Do you or your loved ones have an “Aging in Place” Plan?
How many times have you heard the phrase, “People don’t plan to fail, they fail to plan?” Aging in place, enjoying your golden years where and how you want should not be taken for granted. That conversation should be had before it is an issue. It will prevent the emotion factor, adult children arguing over what mom or dad “Would have wanted.”
Some will prefer and choose an Assisted Living. If care needs are higher, a Board and Care might be necessary. And most, data shows, will prefer to be in their own home, with their decades of memories and familiarity, utilizing In-Home Care.
Each comes with a level of financial planning and preparation. Will savings suffice? Is there Long Term Care insurance to assist? Is a Reverse Mortgage a good fit? Will family all pitch in? Maybe it will be a combination of some or all listed.
The conversation should also include the legal tax aspects of our aging process. Is there an Advanced Health Care Directive in place that will allow someone to speak on your/their behalf for medical and financial decisions should it be needed? HIPAA (Health privacy laws) will prevent doctors and hospitals from talking with you, even if you are family, and will exclude you in the decision process if such documents are not in place. And I highly recommend a Family Trust or Estate Plan so you are not blindsided with unnecessary taxes and you can pass your assets on to your loved ones. And, please, see a seasoned Elder Law attorney who knows the nuances, it is not a cookie cutter process.
Unfortunately, the golden years are not always what we’d hoped they be, don’t let being unprepared exacerbate the issue.
Myles McNamara is the owner of Comfort Keepers In-Home Care, and can be reached at 661-287-4200
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