If you were ever a Boy Scout or Girl Scout, you remember the motto: Be Prepared.
That motto still makes sense: be prepared, especially where your health and your finances are concerned.
The following are important issues to discuss with your attorney before a crisis.
I always tell clients that, when considering long-term care needs, they need to consider family dynamics. Are there squabbles or resentments? If so, these will probably intensify in a crisis situation.
Are your legal documents up to date? If so, you're in the minority. In addition to discussing inheritance issues, I always discuss with my clients any changes they may need to make in their will or trust. Family circumstances are always changing - births, deaths, divorces, self-destructive behavior by heirs, second marriages, etc. If your documents aren't appropriate for NOW, they're not appropriate - period!
THE DOCUMENTS - ADVANCE DIRECTIVES, DURABLE POWER OF ATTORNEY, HEALTH SURROGATE, LAST WILL & TESTAMENT, LIVING WILL
These documents have to meet legal requirements, and must leave no room for doubt. And if you try the do-it-yourself approach, they may not be recognized as legal.
ARRANGING FOR FINANCIAL DECISIONS TO BE HANDLED IF YOU CAN'T
If you don't do this, you could be subjecting your family to a long and tortuous Guardianship proceeding in court. And if you don't do it right, you may be disqualified from receiving Medicaid or Veterans' benefits.
FIRST-STEP FINANCIAL ISSUES
How do I pay for long-term care insurance? Many people don't even realize they may be entitled to Medicaid or Veterans' benefits, or other resources.
You'll need to know about community resources, housing options, caregiver options, Care Managers, etc.
No doubt you've got questions. We have the answers.
At the Estate Planning & Asset Protection Law Center, we help people and their families learn how to protect their home, spouse, life-savings, and legacy for their loved ones. We provide clients with a unique education and counseling approach so they understand where opportunities exist to eliminate problems now as they implement plans for a protected future.
We encourage you to attend one of our free educational workshops. Call 800-964-4295 to learn more about what you can do to enhance the security of your family and legacy.