GAZETTE ACE – November/December 2024
Enjoy the latest edition of the Gazette ACE, a digital flipbook that showcases the best of John Knox Village’s Arts, Culture, and Entertainment!
Tag Archive for: john knox village
Welcome to CFO in the Know – Your Financial Questions About Life Plan Communities Answered
Douglas Folsom, CFO (Chief Financial Officer), has been with John Knox Village for six years, serving as its Controller prior to being named Chief Financial Officer in 2023. He has been at the forefront of the Village’s fast but disciplined growth while keeping a close eye on JKV’s financial steadiness. He is often asked important questions regarding living at JKV, which is why we started this informative series—to help you make well-educated decisions regarding your future.
Douglas Folsom, Chief Financial Officer, JKV
Dear Doug: Is moving to a Life-Plan Continuing Care Retirement Community (CCRC) like John Knox Village a wise investment? — Undecided in Deerfield
Dear Undecided in Deerfield,
As the CFO at John Knox Village (JKV), I would consider it a wise investment for several reasons. Firstly, it provides comprehensive care and services under one roof, offering residents stability and familiarity as their health needs change. A Life-Plan Community, like JKV, ensures access to a full continuum of healthcare options, from independent living to assisted living, skilled nursing, and supportive memory care. This guarantees that as your health evolves, you remain within the same community, surrounded by familiar faces and settings, alleviating the stress of relocating during a health crisis.
Financially, it makes sense to invest in a Life-Plan Community, like JKV. The cost of healthcare, particularly long-term care, continues to rise in the U.S., making it essential to plan proactively. By paying a Life-Plan entrance fee, you secure lifetime access to unlimited healthcare services, which can provide significant financial stability.
For example, a non-JKV resident in skilled nursing care would pay privately an average of $15,000 per month, versus a Life-Plan resident paying a current average monthly service fee of $5,000 – a significant cost savings! This is particularly important given the unpredictability of healthcare needs and costs.
Additionally, a Life-Plan Community, like JKV, offers a rewarding lifestyle, filled with rich social and cultural experiences, peace of mind, and a sense of security. Many of our residents would recommend considering a CCRC as it provides quality care and ensures that residents do not become a burden to their families or the state as they age.
By choosing John Knox Village, you are making a sound investment in your future that not only ensures access to high-quality healthcare, but also promotes an active, purposeful, and fulfilling retirement.
About John Knox Village
John Knox Village, set on a scenic 70-acre campus, is South Florida’s leading life plan or continuing care retirement community, celebrating 57 years of excellence.
JKV offers a comprehensive approach to retirement with a continuum of care including independent living, assisted living, memory care, and skilled nursing. Our elegant residences, vibrant community, and extensive amenities—including an Aquatic Complex, diverse dining options, fitness centers, and cultural activities—ensure comfort and promote enrichment.
Our caring team is committed to providing personalized support in a life plan community, delivering peace of mind for residents and their families.
Interested in learning more about John Knox Village? Contact us today for a no-pressure conversation with a Life Plan Consultant, or to schedule a visit.
Avoid the Most Common Estate-Planning Disasters
It takes time to build wealth, create trusts and develop an estate plan to protect and preserve one’s assets for future generations.
By Scott Montgomery, CLU, ChFC
Annual reviews of your financial accounts are critical to ensuring your wishes are followed after you are gone.
Whether you do this at the start of the year or after filing your tax returns, check how your accounts are titled and who is named beneficiaries to ensure this information matches your current life circumstances and evolving tax laws.
A mistitled financial account or lack of a named beneficiary can lead to a wide array of potential problems down the road. For example, if it has been several years since you last updated your retirement plan’s beneficiary designation form, the assets you intend to pass to a current spouse or children may end up in the hands of a former spouse. Instead, make it a habit to regularly review your estate plan and ensure your assets are adequately protected within the context of current laws, including the tax code.
Account Ownership
The law provides individuals with options for structuring ownership of real and personal property, including bank accounts, brokerage accounts and retirement savings accounts. How these assets are titled, especially when they are owned by two or more people, can help to avoid probate at the time of one account owner’s death and limit exposure to potential legal judgments and tax liabilities in the future.
Joint Tenancy with Rights of Survivorship allows property owned by a deceased individual to pass outside of probate directly to the other property owner(s), who consequently can receive a step-up in their share of the property’s cost basis and minimize their exposure to capital gain taxes should they sell the property in the future.
However, it is important to note that Joint Tenancy with Rights of Survivorship overrides any wishes an individual expressly communicates in their will. Should a decedent wish to pass an asset to someone other than the co-owner, an estate tax liability may be unknowingly created when the second owner passes away. Therefore, careful planning is essential.
Joint Tenancy by the Entirety applies only to property a married couple owns together. Because this form of ownership considers the couple to be one entity, it protects assets from creditor claims filed against one of the spouses while also allowing assets to transfer outside of probate directly from one spouse to the other.
Tenancy in Common tends to create a probate issue when one owner passes away. The decedent’s interest in that property becomes a part of their estate, which can be passed to beneficiaries named in their will.
Beneficiary Designations
Titling property ownership is not the only way to direct how your assets will be distributed at the time of your death. While you may use your will to communicate the individuals you wish your assets to pass to, the beneficiaries named on your retirement accounts and life insurance policies will ultimately receive those assets. Conducting regular reviews of your will against your account beneficiary designations and asset ownership structures can help avoid conflicts that may prevent an inheritance from going to the intended beneficiaries.
Trusts
Another strategy for avoiding the very public and costly probate process and ensuring assets pass to intended beneficiaries is to create a trust in which you specify how and to whom you wish your assets to be distributed after you pass away. Assets transferred into the trust should be retitled to reflect the trust as the new owner. Remember to continue funding the trust to ensure it serves its intended purposes. Failing to do so is like having a house with no furniture. It’s nice, but it won’t meet all your needs.
Every estate is unique and requires a review of an individual’s needs and goals to optimize plans for building wealth in life and distributing assets to care for future generations after death. Working with experienced financial planners to appropriately title accounts can help to ensure these goals are met while protecting assets and minimizing tax liabilities.
About the Author:
Scott Montgomery is a director and financial planner with Provenance Wealth Advisors (PWA), an Independent Registered Investment Advisor affiliated with Berkowitz Pollack Brant Advisors + CPAs and a registered representative with PWA Securities, LLC. He can be reached at the firm’s Ft. Lauderdale, FL. office at (954) 712-8888 or [email protected].
This material is being provided for information purposes only and is not a complete description or a recommendation. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. There is no guarantee that these statements, opinions or forecasts provided herein will prove correct.
Any opinions are those of the advisors of PWA and not necessarily those of PWA Securities, LLC. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of PWAS, we are not qualified to render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional. Prior to making any investment decision, please consult your financial advisor about your individual situation.
About John Knox Village
John Knox Village, set on a scenic 70-acre campus, is South Florida’s leading life plan or continuing care retirement community, celebrating 57 years of excellence.
JKV offers a comprehensive approach to retirement with a continuum of care including independent living, assisted living, memory care, and skilled nursing. Our elegant residences, vibrant community, and extensive amenities—including an Aquatic Complex, diverse dining options, fitness centers, and cultural activities—ensure comfort and promote enrichment.
Our caring team is committed to providing personalized support in a life plan community, delivering peace of mind for residents and their families.
Interested in learning more about John Knox Village? Contact us today for a no-pressure conversation with a Life Plan Consultant, or to schedule a visit.
GAZETTE ACE – September/October 2024
Enjoy the latest edition of the Gazette ACE, a digital flipbook that showcases the best of John Knox Village’s Arts, Culture, and Entertainment!
Stay Hydrated During the Heat
By Lucette Talamas, MS, RD, LDN
While some people face the heat only in the summer, Floridians are exposed to heat year-round with an extra high dose during the summer months.
Keeping hydrated is vital for our health. Staying properly hydrated can be challenging, especially for older adults. Thirst sensation is like a defense mechanism for the body to replenish water. However, the thirst sensation is often reduced in older adults. Therefore, it is not advisable to wait to drink water until one feels thirsty. Rather, aim to start your day with some water and continue throughout the day.
Dehydration is the loss of two percent of body weight due to fluid loss. For someone who weighs 150 pounds, that’s about three pounds. Dehydration symptoms include feeling very thirsty, dry mouth, urinating and sweating less than usual, dark-colored urine, dry skin, fatigue and dizziness. Dehydration can cause health issues and is a leading risk factor of urinary tract infections, which can also lead to other complications.
Dehydration is preventable. The best and most practical indicator of hydration is your urine color. Aim to maintain a pale-yellow color throughout the day.
Water is the primary choice for hydration. You may be wondering: How much water do I need? Individual water needs vary based on factors such as health conditions, heat and humidity, sweat loss through physical activity and illness such as fever, diarrhea or vomiting. About 19 percent of water intake comes from food. The Institute of Medicine recommends the following for adequate intake:
Men: 3.7 liters (16 cups) of total water per day, or 3 liters (13 cups) from only water and beverages.
Women (not pregnant or breastfeeding): 2.7 liters (12 cups) of total water per day, or 2.2 liters (9 ½ cups) from only water and beverages.
Foods contribute to water intake, especially fruits, veggies and soups. The fruits and vegetables that have the highest water content are cantaloupe, strawberries, watermelon, cucumber, lettuce, cabbage, celery, spinach, cooked squash, carrots, broccoli, grapes, oranges, pears and pineapple.
Besides water, other beverages that are hydrating can include low-fat milk, unsweetened milk alternatives, herbal teas and low-sodium soups. Sports drinks are intended to be consumed after engaging in strenuous physical activity that lasts at least an hour.
They can also be used to replenish fluids lost from vomiting or diarrhea. People with diabetes should use caution when drinking sports drinks, outside of these circumstances, as they do have added sugars. It is best to limit sugar-sweetened beverages like soda and avoid energy drinks.
Some Tips For Staying Hydrated:
• Never leave home without a refillable, insulated water bottle.
• Prepare a glass of water the night before in your bedroom to drink when awakening the next day.
• Aim for two servings of fruit per day and at least three servings of vegetables – especially the hydrating ones.
• Entice your senses to drink water by changing the temperature – ice water or room temperature – it’s up to you.
• Add a natural flavor enhancer like lemon or lime juice or cucumber slice.
• Coffee can contribute to fluid intake as long as it does not exceed 400 mg of caffeine (about four cups of coffee) per day.
Sources:
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6629391/
https://medlineplus.gov/dehydration.html
https://nap.nationalacademies.org/download/10925#
Lucette Talamas, MS, RD, LDN, is a Registered Dietitian for Community Health at Baptist Health South Florida. Ms. Talamas holds a Bachelor’s Degree in Food Science and Human Nutrition from the University of Florida and a Master of Science in Nutrition and Wellness from Benedictine University. She also earned CDR Certificate of Training in Obesity for Adults and Pediatrics.
About John Knox Village
John Knox Village, set on a scenic 70-acre campus, is South Florida’s leading Continuing Care Retirement Community, celebrating 57 years of excellence.
JKV offers a comprehensive approach to retirement with a continuum of care including independent living, assisted living, memory care, and skilled nursing. Our elegant residences, vibrant community, and extensive amenities—including an Aquatic Complex, diverse dining options, fitness centers, and cultural activities—ensure comfort and promote enrichment.
Our caring team is committed to providing personalized support in a life plan community, delivering peace of mind for residents and their families.
Interested in learning more about John Knox Village? Contact us today for a no-pressure conversation with a Life Plan Consultant, or to schedule a visit.
JKV’s ‘IT’ Guy Offers Technology Preparedness Kit for the “Season”
Jason Cook
Technology Engagement Coordinator, John Knox Village
We are three months into the “season.”
Unfortunately, I am not talking about the season of gifts, although many of the items I’m writing about are actually great gifts. The season I am referring to is hurricane season.
According to the National Oceanic and Atmospheric Administration (NOAA), which is a good place to get information on hurricanes, the season runs from June 1 until November 30. As a tech person who had to go five days without electricity during one of our previous storms, I was traumatized and decided to get some gadgets and make plans to be sure, if this were to happen again, I would be prepared.
Solar Power Bank
The first thing I got was a solar power bank. This device ranges in price from $20 to $200, depending on the size of the battery and other features. This power bank will allow you to charge your phone a few times before the bank needs to be recharged. Since it has solar panels, you are able to charge it during the day even when there is no electricity.
Rechargeable Fan with a USB Plug
The second item I put in my hurricane kit was a rechargeable fan with a USB plug so it would fit in the power bank. This means when I went to bed at night, I would plug in the fan to the power bank and it would have enough power to keep me cool all night between the battery in the fan and the power bank.
Rechargeable AM/FM Radio
The final gadget I added to my kit was a rechargeable AM/FM radio. After the hurricane there is a pretty good chance that there won’t be any internet or cell phone service for a few days. Having the radio will allow you to hear the news and get information you might need.
If you noticed, all of these options do not require regular batteries. This allows you to avoid panic-buying that often occurs when a hurricane is approaching.
Download Some Entertainment
The final piece of advice I would offer to keep yourself entertained would be to download some games, music and movies to your mobile device so that you have something to do even without a signal. If you download these items and store them on your device, you will have access to them even if there is no cell or internet service.
Preparing for storm season by including a few simple tech devices as part of your hurricane kit, you can rest easier knowing you’ll be able to stay as comfortable as possible, and most importantly, stay connected.
JKV’s ‘IT’ Guy
Always an industry leader and at the forefront of innovation, John Knox Village is one of the only senior living Life-Plan Continuing Care Retirement Communities in the nation to provide a dedicated full-time employee to assist its residents with technology issues on every platform from mobile phones and tablets to laptops.
JKV Technology Engagement Coordinator Jason Cook provides residents with personal assistance, as well as classroom-style training. Overwhelmingly, the residents are thrilled and grateful to have Jason on the JKV Team and see the value in the important work he does.
Contact us today to learn more about John Knox Village or to schedule a visit.
Pride Month Resident Spotlight: Terry Colli
Terry Colli moved to JKV with his partner, Jerry Oshinski, in December 2016 and he says that it was one of the best decisions of their lives. Jerry and Terry loved it here, but unfortunately, it was to be short-lived. Jerry passed away in August 2018 after 40 happy years together. As a retired official from a high-level government job as the head of public affairs for the Canadian Embassy in Washington, D.C., Terry remained actively involved in his new JKV community. In 2019 he was recommended by the JKV Resident Senate to become a Resident Board Member, where he still serves today. JKV is shining the Pride Month Spotlight on Terry Colli and his impressive career.
JKV: Where are you from, Terry?
TC: I grew up in a small town (pop. 2,800) on the Canadian prairies. At university, I was attracted to economics, and, after graduating with a B.A., I went on to do a Master’s Degree in economics at the University of British Columbia. Economics was going to be my career when I got a job teaching that subject at the University of Saskatchewan. But two years later the trajectory changed when I got a call to join the Canadian Department of External Affairs in Ottawa.
JKV: Tell us about you and your early career.
TC: A lot of my career can best be explained as serendipitous because I thought I had a plan – but life got in the way. My progress in the Canadian Foreign Service was routine – until I received a posting to Washington, D.C. Once there, I met the man who would be the love of my life – Jerry. But to make this relationship work, I had to find a way to get out of the traditional Foreign Service assignment rotation. With good luck, I discovered that the powers that be were looking to create a permanent position in the Embassy that would do a deep dive into the workings of the U.S. economy. YES!!
A couple of years later, “the fickle finger of fate” was again at work. The Ambassador of the day was without an executive assistant, and suddenly, it was me. Then, the fates really got down to business.
JKV: What do you mean?
TC: It happened that a very important visit to Washington by the Canadian Prime Minister was planned. Suddenly, I was the leader of the Embassy team, preparing all the technical details for the visit. I got the job because more senior players in the Embassy thought I was suitable cannon fodder if things went wrong! But they did not go wrong, and when the smoke cleared, the Ambassador promoted me to the head of Public Affairs – a role I filled at increasing levels of responsibility for the remainder of my career.
JKV: Can you tell us about a career highlight?
TC: A top highlight for me was the “Spirit of Haida Gwaii” project. This was a massive sculpture on the folkways and culture of the Haida Gwaii nation of the Queen Charlotte Islands that was to be placed at the entrance of the Canadian Embassy. The sponsor was RJR Nabisco. A handshake with the artist, Bill Reid, set the deal in motion. But over the course of the next three years the cost escalated from $300,000 to $3 million, and the hand-shaker from the corporation was long gone. Pulling the project back from the brink of disaster took some fancy footwork and calling in lots of favors. But it got done – and we celebrated the installation with 60 members of the Haida nation present to bless the sculpture and ensure its happy life.
Spirit of Haida Gwaii, the Black Canoe, by Bill Reid, outside the Canadian Embassy in Washington, D.C.
JKV: What drew you to John Knox Village?
TC: As my career was ending, Jerry and I decided that South Florida would be a good place to retire. He had already retired a few years earlier and was spending much of the winter here. Unfortunately, soon after, Jerry’s health was starting to deteriorate, and our large house was more than I could manage by myself. After some exploration, our focus turned to John Knox Village, and at the end of 2016, we officially moved here.
JKV: What have you enjoyed as a Resident Board Member?
TC: It has been a very active four and a half years. I am proud to have served through the construction of the Pavilion and Westlake, which are major financial investments. The greatest achievement has been overcoming operating deficits and getting to a stable footing where our operating revenues are covering expenses. I am pleased to say that JKV’s future looks bright!
About John Knox Village (JKV)
For the past 50+ years, JKV has set the bar when it comes to delivering an all-inclusive resort lifestyle designed for living life to the fullest at each stage of retirement. JKV emphasizes fitness and overall well-being with world-class programming, state-of-the-art amenities, healthy and delicious dining, and much more. Residents are entitled to unlimited use of healthcare services and 24/7 healthcare professionals on campus. There are no time or financial limits on the long-term care benefits that residents receive, regardless of the level of care required. Simply put, a life plan contract at JKV provides a fiscal safety net with an unparalleled community geared to a wide range of needs for living life to its fullest at every stage of retirement.
Want to learn more about what John Knox Village has to offer? Contact us today to take a tour, or for a no-pressure conversation with one of our Life Plan Consultants.
