People wait to plan for the days when nursing home care might be needed. That’s understandable; we resist thinking about a stage in life that may never come. But it’s wise to plan in order to ensure care will be provided if necessary. If care is not needed, planning allows more of a legacy to pass on.
We recommend that you:
- See an attorney with experience in elder law matters.
- Meet regularly with your financial advisor.
- Keep your family updated on your estate plan.
Some people are uncomfortable with informing family members about their estate plans. A discussion with adult children might begin, “Don’t freak out. We’re not going anywhere soon. This is what responsible people in their 60s do.” Then, review your estate planning documents with your family, including power of attorney, appointment of health care representative, living will declaration, etc. Share a copy of your last will. Let your family know your wishes well before you pass away. If you do, you are likely to have even greater peace of mind!
This article is for information purposes only and is not intended to constitute legal advice.
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Appointment of Health Care Representative – July 20, 2015
How Does the “At-home Spouse” Make Ends Meet? – May 10, 2017
Applying For Medicaid To Pay For Nursing Home Care – July 21, 2016
How Do We Protect Our Retirement Money? – February 9, 2020