Most of us understand that everyone can benefit from a simple estate plan. After all, a will is the appropriate method to nominate guardians of minor children even if little financial wealth has yet been accumulated.
We might then believe that planning for long-term nursing home
care is a concern only for the elderly.
In fact, chronic long-term care can be emotionally, physically, and financially challenging for the entire family. Having a plan in case of a health care crisis can therefore benefit the extended family.
But how does an adult child raise this topic with aging parents without appearing intrusive, paternalistic or, worse yet, greedy? A Caring Conversation workbook is available for a nominal charge by contacting the Center for Practical Bioethics by phone at (816) 221-1100 or online at practical bioethics.org.
Each adult member of the family should complete a workbook to capture their individual wishes. The workbook asks you to answer some important questions and guides the family into meaningful discussions.
What are Options for Long-Term Care?
Every estate plan should include a will, a durable health care power of attorney, a durable general power of attorney (for financial and business matters), and a living will or written statement regarding the individual’s end-of-life wishes.
A revocable or irrevocable trust may also be appropriate for some individuals. You must also decide on the most appropriate person(s) to name as your agents.
Some people will name family members and others will name corporate agents like banks or trust companies.
You may want to name family members for the personal health care matters and a bank or trust company for the financial matters, or you may want to name a bank or trust company as a backup for family members.
While family members may not want to charge a fee, the financial tasks can be tedious and time-consuming. A trust company understands fiduciary duties and has investment experience.
There are many options available to express an individual’s wishes, and long-term care insurance should be considered part of a good life and estate plan. In short, documentation of your wishes can be the key to successful planning.
Why Plan for Long-Term Care?
First, having a plan in place helps ensure that your individual wishes are carried out. It also saves time, energy, and resources for you and your loved ones. A durable power of attorney coupled with caring conversations is a substitute for court-ordered guardianship and helps maintain confidentiality.
About the National Academy of Elder
Law Attorneys (NAELA)
NAELA, founded in 1987, is a national association of elder law attorneys devoted to the education and training of attorneys who can meet the needs of senior citizens and people with disabilities, and who advocate for the needs of such individuals.
While NAELA elder law attorneys work one-on-one with clients in their local areas, as an association NAELA also examines and advocates on national public policy issues facing the elderly in America, including long-term health care, planning for retirement, estate planning and probate, guardianship and conservatorship, health care decision-making, and elder abuse and neglect. For more information, please visit naela.org