance into a Special Needs Trust. This trust allows the adult child to maintain government benefits as the Trust is an exempt asset under Medicaid guidelines. When the parents create their own estate plan, their revocable living trust will provide the inheritance, for the benefit of their special needs child, be funneled into the Special Needs Trust The Special Needs Trust has a trustee, who is responsible for administering the trust and ensuring that the adult child’s needs are met. Assets in a trust of this nature are not countable and in the event that the child requires long term care and needs to qualify for Medicaid, these trust assets will be preserved for the adult child=s benefit. A trust of this nature can be used for most any item the adult child may need with the exception of food and shelter. For example, the trustee can purchase clothing, an automobile, electronic equipment, furniture, fitness equipment, funeral expenses, vacation and travel costs, vocational programs, therapy, personal care items and much more. The trustee can also use the funds from the trust for non-reimbursed medical expenses. While government agencies recognize Special Needs Trusts, there are strict rules and it is critical that you work with an experienced special needs attorney to draft the Trust. We have reviewed countless Special Needs Trusts that do not comply with Social Security Insurance and Medicaid Rules. If the funds are used for food or shelter, however, then there is the potential that the adult child=s governmental benefits may be reduced or eliminated. With respect to shelter, your child can use the money to purchase a home, but cannot use the money for rent. In fact, one wrong word or phrase can make the difference between an inheritance that benefits your child and one that causes your child to lose the many services, assistance, and benefits available. In the event that the parents pass away without having the proper estate planning in place, there are still planning strategies that can be implemented to preserve the inheritance of the adult child with special needs allowing the adult child to maintain or qualify for government benefits. The inheritance can be placed into an OBRA Disability Payback Trust or into a Pooled Income Trust. These trusts provide the same protections as the above discussed special needs trust with one important difference – both of these trusts have a provision that require the assets to be used for specific purposes after the death of the adult child with special needs. The OBRA Trust requires that in the event there are any funds remaining in the trust at the death of the adult child with special needs, Medicaid is paid back for any services rendered up to the full amount of assets in the trust. The Pooled Income Trust, which is run by a non profit organization, requires that the organization be the remainder beneficiary of the trust. Something else to keep in mind is the possibility of your special needs loved one executing Durable Powers of Attorney. If your adult child with special needs is competent, then he or she can execute Durable Powers of Attorney. There are two types of Durable Power of Attorney: Financial Durable Power of Attorney and Medical Durable Power of Attorney/Patient Advocate Designation. By executing a Financial Durable Power of Attorney, your child appoints an attorney-in-fact to handle his or her financial affairs in the event that he or she is physically or mentally unable to do so. For example, this may include banking, real estate, signing tax returns, hiring and firing agents, and commencing litigation. The Medical Durable Power of Attorney/Patient Advocate Designation addresses all of your loved one’s medical decisions including, residential placement, surgery and treatment, and daily medical decisions. If your adult child with special needs is able to execute Durable Powers of Attorney, this will generally eliminate the need to go through the probate court system to obtain a guardianship or conservatorship. These documents cannot be executed by your child until he or she is an adult and is 18 years of age. As probate court can be expensive (legal fees and court costs), burdensome (annual report requirements and multiple trips to court), and time consuming, it is highly advisable that if your adult child with special needs has the requisite capacity to execute legal documents that they do so. Most importantly, he or she would be able to maintain control of his or her financial and medical decisions. We know that every parent’s greatest worry is what will happen to their special needs loved one after they are gone. With the proper planning, there are government programs that can ensure that your adult child with special needs receives long term care after you are gone and receives an inheritance from you that does not disqualify them from government benefits. Estate planning is always important to do; however, when one of the beneficiaries is a special needs loved one, the planning becomes critical. Please contact Danielle Mayoras for additional information or questions at dmayoras@brmmlaw.com or 1-877-PLAN-758. You can also visit: www.TheCenterForElderLaw.com , www.TheCenterForSpecialNeedsPlanning.com , www.TheCenterforProbateLitigation.com and subscribe to our bi-monthly e-letter, The Insight: News, Stories, and Thoughts on Elder, Special Needs, and Probate Law. Reprinted from Alzheimer’s Disease & Related Dementias: a Guidebook for Care, Comfort, Posted in Aging Parents

View post:
How Special Needs Individuals Can Afford Long Term Care Costs with Our Current Economy