When searching for a location for your aging loved one , it ’ s important to consider cost . The costs associated with such close care are significant , but cover housing , transportation , housekeeping , meals , and utilities , and additional fees may be incurred for other activities or amenities . It ’ s important to understand what all is covered . There are some options available to save on costs for assisted living such as VA benefits and certain life insurance plans , and Medicaid and Medicare could assist in paying for care .
Elder Law
Having a legal professional assist in elder law planning will set you and your loved ones up for success in later years . Elder law planning helps ensure that seniors are financially prepared for their aging care and often helps navigate the complex legalities of state and federal regulations regarding their aging care decisions . Attorneys who specialize in this type of law aid in anticipating future medical needs , financially preparing for long-term care solutions , protecting assets from Medicaid spend-down , and can assist with qualifying for long-term benefits .
When aging parents or loved ones are deemed incapable of making responsible decisions on their own , they may have a “ guardian ” appointed to make decisions for them , as granted by the court . This guardian will take ownership of decisions including legal , financial , and health care and can work closely with an elder law attorney to make sure the loved one is well cared for . There are also alternatives to guardianship should a person be able to make some decisions , including power of attorney , representative , conservatorship , or revocable trust . These options should be considered , if possible , as they are less restrictive to the aging individual than guardianship .
Creating a relationship with an attorney early on in your elder care can allow you to gain trust and a mutual understanding
of your wishes as you age . This professional will be most apt to provide you with the knowledge you need to navigate the challenging waters of elder law .
Estate Planning
No matter your age , you should be prepared for what will happen to your assets should you die . Focusing on wills and trusts , estate planners can assist you in laying out a road map for your children , pets , home , and other assets to ensure that everything is taken care of the way you intended . Estate planning starts with a solid relationship with an attorney who understands your financial state and your wishes for how your assets should be distributed . Estate planning is typically fluid and could change often with births , deaths , marriages , divorces , and other large life events .
Estate planning can also assist you in identifying a power of attorney who could handle your affairs should you be incapacitated , and creating an advance health care directive to name someone who could make health care decisions if you ’ re unable to do so yourself .
Younger families may choose to focus their estate planning on building a living will and naming guardians and trustees should both parents die unexpectedly , while aging adults focus more on estate planning and Medicaid issues . Whatever your circumstances , it ’ s important to find a legal professional you can build a relationship with and trust with your future .
Setting yourself up to be financially sound could make your golden years exceedingly more enjoyable . Knowing that you and your loved ones will be well cared for makes the time and effort you put into researching and educating yourself on the ins and outs of retirement planning , elder law , and estate planning all worth it . n
Aging and Elder Care SPECIAL SECTION
64 724.942.0940 TO ADVERTISE | icmags . com