O.W.L.S. presents ‘Survival Tactics for the Surviving Spouse’
Gregory Montague, managing director of Aging with Independence, was this month’s speaker at the O.W.L.S. meeting last Thursday morning.
Aging with Independence is a leading provider of coordinating home health care, life management and financial services.
“I decided to get into this business after I was diagnosed with stage IV cancer,” Montague said. “I spent 30 years in banking in the trust and investment world so I knew I had my finances in order but while in the hospital I learned that many of the patients sharing my floor were not as prepared as I was so I saw a need for these services.
“This program was born out of necessity because we have such a large elderly population,” Montague said, “with all combinations of relationships with children from other marriages. In many cases one of the two spouses handles the finances.
So when the inevitable happens, the surviving spouse simply doesn’t know what to do.”
According to Montague, having your paperwork in order is the most important thing you can do to prepare “for the inevitable.” The first document you should have is “Power of Attorney,” written authorization to act in another’s interests.
“Everyone needs to have a Power of Attorney,” she said.
“The next document is either a will or a trust,” Montague said. “Many Florida residents have come from other states. If your will says you’re from Montana, then there will be another state that will attempt to probate your estate so you’re looking at double probate costs.
“The ‘I Love You Will’ is a type of last will and testament for married couples,” Montague said. “This is where the surviving spouse becomes the executor of the will. It’s used when one spouse leaves everything to the other spouse, and then their children. In Florida the only person that can serve as executor from outside the state is a primary relative.”
A “Living Will” is part of the documents with the will. It is a health care declaration and a directive to physicians that lets people state their wishes for end-of-life medical care in case they become unable to communicate.
Probate refers to the process where debts are settled and legal title to property is distributed to heirs and beneficiaries by the executor. The executor is nominated by the decedent in his or her will. Probate in Florida takes six months to a year.
Probate can be avoided by utilizing a “Living Trust.” This is especially useful if there are children from prior marriages. Similar to a will the Living Trust spells out what to do with your assets. The big difference is that the Living Trust bypasses the costly and time-consuming probate.
Montague went on to say that, “‘Aging With Independence’ doesn’t sell any products, we help patients find the best services possible for home care or extended care, as well as life services and financial help, all the while working with your advisors and legal team.”
Aging With Independence also coordinates all aspects of home health care from companion care to nursing home placement.
“Our financial experts will work with you to protect your assets,” Montague said. “After physical health, financial health is the most important thing. We can help with bill paying, financial portfolio review and analysis, estate document review, broker monitoring and organizing tax and other documentation for presentation to your CPA and or attorney.
Montague can be reached at 941-585-7245.
O.W.L.S. (older, wiser, laughing souls) is part of the Beacon of H.O.P.E. The Beacon of H.O.P.E. is at 5090 Doug Taylor Circle in St. James City.