Collin County Living Well Magazine January/February 2018 | Page 15

By Leu & Peirce, PLLC
T
he New Year is a time for fresh
starts and optimistic outlooks.
After seeing family over the
holidays and contemplating
the future, many will add
“getting affairs in order” to the New
Year’s resolution list. Including the
following necessary documents in
your estate plan will help ensure that
your affairs are in order, and will help
protect you and your loved ones, no
matter what the future holds:
✔ Durable Power of Attorney
✔ Medical Power of Attorney
✔ Directive to Physicians and Family or
Surrogates (Living Will) 
✔ Authorization to Release Medical
Information  (HIPAA Authorization)
✔ Declaration of Guardian 
✔ Last Will and Testament 
✔ Long-term Care Insurance
Many people think only of a Will when
contemplating the legal documents
necessary to protect their future.
However, there are more documents
and considerations involved in
developing a well-rounded estate
plan. This is particularly true for the
documents that protect you during your
lifetime. Although often overlooked,
a Durable Power of Attorney and a
Medical Power of Attorney are critical
parts of long-term care planning, since
they designate the person or persons
who will be acting for you in the event
you are unable to handle your own
financial and health care decisions.
Without these documents, no one,
not even your spouse, is legally
authorized to handle your finances or
make medical decisions for you.
Your estate planning documents are
extremely powerful and should be
executed after great contemplation.
The people you appoint to act on your
behalf as your agents should be those
you trust fully to handle your affairs
now, as well as when you cannot
handle them on your own. If you do
not trust the person you have named
to act for you right now, be careful
about naming that person to act for
you when you are incapacitated.
Often people prefer to appoint
spouses, adult children, or other family
members as agents to keep affairs
private and to avoid hurting feelings.
However, appointing a family member
may not always be the best option.
In all cases, signing estate planning
documents should be done only after
deep reflection as to the abilities and
trustworthiness of each candidate.
Another often overlooked aspect to
long-term care planning is preparing
for the cost of funding long-term care.
Americans are living longer than ever
and the cost of care in the final years
of life has risen dramatically. Long-term
care differs from other types of health
care in that the goal of long-term care
is not to cure an illness, but to allow an
individual to maintain an optimal level
of functioning. There exists a long-
standing myth that Medicare will pay
for all health care needs of seniors,
including long-term care. The reality is
that Medicare provides support only in
limited situations. At most, traditional
Medicare with a Medicare Supplement
will cover 100 days of rehabilitation in
a skilled nursing facility. The next step,
which is known as custodial care,
requires affirmative action on the part
of the patient, or their agent, to secure
payment for continuing long-term care.
Although not a part of the standard
estate planning process, a long-
term care insurance plan should be
considered to help ensure that you
have good options for quality care.
While long-term care insurance is not
for everyone, investigation into your
ability to qualify and pay for such
insurance is important. If you cannot
qualify for long-term care insurance,
there are other financial options
that may fit your circumstances and
provide similar coverage. As with any
plan you make for the future, putting
it in writing and sharing it with family
members helps eliminate confusion
when the time comes to put your plan
into action. For a better understanding
of your funding options and to find an
elder law attorney in your area go to
www.naela.org.
Resolve to plan for your future, today.
Traditionally, a New Year’s resolution
is a promise to accomplish a personal
goal or otherwise improve one’s life.
Make your future a priority and check
these items off your resolution list,
so that you can enjoy a fresh and
optimistic start to your New Year.
Lori Leu, Erin Peirce, Lauren Olson, Laura Chavero, and Brisha Gardner are Elder Law attorneys with Leu & Peirce,
PLLC located in Plano, Texas. They can be reached at 972-996-2540.
COLLIN COUNTY Living Well Magazine | JANUARY/FEBRUARY 2018
13