The process of aging is one of the most sensitive topics to plan for in life. Emotions can run hot, and it is easy to become overwhelmed at the thought of planning for end-of-life care. It is, however, essential. For example, with the quickly inflating prices of nursing homes and long-term care, your savings can be quickly wiped out without proper advance planning.
Another issue to consider beyond the realm of finances and assets is the question of your values with respect to healthcare. By taking the time to create necessary legal documents, you can ensure that not only are your healthcare directives respected by appointing the appropriate people as your agents, but also that your values regarding your end of life are respected.
Ask Yourself These Questions:
Have you transferred assets to an Asset Protection Trust? Was that trust established five years ago or is it more recent? Trusts that were established fewer than five years ago prior to an application for Medicaid for you or your spouse create a period of ineligibility for Medicaid qualification.
Do you have a written plan for end-of-life care? Have you signed an advance directive in place which protects your personal values regarding your health? These instructions can be consolidated into a Health Care Power of Attorney, so that one document covers access to your private health care information, health care decisions that need to be made by your agent when you cannot make them, and your end-of-life philosophy and directions.
If you need long-term-care in the future, do you have a plan to pay for it? Without proper planning, the out-of-pocket costs can be astronomically high and wipe out your savings.
Do you have a will in which you name an executor who will handle the administration of your estate after you pass? Consider the best person or entity to follow your will and handle the distribution of your assets to beneficiaries, as well as paying any required taxes.
Discussions of aging and end-of-life can be uncomfortable but estate planning is not about preparing to die — it’s about giving you the peace of mind to really live.
“My wife and I were uncertain of what to do when her deteriorating situation resulted in her being admitted to a nursing home. We knew very little of the issues that could develop and especially the financing required, which was unplanned for by me. Fortunately for us, your office was recommended. Even more fortunately, Tammy Weber was selected as our elder law attorney. Over a series of meetings, she thoroughly explained the entire process. Her presentation of the details in legal requirements, the finances charted out, our questions answered without hesitation and her confident friendly manner, gave me assurance that she absolutely knew her profession. Our trust in attorney Tammy Weber was completely validated. She did outstanding work, and we are completely satisfied with her performance."
John
Unsure About What You Need in an Estate Plan?
Everyone can benefit from estate planning documents, but every situation is different. Figuring out what documents make sense for you can be challenging and confusing. We’ve created this estate planning tool to help you decide.
