End of Life Planning for Seniors
One of the main challenges in planning for long term care is failing to inform your loved ones about the orderly distribution of your property after death, and also failing to inform them of what to do when you are unable to handle your affairs.
Your care advocate will represent your main interests. This can be a child, caregiver, a trusted advisor, an attorney, or a friend. These individuals are important when arranging to fund for services, making caregiver decisions, coordinating care or arranging services. Sometimes these individuals can be responsible for your power of attorney. Therefore, only choose those you trust because some of your information will be financially sensitive. Estate planning from an elder law attorney or a qualified estate planning financial advisor who specializes in estate planning can design documents for you that will help in the orderly transfer of property and assets to the next of kin.
Important Documents You Should Have
Most estate planners today are adding end-of-life documents or final directives such as powers of attorney, living wills, and special medical directives. Sometimes, these documents are considered as secondary to the transferring of property or assets. Unfortunately, such documents are important to family caregivers providing care to an elderly loved one.
Your estate planner should also be more involved in the planning process for your long term care by providing assistance in the production of a long term care plan. This means that your advocate should also hold meetings with potential caregivers and checklists or instructions for these individuals. Most seniors often overlook this important aspect of planning, which is also referred to as “life resource planning”. Likewise, you and your loved ones should insist on careful planning for your long term care during the estate planning process.
Below are some other vital issues that you should consider for end-of-life planning:
- Plan for incapacity
- Provide detailed instructions for guardianship of minor children in the event of death.
- Distribute your property to specified beneficiaries and determine who gets what in advance
- Choose trustees or executors for your estate
- Provide for elderly parents, disabled adult children and other relatives
- Do everything possible to reduce charges for transferring your property
- Avoid taxes through revocable trusts and donate to charities
- Make funeral arrangements to ease the pressure on your family by purchasing a funeral trust.
- Reduce federal and state taxes
- Pre-plan for Medicaid
- Have a clear and orderly plan on the transition of your business ownership
It’s advisable to be well prepared for your later years; it helps ease the pressure on friends and family members and also helps you to get the best care with no misinterpretation regarding your final desires and wishes.