Long Term Planning Is Critical Right Now
Today’s COVID crisis has heightened our awareness of the unexpected. If you are over 60, or are caring for a senior or parent, you are no doubt in the midst of crisis management. This can be a tough time, requiring tough decisions, especially if long-term care is required. Unfortunately, many families are not properly prepared to handle a health or financial crisis. But, there are a few things you can do to prepare for the unexpected and ensure that your family and your legacy are also positioned properly. In this article, we’ll discuss why it’s so important to begin the long-term care planning process long before you think you’ll need it!
Many people are unaware of the implications of long-term care, Medicaid vs. Medicare benefits, and how this impacts an individual’s wealth or assets. Often, it is not until a parent or loved one is hospitalized, incapacitated, or in a situation that requires long term care, that these conversations and the implications begin to hit home. This delay can cause a significant burden on a spouse, children, and other family members and may even put the family’s wealth or estate at risk.
We have found that there are some common questions and things you can do to prepare and begin the long-term planning process. For example:
- Do you have powers of attorney for financial & healthcare?
- Do you have a living will/advanced directive?
- Who has information on household finances and healthcare information?
- Do you possess the 4 legal documents your family needs if you become incapacitated?
We have developed a comprehensive checklist for long-term planning which can serve as the ice-breaker for tough, but necessary conversations. You can download the free checklist on our website.
If you need additional guidance, please contact our Maryland Attorneys. Frame and Frame has been serving the legal needs of our community for over 65 years and serve to ease your worries and take the weight off your shoulders.