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 Aging
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.
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.
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 attorneyreview 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.