April 2007 Vol. 26. No. 4

Published by the Humboldt Senior Resource Center in Eureka, California. HSRC is a non-profit community-based organization offering services for senior citizens, multi-generational families and caregivers.

Getting hands dirty: Stan Schmidt takesk kup where Verne Thornton left off
Ask HICAP: Be careful in choosing private Medicare plans
Join hands: Elders and youth work together
Special events and new activities at HSRC
Humboldt Classics: April is senior softball signup month
Make financial plans with your family

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Make financial plans with your family

by Danna Bates

Deep down I think we are all private people and sometimes find it difficult to discuss our financial affairs with those closest to us. As a director of a senior center, I see quite frequently the aftermath that families face after losing a loved one or having to place a family member in nursing care. The families I see are torn and not sure what their loved one would have wanted them to do.

It seems we try to avoid the unpleasant conversations. None of us want to face the reality that at some point in our lives we will lose those we love. Avoiding it will not prevent it. I was faced with this myself at an early age with the loss of my mother. I had no idea what her debts were. I was in for quite a shock. I vowed that I would never do this to my children or my husband. I have forced myself to discuss my financial matters (stocks, life insurance policies) with all the members of my family (children, husband siblings, parents, close friends). More importantly, I have forced them to listen.

We are never too young to have these conversations. It is so horrible to see people file through my office trying to figure out what to do or what their loved one would have wanted. Sometimes they are unsure of where the important paper work is or if it even exists.

Have a family meeting and discuss what you want done and start with medical care. Then work your way to the more difficult discussions. Get a copy of the Advanced Health Care Directive kit, make copies and have everyone in the family make one out. Age has nothing to do with this. Look at what happened to the family of poor Terry Schiavo. One afternoon with all her family discussing this would have saved them all the heartache with everyone trying to do the right thing and no one agreeing what that was. As the senior member of our family, we should press our families to make a point of discussing these matters.

Unclaimed freight

Did you know that the state of California has more than $4.8 billion in unclaimed property just waiting for someone to claim it? Not everyone who has money sitting in this account is dead. A person might have moved, married or changed names, or forgotten and old account. This happens. In fact it has happened to more than 7.6 million people in this state alone.

To find out if you have money owed to you is easy. If you have a computer go to web site www.sco.ca.gov. This is the web site for the office of the State Controller, John Chiang. Just to the right of his picture is a link for unclaimed property. Type in your last name, first name, middle initial and the city you live in. If you have anything coming it will tell you. Remember, you may have to use all your last names (if you have had more than one) and different cities you have lived in. If you do not have a computer you can call 800-992-4647. I hope you find riches that you never knew you had