It’s an inevitable part of life—our parents aging. Beyond the calendar marking the years, signs of their advancing age, both physically and mentally, become more apparent. Witnessing the transformation of our once energetic parents can be an emotionally challenging experience.
This progression might unfold gradually, allowing you to transition into a caregiving role. Perhaps during visits, you notice they struggle with their daily tasks, require assistance with financial management, or can’t keep up as they used to. Conversely, a sudden illness or accident might abruptly push you into this caregiver role, stirring concern for their welfare. There comes a point when the level of care they need surpasses what you can offer, making it essential to consider options like in-home care, assisted living, or even a nursing home. The silver lining? By planning, you can help your parents navigate this phase with ease.
Consider consulting with the McGee Law Firm. They can guide your parents in creating a holistic estate plan, encompassing a Revocable Living Trust, Pour over Will, Financial Power of Attorney, Health Care Power of Attorney, and a “HIPAA” Authorization Form.
The Revocable Living Trust acts as a secure vault for your parents’ assets, allowing you, as the successor Trustee, to oversee these assets if they face any incapacities. Acting as an “Agent” through their Financial Powers of Attorney enables you to manage assets outside their trust, handle their tax returns, and more. Ideally, these documents should include “Medicaid triggers”, permitting you to utilize strategies to help them qualify for Long-Term Care Medicaid, ensuring their assets aren’t solely depleted on medical expenses.
With the Health Care Powers of Attorney, you can make pivotal medical decisions on their behalf if they can’t. A “HIPAA” Authorization Form grants you access to their confidential health care data when necessary.
Should a nursing home become essential, remember to select prudently. Look into factors like distance from you, nursing staff-to-resident ratio, safety measures, and overall ratings. You can get insights into local nursing homes, ratings, and other essential information at www.Medicare.gov/NHcompare.
By laying the groundwork now, you and your parents will be better prepared for any twists and turns the future holds. Trust in a skilled estate planning attorney to design a plan fitting your parents’ specific requirements.
From the desk of Attorney Brandon McGee, McGee Law Firm
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