SRS: While the family is together, start the new year positively

Riley visits her mother weekly. Recently one of Mom’s swimming buddies passed away, the day after they had met at the grocery store. On the next visit, Mom met daughter with a demand: they must go through Mom’s financial details immediately. Mom had even searched the Internet and come up with a guide to use. 

Because Riley lives at The Villages, she could have called SRS and received several helpful documents and handouts to help them with this task.

Riley said the list Mom printed, detailed below, helped keep them focused and helped minimize the emotional impact. It might help you with your loved ones. 

1. Who are the players? Make a list of professionals involved in your loved ones’ financial and medical lives.

2. What do they have? Make a list of assets, account numbers, account locations, personal identification numbers (PINs) and User IDs. 

Check the account registrations. Many seniors in California have a Living Trust. Assets must be titled in the name of the trust in order to avoid the possibility of Probate.

Review beneficiary designations on IRA and 401(k) plans to be sure they are up to date.

3. Where should they keep important details? Agree on a suitable location for sensitive and private information.

4. How do they want their financial/medical affairs handled? If your loves ones become unable to handle their own affairs, you need legal documents stating how to handle both their financial and medical affairs. These include an Advanced Health Care Directive, an estate plan such as a Living Trust and a Will and a Durable Power of Attorney.

5. What are their final wishes? Though it is probably the toughest question to ask, find out what your loved ones want for final arrangements. 

As mentioned above, SRS has several documents and handouts that will help with this organization. They include:
– Document Locator: Location of Important Documents
– Obituary & Memorial Outlines  
– Advanced Health Care Directive
– Durable Power of Attorney

Note: The Senior Resource Services (SRS) office hours for drop-in assistance are Monday, Wednesday, and Friday from 10 a.m. to noon. The SRS office is in the Cribari Center across from the Post Office. You may also leave a message at 408-239-5253 or e-mail SRS at villagessrs@sbcglobal.net. The website is www.thevillagesgcc.com/srs. The purpose of SRS is to provide education and general business and financial information. All assistance is free and confidential. You should ask your professional advisor about your individual situation. 

SRS announcement: IRS mileage rates for 2025

Do you use your automobile for business use? The standard mileage rate for business is 70 cents a mile for 2024. This is an increase of 3 cents from the 2024 rate. The mileage rate for deductible medical mileage expense is 21 cents a mile, the same rate as 2024. The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile. This has been the rate since 1997.  

The rates apply to fully electric and hybrid automobiles, as well as gasoline and diesel-powered vehicles.

Note: The Senior Resource Services (SRS) office hours for drop-in assistance are Monday, Wednesday, and Friday from 10 a.m. to noon. The SRS office is in the Cribari Center across from the Post Office. You may also leave a message at 408-239-5253. The purpose of SRS is to provide education and general business and financial information. All assistance is free and confidential. You should ask your professional advisor about your individual situation.