We are in the middle of a massive, unprecedented wealth transfer.

The greatest transfer of wealth in history is happening right now, according to a study from the Boston College Center on Wealth and Philanthropy. This means that you need to ensure you’re well organized when it comes to things like your probate valuation, wealth planning, and wills. It will be much easier for the heirs if the estate is easily passed down.

And with this being said, a staggering amount – $59 trillion – is projected to be passed down to heirs, charities and taxes between 2007 and 2061. Relatives looking to leave something behind to their family members will likely have consulted with their Estate Planning Attorney in order to prepare for the transfer of wealth upon their passing.

“We are in the middle of a massive, unprecedented wealth transfer from the World War II generation to the Baby Boomers, and then to subsequent generations,” says family wealth guru John Pankauski, author of the new book, “Pankauski’s Trustee’s Guide: 10 Steps to Family Trustee Excellence.”

“But much of that wealth will not be given to beneficiaries outright.”

Instead, he says, it will be held in a trust, which is a distinct entity, much like a corporation. The trust is managed by a trustee, who protects the trust property for the benefit of the beneficiaries.

Sounds good – as long as trustees are honest individuals who don’t use the trust as a personal ATM, and simmering rivalries among beneficiaries don’t explode, Pankauski says.

The best way to ensure money is handled correctly – and honestly – is to pick the right trustee, but the right one may not be obvious, he says.

Pankauski, founder of the Pankauski Law Firm (www.pankauskilawfirm.com), offers perspective on how to choose a trustee.

• Don’t choose just anyone! Family members, friends and even felons theoretically could be entrusted with managing an inheritor’s money. But tread carefully. The decision on the trustee should be treated like a business consideration, not a personal one.

• Multiple trustees are allowed, but can cause problems. Personal relationships that were previously cordial can turn icy when there are multiple trustees. Co-trustees administer the trust by majority rule unless the trust document demands unanimous decisions.

• Being a trustee is a great responsibility. Perfection is not required, but incompetence won’t be tolerated. Criticisms could flow freely. If you’re holding a lot of cash and the markets go up, beneficiaries complain that you failed to capture those gains. If you’re fully invested in the market and the market takes a dip, the beneficiaries complain that you are overexposed. You may be fairly compensated for your duties as trustee, but the money may not be worth the potential headaches.

• You don’t have to accept the appointment. You can decline to serve. Merely sign a one-page document, which can be as brief as a sentence, stating you decline. No reason is required.

You can agree to serve and later resign. But doing so raises a host of issues. You can’t just ditch your duties. You are still in charge until there is a smooth transition to a successor.

John Pankauski, the grandson of Polish and Lithuanian immigrants, was deeply influenced by his parents – products of the Depression and World War II who imparted their values of hard work and thrift. He studied political science at the University of Massachusetts at Amherst. He attended Suffolk University Law School in Boston, and later obtained a master’s degree in law from the University of Miami School of Law’s Graduate Program in estate planning.

Genevieve Basso, who has volunteered 47 plus years of service at Community Memorial Hospital, welcomed her first great grandson, born Wednesday August 6.  He was born at CMH.  His great grandmother, Genevieve was born in Ventura County.  Genevieve’s daughter, grandmother of newborn,  and granddaughter, mother of new born, were born at CMH.  What a proud time for all.

Community Memorial Hospital’s Auxiliary continues to seek new volunteers.  Varied tasks, hours of service and days of service are available.  Please stop by the Auxiliary front desk and speak with a volunteer and pick up an application.

It is never “too late” to take care of our skin! Damage to the skin can be repaired and future damage prevented.

If you’re saying “it’s too late,” you may ask “why should I bother?” According to Alicia Bankston, Independent Beauty Consultant with Mary Kay, the top reason to take care of our skin has to do more with self-esteem than anything else. Taking care of ourselves gives us confidence, and that lets us present the best part of ourselves to the world. Though beauty is ultimately on the inside, without confidence, we hide that inner beauty from the rest of the world.

Top 5 ways to take care of our skin:

Use Sunscreen: No matter how much time we spend in it, the sun’s rays affect the health of our skin. Age spots, or more kindly called “beauty spots,” come from too much time in the sun and too little protection. Skin cancer is the most common type of cancer. Prevention from harmful sun exposure is best. Your sunscreen should protect against UVA and UVB rays (or be “broad-spectrum”), be rated SPF 30 or higher, and preferably be a serum which sinks deeper into the layers of your skin than a typical lotion.

Moisturize: As our body ages, we lose moisture and thus volume, first, in our face! This makes sense since our face is the most exposed throughout our life. A good moisturizer need not feel greasy or heavy. We can also lose moisture in our skin due to medications or conditions that affect us as we age, and that lack of moisture can cause tremendous discomfort. Different skin moisturizers can benefit different people. For those of us who are conscious about aging, you might be interested in looking at something similar to these cbd skin care products. CBD oils help with anti-aging by lifting and firming the skin, hopefully making us look younger! However, there are so many different types of skin moisturizers out there, finding the right one for your skin is so important.

Treat skin areas differently: Your facial skin is different from the skin on your body, and both are different from the skin around your eyes. It is important to use a “facial cleanser” on your face and an “eye cream” around your eye area. The skin around your eyes is thinner and has no oil glands (one reason we show age here first), so moisturizing here is different than moisturizing other areas.

Exfoliate, gently: It is nice to have this step included in the cleansing process (like a 3 in 1 cleanser). And daily exfoliation should be gentle! Exfoliation helps slough off the dead skin on the surface so that the new skin underneath can come to the surface. As we age, the skin has a harder time getting rid of the dead skin, and important step to the rejuvenation process. The skin repairs itself when we allow it to do so with good care.

Treat your face like a balloon: Be careful not to pop it. Keep in mind, you are washing your face, not the floor! When taking care of your skin, gentle is better. Rubbing and tugging breaks down the elastin of our skin. And as we age, we lose collagen, a key in firm skin. Be gentle, if possible, using the three outer fingers of our hand to apply moisturizers to the face area in particular.

For more information call 200-7756

What do school kids and retirees have in common during these dog days of summer? For many, it’s having lots of time and not knowing what to do with it.

“But that comparison begins to breakdown almost immediately, because in a few short weeks, kids go back to school, but retirees have an indefinite amount of time to contend with,” says financial advisor Jeff Bucher, president of Citizen Advisory Group (www.citizenadvisory.com), a firm that engages its community with education and charity efforts.

“Worse still for retirees, many don’t know if they can afford the time they have left, which may not be yielding a satisfying lifestyle. After all the technical details I review with clients and their finances, such as protecting and growing their money, I sometimes offer a bit of unexpected advice: consider your employment options.”

Many people who take his advice often do so more for overall happiness than money, he says. Work gives us structure, purpose and a social network. Bucher reviews many fun options that retirees often find appealing.

• Golf course: This is a popular option since so many retirees love golf. And, if you are a morning person, work at a golf course is perfectly suited for you. Some popular jobs available at a golf course for retirees include golf shop staff, ranger, starters and golf course maintenance.

• Retail: A smiling face and a pleasant disposition has earned many retirees positions as greeters at local stores.

• Theater events: If you love entertainment, consider being an usher at a venue (Like the Rubicon). Ushers assist fans to their seats and help answer any questions the fans may have. The job may have perks, such as free tickets.

• Tour guide: A tour guide’s job is to introduce people to places that they are unfamiliar with, which may include wineries, museums and a city’s historical locations (Ventura has many of these).

• Theme park / zoo: If you want to brag about your job to your grandkids, look into the local zoo or theme park. Some of the most popular jobs for retirees at these parks include ticket takers, working at a merchandise stand or helping assist guests at an information booth.

• Your current or former job. This one may throw you for a loop, but it could be perfect. You’ll likely maintain the same salary as the rest of your earning years; it’s something you already know and are good at; and, many people derived much satisfaction from their profession. You may find new freedom in knowing that this job is more optional than before, which may engender a sense of freedom and, perhaps, an outside-the-box mentality.

Jeff Bucher is president of Citizen Advisory Group (www.citizenadvisory.com). Bucher is a former standout wrestler at The Ohio State University, where he earned an athletic scholarship and honed his leadership skills while earning four varsity letters (Is there a senior wrestling team?)

Breeze: Like many seniors today engaging in much more physical activities is an option. Like Breeze publisher Sheldon and his way over 65 (age not amount) buddies who play tennis at Pierpont Racquet Club, Ventura College and Camino Real Park

On September 9, 5:30-6:30 attorneys from Cunningham Legal will be discussing IRA Inheritance Trusts. Thinking of naming a trust as your primary beneficiary? Join us as attorneys discuss the pros and cons of this process.

Signups encouraged but not required: http://goo.gl/forms/FWhlCCp1Eq

The Ventura County Law Library is located in the Ventura county Government Center, 800 S. Victoria Ave, facing parking lot “A”. Contact the library at 642-8982 with questions.

Assisted Hospice Care has been selected to participate in the Medicare Care Choices Model, announced by Health and Human Services Secretary Sylvia M. Burwell. The model provides Medicare beneficiaries who qualify for coverage under the Medicare Hospice Benefit and dually eligible beneficiaries who qualify for the Medicaid Hospice Benefit the option to elect to receive supportive care services typically provided by hospice and continue to receive curative services at the same time.

All eligible hospices across the country were invited to apply to participate in the model. Due to robust interest, CMS expanded the model from an originally anticipated 30 Medicare-certified hospices to over 140 Medicare-certified hospices and extended the duration of the model from 3 to 5 years. This is expected to enable as many as 150,000 eligible Medicare beneficiaries with advanced cancers, chronic obstructive pulmonary disease, congestive heart failure, human immunodeficiency virus/ acquired immunodeficiency syndrome who receive services from participating hospices to experience this new option and flexibility.

Participating hospices will provide services under the model that are currently available under the Medicare hospice benefit for routine home care and respite levels of care, but cannot be separately billed under Medicare Parts A, B, and D.  Services will be available around the clock, 365 calendar days per year and CMS will pay a per beneficiary per month fee ranging from $200 to $400 to participating hospices when delivering these services under the model.  Services will begin starting January 1, 2016 for the first phase of participating hospices and in January 2018 for the remaining participating hospices.

Individuals who wish to receive services under the model must fall into certain categories:

Must be diagnosed with certain terminal illnesses (e.g., advanced cancers, chronic obstructive pulmonary disease, congestive heart failure and human immunodeficiency virus/acquired immune deficiency syndrome);

Must meet hospice eligibility requirements under the Medicare or Medicaid Hospice Benefit;

Must not have elected the Medicare or Medicaid Hospice Benefit within the last 30 days prior to their participation in the Medicare Care Choices Model;

Must receive services from a hospice that is participating in the model; and

Must have satisfied model’s other eligibility criteria.

More information is available at http://www.hhs.gov/news/press/2015pres/2015.html.

 “Are you sure that I’m a baby boomer?”

Baby Boomers, retiring at a rate of roughly 10,000 per day, may have unrealistic notions about what their future long-term care needs could do to their bank accounts.

When a recent Nationwide Financial consumer survey asked for an estimate of how much a year of nursing-home care will cost in 2030, the Baby Boomers who were surveyed guessed an average of $111,507. The actual estimated costs – $265,000 – are more than double that.

That extreme underestimate indicates many of those Baby Boomers may be unprepared to handle the costs of long-term care and could end up relying on Medicaid to pay for it, which isn’t the best option, says Chris Orestis, a senior health-care advocate and CEO of Life Care Funding (www.lifecarefunding.com).

“One problem is that people wait until they are in the middle of a crisis before they start trying to figure out long-term care options and how to pay for them,” Orestis says. “Long-term care is expensive. It’s natural that families want to do whatever they can to help take care of a loved one, but they can go broke in the process.”

Medicaid certainly can help, Orestis says, but it’s best to avoid going that route if at all possible. Here’s why:

• Lack of personal choice. Most forms of home care and assisted living are paid for privately, which means you must have resources other than Medicaid to pay the monthly out-of-pocket expenses. But when people go on Medicaid they lose their ability to choose what kind of care they want and where they will go. Usually, instead of home care or assisted living, a person on Medicaid goes into a nursing home and in most cases will share a room with another patient. “That’s not the way most people want to end up after a lifetime of working hard and raising a family,” he says.

• Becoming impoverished. Medicaid was created to be a last resort and that’s exactly the way families should view it. To qualify, you need to be below the poverty line, which means you will need to spend down your assets to get there. “Once you go on Medicaid, you have in effect become a ward of the state.”

• State budgets are strained. Because of all those aging Baby Boomers, the number of people needing long-term care is growing, escalating the long-term funding crisis. Political leaders want people to remain on private pay as long as possible because Medicare and Medicaid can’t keep up with the growing demand for long-term-care services.

A better option available to many people is to convert their life-insurance policy into a long-term care benefit plan, he says. Seniors can sell their policy for 30 to 60 percent of its death-benefit value and put the money into an irrevocable, tax-free fund designated specifically for their care.

That fund is professionally administered with payments made monthly on behalf of the individual receiving the care.

Unfortunately, many people aren’t aware of the possibility of converting life insurance policies, Orestis says.

“I’ve been lobbying state legislatures to make the public aware of their legal right to use this option,” he says. “It’s important that, as people age, they know about all their options so they can avoid making potentially costly mistakes.”

Chris Orestis is a nationally known senior health-care advocate and expert, is CEO of Life Care Funding (www.lifecarefunding.com), which created the model for converting life insurance policies into protected Long-Term Care Benefit funds. He created the model to provide an option for middle-class people who are not wealthy enough to pay for long-term care, and not poor enough to qualify for Medicaid.

Breeze: This is not a recommendation to use his company but is provided for general information and knowledge.