Denton County Living Well Magazine January/February 2020 | Page 39

NEW YEAR’S CHECKLIST
T
hroughout history, the New
Year has always been
representative of a new
beginning. Every January
1st presents us all with the
opportunity to take an inventory of
last year’s resolutions and recommit
ourselves to a new set of goals.
After spending time reflecting and
reminiscing with family, many will
add “getting affairs in order” to their
list of aspirations for 2020. Many
people think only of a Will when
contemplating the legal documents
necessary to protect their future.
However, there are more documents
and considerations in developing a
well-rounded estate plan. Every
estate plan ought to include
the following documents:
✔ 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 
✔ Will
✔ Long-term Care Insurance
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 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.
In addition to the essential legal
documents listed above, another
planning area that warrants early
and informed consideration is
preparing for the cost of funding
long-term care. Long-term care differs
from other types of healthcare, in
that the goal of long-term care is
not to cure an illness, but to provide
an individual with support so they
can maintain an optimal level of
functioning. Some people want
to stay in their homes as long as
possible and bring in outside help
to make that possible. Others want
the freedom from home maintenance
that a senior residence community
offers. There are a wide range of
living arrangements for seniors, from
retirement communities to assisted
living facilities to skilled nursing
By Leu & Peirce, PLLC
facilities. There exists a long-standing
myth that Medicare will cover all our
healthcare needs, including the cost
of long-term care. The reality is that
Medicare provides support only in
limited situations. Notably, Medicare
does not pay for assisted living,
memory care, or long-term custodial
care in skilled nursing facilities.
Some people are fortunate to have
the ability to private pay for long-term
care, which ranges from $3,000 to
$16,000/month in the Dallas-Fort
Worth area. Others have long-term
care insurance (an insurance policy
designed to cover long-term healthcare
expenses that are not covered by
health insurance or Medicare).
However, long-term care insurance
may not be available if you have
certain existing health problems,
and the costs and premiums can
rise as you age. Therefore, it
is important to investigate the
availability of long-term care
insurance as early as possible.
If you cannot qualify for long-
term care insurance, there are
financial options that may fit
your circumstances and provide
similar coverage. Professionals
who work primarily with seniors,
such as Elder Law attorneys, can
often provide connections to a
community of support agencies
and other professionals who
may be of assistance to you as
you explore your options.
This year, resolve to take the time
to craft a thoughtful, and thorough,
estate plan. Educate yourself on
your options, and seek qualified
professional advice on legal
documents, healthcare, insurance,
and financial planning. A little
planning now goes a long way
towards ensuring that you and
your loved ones are protected, no
matter what the future holds.
Lori Leu, Erin Peirce, Lauren Olson, Laura Chavero, and Zachary Stubblefield are Elder Law
Attorneys with Leu & Peirce, PLLC in the North Dallas area. They can be reached at 972-996-2540.
DENTON COUNTY Living Well Magazine | JANUARY/FEBRUARY 2020
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