Elder Care Planning

By
Real Estate Agent with Keller Williams Realty - Topsfield, MA 92593-B

Autumn is fast upon us. Summer 2014 is in its final days. Soon the trees will be shedding their leaves and the lawns will be prepared for the winter months until all is new again in the Spring. For some reason this brings about thoughts for Elder Planning in healthcare & finance. Ya think it could be that a certain you-know-who will be 66 years old in January and needs to take action in those areas that many of us tend to procrastinate on? Elder Planning. Some months ago I received the following information from Framme Law, a company my wife and I engage to provide information and advice to us on different subjects. I hope you find it useful. 

 

6 Legal Tips to Help You Plan for Aginghttp://www.frammelaw.com/uploads/images/aging.jpg

Elder care planning can be emotionally exhausting, especially when coupled with a health crisis. Estate planning, Medicare and health care planning are complex legal issues and involve a number of different laws and regulations that vary from state to state. The following information offers a general overview of the subject.

  1. Start Planning Early – Most of the dificulties families face while dealing with elder care planning are due to an unexpected health crisis. Careful planning is extremely difficult when there are urgent health care needs to be met. Discuss your wishes and develop a plan for the future when everyone is healthy and of sound mind.  Click here to read an excellent article from the Mayo Clinic about the benefits of early planning.

  2. Power of Attorney (POA) – A General Durable POA can be an invaluable tool when you are no longer able to make important financial and personal decisions. A POA grants an agent that you select the power to make those decisions for you. A POA cannot be legally executed if the individual granting power is no longer mentally sound. It is vital to have the document drafted and executed before issues arise. Also, make sure you trust the individual you are granting power to under a POA. In the wrong hands, a POA could allow an unprincipled agent to mismanage or even steal assets.  

  3. Medical POA – A medical or health care POA grants power to an agent for medical decisions only. Discuss your medical wishes with family members, your agent and doctors. Click here to read more about the benefits of having a living will or medical POA.

  4. Execute a Will One of the most important ways to protect your assets and wishes is to execute a will. You may even want to develop a trust. Talk to your attorney about your needs. 

  5. Medicare – Costs for prescription drugs, medical equipment and nursing home or in-home healthcare can be extremely expensive. Medicare may offer assistance, but it is important to understand income and asset limits as well as any other eligibility requirements. Planning before a costly health crisis will help protect your assets and ensure coverage. Visit the Medicare website to learn more about coverage, find forms and determine eligibility.

  6. Nursing Home Care The decision to enter assisted living or nursing home care is a difficult one. There are many issues to consider such as quality of care, cost and distance from loved ones. Nursing home contracts may also be complicated. Have your attorney review the contract with you and discuss the details. The National Clearinghouse for Long Term Care Information offers details on planning and paying for long-term care. Click here to visit their website.

I hope you find this information useful. These are areas that need review and updating, if necessary, each and every year.

 

Posted by

I pray that God our Father and the Lord Jesus Christ will be kind to you and bless you with peace

2 Thessalonians 1:2

 

Doug Dawes REALTOR®, AWREP, LMC

Broker Sales Associate

KELLER WILLIAMS REALTY - Topsfield/Newburyport

49 Main Street
Topsfield, MA 01983
 978-887-3995  ~ Office
 978-270-3037  ~ Cell
 DougDawes@KW.com

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Rainmaker
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Pat Champion
Coldwell Banker Camelot Realty - Mount Dora, FL
Call the "CHAMPION" for all your real estate needs

Great post this gives great advice for any family. Thanks for sharing the tips have a great afternoon.

Sep 09, 2014 06:25 AM #1
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Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

@Pat - I am glad you found the information useful

Sep 09, 2014 06:29 AM #2
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Doug Dawes

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