INDUSTRY INSIGHT
ELDER CARE
ELDER LAW PLANNING FOR LOVED ONES AND HOW TO START THE DISCUSSION
During this holiday season , hopefully we are able to gather again with loved ones who we may not have seen in quite a while . Oftentimes , these visits can be a wake-up call for families who discover that their loved ones might be showing the accelerated effects of normal aging , dealing with some cognitive decline or are experiencing a full-on crisis .
Talking about elder care planning can be an extremely difficult and emotional discussion , but it is an essential conversation that every family should have .
If visiting with your parents around the holidays inspires you to try to get their ( or other family members ) “ ducks in a row ,” the following tips can help you in starting a thorough and respectful discussion about these difficult topics and prepare you for the road ahead .
1 . Plan What You Can Discussing one ’ s estate plan and all that it entails is not something that should happen without advance planning . You should first make a list of topics and questions , and then convey the specific areas that you would like to discuss with your loved ones . It is important to remember to use language that is respectful and supportive , and if needed , take a breather when emotions are running high or the stress of the discussion becomes overwhelming .
2 . Identify Key People There are several key people that you may need to contact for estate planning purposes . Ask your parents for the names
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and contact details of their attorney , financial advisor and / or insurance brokers .
3 . Address the Topic of a Will
Determine whether there is an existing Last Will and Testament in place , and if so , whether that document is up to date . Ask where they keep their important documents and confirm who they have appointed as the personal representative of their Will . The same goes for any trust that may have been created , along with the identity of the appointed Trustee .
4 . Talk About the Power of Attorney
Determine if your parents have appointed someone to manage their financial and other affairs if they should become incapacitated . If they haven ’ t given someone power of attorney , strongly suggest that they consider doing so . We often say that this is the most important document a person can have .
5 . Discuss End-of-Life Wishes
Even though the subject may be uncomfortable , you should discuss your parents ’ end-of-life wishes with them . Their estate plan will be incomplete without these directives and so it is important to include them . You should discuss their wishes regarding the withdrawal or termination of life support under specific conditions , such as your parents becoming terminally ill , comatose , or entering a vegetative state . Additionally , discuss any specific funeral or burial concerns .
6 . Ask About Insurance Policies
Talk about the type of insurance policies in place ( e . g ., health , life , disability and long-term care insurance ). It is also important to determine whether they have some old life insurance policies in place since their childhood , since such documentation may be limited .
7 . Discuss Other Financial Matters
In addition to subjects such as power of attorney and insurance , have your loved ones make a list of their accounts – financial accounts such as bank and mutual fund , credit accounts , and store accounts . They may hesitate to give this information , but even if they are not willing to disclose account balances , having financial institution names and types of accounts will be extremely valuable .
Estate planning conversations are tough no matter how you tackle them . Try your best to be patient with your parents and transparent with other family members about what you ’ re doing . Finally , remember that an experienced Elder Law Attorney is the best person to guide you throughout this process .
Colleen Bratkovich is a partner of the elder law and estate planning firm , Zacharia Brown PC . The firm focuses its practice on Medicaid eligibility , Veterans Benefits planning , estate administration , and estate planning including wills , powers of attorney , living wills , and trusts . Pittsburgh-area office locations include McMurray , McKeesport and Wexford . Contact information – Phone : 412.751.5670 . Website : www . PittsburghElderLaw . com . E-mail : colleen @ pittsburghelderlaw . com .
PETERS TOWNSHIP ❘ DECEMBER 2021 / JANUARY 2022 41