Statistics suggest that almost one out of two persons who are age 65 and older will require some type of specialized health care during their lifetime. Yet many of us believe that although the person sitting next to us in church may require such care, it won’t happen to us. Consequently, many of us fail to complete even the most basic planning for the later years of our life. Do you want to change that in 2005? Here are five planning steps to consider to launch your planning:
1. Complete or Update Your Will or Living Trust. You may be surprised to learn that the majority of persons sitting in the pews do not have a Will or Living Trust in place. If you don’t have a Will or Living Trust, take that first step and locate an estate planning attorney in your area and make an appointment. If you do have a Will or Living Trust in place — congratulations, you are in the distinct minority! Be sure to regularly review your document to be certain that the plan is up to date with the amount and types of assets that you own, with your family circumstances and with your charitable giving desires.
2. Appoint an Agent for Financial and Health Care Matters. Some of us will reach a point in our lives where we will require assistance in managing our financial affairs or in making health-care decisions. A Power of Attorney is a simple document that allows you to designate a person or persons who have the legal authority to assist you as and when needed. Without this simple document, your family may be required to go to court to obtain a guardianship should you require that assistance.
3. Consider a Living Will. Would your family know your wishes if you were in a terminal condition and could not otherwise speak for yourself? A Living Will is a document in which you express your own desires for receiving end-of-life health care if you are unable to communicate those desires at the time. In many states, you may also designate a “surrogate” in your Living Will to advocate for your end-of-life care needs in accordance with your expressed desires.
4. Explore Long-Term Care Insurance. With the costs of long-term care continuing to climb and the uncertain future of government programs such as Medicare and Medicaid, many of us should investigate the costs and benefits of long-term care insurance. While long-term care insurance is not for everyone, many persons in their 50s and early 60s are surprised to find that it can be affordable and can provide for a broad range of long-term care options — including home care and assisted living.
5. Discuss It with Your Family. Despite what many of us believe, the majority of care that we need as we grow older is not provided in a nursing home, but provided in our own home or in the home of a family member. In fact, it is estimated that there are more than 44 million persons in the United States who are providing care to a family member or friend. It follows that perhaps the most important planning step any of us can take is to simply take the time to sit down with those whom we love and to talk about all of the issues surrounding our aging process. By discussing the “hard” questions as a family or with our friends we can often develop plans that most reflect our values and desires and which also take into account the needs and preferences of our family and friends.
So what do you say? Are you willing to take at least one step in planning for your own aging journey — and particularly for possible long-term care needs in your future or in the future of someone that you love? May your planning journey begin today – and may God bless your planning.
Disclaimer: The information contained in this brief outline is not intended to constitute legal advice and should not be relied upon as such. Persons should consult legal counsel or obtain other professional advice in undertaking estate and long-term care planning.
Brian Black practices law in Lititz, Pa., and attends the Middle Creek Church of the Brethren. He also serves on the Association of Brethren Caregivers Board.
Sidebar: Planning
I would like to talk with my loved one about what will happen as his health deteriorates. As he loses certain abilities, we’ll have to make decisions about everything from living arrangements to perhaps legal guardianship, but I don’t know how to bring up these matters with him.
I know it’s hard for him to face the inevitable changes coming. It’s hard for me, too. Yet I want to avoid the consequences if we don’t deal with these matters now while he’s still able to. I could sit down with him and ask him to do me a favor. Then I could say, “I’d like you to think about what might happen if ….” He may find the subject too unsettling to talk about at first so I won’t push it, but I can try again later. I can tell him I realize how hard these matters are to talk about but that his opinions and decisions are important to me.
I want help in making plans and
I ask for it clearly and compassionately.
From Daily Comforts for Caregivers by Pat Samples. Copyright © 1999 by Pat Samples. All rights reserved. Reprinted with permission of Fairview Press.
(Fairview Press is offering Daily Comforts for Caregivers at a 20 percent discount with free shipping by calling (800) 544-8207 and mentioning this special offer.)