Have you spoken with your parents about the possibility that they may require a nursing home in the future and how they will afford it? Are you wondering how you can assist your parents in their planning? By having these important conversations with your parents now, you can assist them in getting a plan in place to meet their wishes and protect their finances. This can remove some of the stress from the situation, when the time for a nursing home comes.
When you begin to talk with your parents about a nursing home, find out if they want to stay in their home or do they want to be placed in a nursing home? Some people want to remain in their home at any cost, whereas other people may see a nursing home as a more practical option. Perhaps your parents would prefer to have an in-home caregiver prior to being in a nursing home. In this case, it will be important to discuss where you would locate a caregiver and how the caregiver would be compensated.
If your parents decide to enter a nursing home, how will they pay for it? Medicare may cover a short stay in a nursing home, but beyond that, your parents will need to cover the cost. Long-term care insurance or cashing out life insurance may be options. Medicaid planning can be done to preserve your parents’ assets and make them eligible for Medicaid to cover costs. Part of the Medicaid planning process may require your parents to make decisions about who they wish to bequeath their assets to.
Another discussion to have with your parents is who will handle their financial matters? This discussion is especially important if they were to suddenly have a medical crisis that leaves either one or both parents incapacitated? In this instance, they may need someone to step in and handle their finances. A trust may address this situation, but otherwise, a durable power of attorney can be an important legal instrument to have executed and can allow the designated agent to make important decisions, as well as manage affairs per the authority granted in the power of attorney.
What about their medical care? Who will make those choices of what they want to receive and do not want to receive? Have your parents make these decisions early and it will allow for the execution of a living will and health care surrogate, which can help assure your parents’ dignity is preserved and their treatment decisions honored.
Most importantly, assist your parents in locating a qualified Florida elder law attorney. A qualified Florida elder law attorney can assist them with the necessary long-term care planning. You can be a tremendous help to your parents by helping them find an attorney and gather the necessary documents they may need.
At the Perlin Estate Planning & Probate our credentials enable us to provide a multi-disciplinary approach to our legal services. By building relationships with our clients, we are also able to understand each client’s needs and desires, and we support such goals through thoughtful, comprehensive planning techniques. We encourage you to contact us and schedule a meeting.