Elder Planner Finds Loophole, Rescues Senior's Retirement.

MONSEY, N.Y.--(BUSINESS WIRE)--Oct. 16, 1998--After attending his workshop for seniors, it took nearly three weeks for the 82-year-old grandmother to call financial planner Sidney Abramowitz.

"She thought I only worked with the very affluent," smiles Abramowitz. "She didn't think she'd qualify for my help. In fact, if she hadn't been in such a desperate situation, I might not have ever heard from her."

The woman, a holocaust survivor with almost no liquid assets, was worried about the expenses of nursing home care and had attended one of Abramowitz's "Seniors' Money Survival Workshops." As he explained to his audience how a little education and planning could lead to enormous savings, the numbers had seemed too large to apply to her. All she needed was an extra $300 each month.

After the phone call, Abramowitz began looking for a way to help. Since she still owned her house, he arranged a loan specifically reserved for the elderly: a reverse-equity home loan. Now, she receives the money she needs and doesn't pay anything back. Her inheritors will get the property as part of the estate, and pay back the loan at an incredibly low interest rate.

Abramowitz represents a new breed of financial planner that specializes in helping the elderly. Seniors are facing higher and higher costs for medical and nursing home care, and many are "outliving their money" and are left with nothing to hand down to their children. Most financial planners do not concentrate on the tax laws affecting seniors, nor are they aware of many of the benefits specifically available to the elderly.

"It really is a shame. The elderly are often passed over or given shoddy assistance simply because they're no longer making the big money that makes a client attractive to financial planners. But many [seniors] still have substantial fortunes, and are in the greatest need of help before their savings fall into jeopardy," says Abramowitz.

A pharmacist in the early 80s, Abramowitz served on the medical committee of several nursing homes. During this time, his mother entered a home and soon became very ill and was sent to a hospital. During her two-week stay in the hospital, the home gave her bed to a new resident and she was unable to return. The resulting battle to have his mother re-admitted awakened Sidney to the problems facing seniors, and he made an effort to understand the laws dealing with senior citizens. In 1988 he became a Certified Elder Planner, and now focuses his attention on helping seniors to avoid the traps that can ensnare an uninformed consumer.

Sidney Abramowitz's Seniors' Money Survival Workshops are free and attendance is open to anyone 60 years or older.

For additional information contact Sidney Abramowitz, Select Financial Services, at [phone].