Once an individual has basic estate planning documents, trusts, life insurance, and wills in place it is important that all beneficiary designations are current and reflect the individual’s wishes. It is very difficult to change beneficiaries once an individual loses legal capacity. It may be too late if a stroke, Alzheimer’s, or other medical issues arise before changes are made.
Powers of attorney and advanced health directives play a large role in legacy planning. The people you will rely on to take care of you in your time of need must have tools in place to do their job effectively. A power of attorney will give family members the legal right to handle your financial affairs, pay bills, etc. When it comes to medical decisions a healthcare proxy (advanced health directive/power of attorney for healthcare) will designate specific individuals or individual to make such decisions on your behalf. In life-or-death decisions a living will spells out the type of end-of-life care you want.
In retirement we all want a long and happy life surrounded by family and friends. We all want to stay in our homes as long as possible, and a thoughtful and thorough plan can make this a reality. Make changes now such as single floor living arrangements and modifying kitchens and bathrooms with the latest safety features and accessibility tools. Today’s smartwatches have incredible technology that can save lives, as do wearable emergency beacons.
No plan is complete without a list of home healthcare providers and assisted living providers at the ready. Things can change very quickly and doing your research on local providers today will save you much time and worry tomorrow if and when such services are required.
Lastly, we all need to plan for the cost of care if needed. Most long-term care insurance policies have an elimination period before coverage begins. Collecting all medical documentation as quickly as possible will help get claims paid quickly. If you don’t have long-term care (LTC) insurance, get some, and the earlier the better. If you don’t plan on having LTC insurance identify assets that can be sold to cover the cost of care. A qualified elder law attorney may be able to assist with qualifying for Medicaid.