3 Tips on What to Look For When Visiting Relatives During The Holidays
Are you planning to discuss long-term care with your parents during the holiday season? What exactly is long-term care planning? The National Institute on Aging defines long-term care planning as steps to meet a person’s health or personal care needs during a long or short period of time. With the help of these services, people may be able to live as independently and safely as possible, even though they can no longer perform everyday activities on their own.
Both personal wishes and financial means impact the type of estate planning best suited for a person. The following three tips may be helpful to discuss with your parents this holiday season to determine what type of long-term care planning may be best for them.
Tip #1: Determine where your parents want to live.
Your parents will need to decide whether they want to live in assisted living or do they want to remain in their home, no matter the cost. There may need to be remodeling done to their house to make it safer and easier to move around so that they may remain in their home as long as possible. There may also need to be a discussion about part-time in-home care help or possibly having a family caregiver move in with them or make daily visits.
Tip #2: What about the cars and driving?
Do your parents still safely operate their car? As delicately as possible, ask them about driving. Have they been feeling anxious about driving? Have there been any car accidents, even minor ones? These can be signs that it may be time for your parents to stop driving and discuss alternate means of transportation.
Tip #3: What about costs and who is in charge of the money?
If your parents suddenly need a nursing home, how will it be paid for? Medicare may cover a short stay in a nursing home, but beyond that, your parents will need to cover the cost. Do they have the money or long-term care insurance? Medicaid planning may be done to preserve the assets of your parents and make them eligible for Medicaid to cover the cost. Speaking of costs and money, who have your parents put in charge of their financial matters? As people age, they are more prone to a medical event, such as a stroke, which may leave them mentally incapacitated without warning. A durable power of attorney can be an important legal instrument to have executed and will give the designated person access to bank accounts, pay bills and allow them to make financial decisions. Ask your parents about what plans they have in place for the management of their affairs in the future.
The single most important action you can do for your parents is to assist them in hiring a qualified elder law attorney. Once you have had the conversation with your parents regarding long-term care planning, you and your parents should locate and hire a qualified elder law attorney to begin to develop a long-term care plan.
Knowing that there is a long-term care plan in place, your parents will be able to enjoy their golden years. Our office is here to handle your estate planning needs. Contact our office today to schedule a meeting.