No one wants to think about their own mortality or even the idea that at some point in life we may no longer be mentally fit to make our own decisions anymore. However, the aging process is a fact of life, and these matters need to be considered. How can you help an aging parent before a situation arises where he or she can no longer make sound medical or financial decisions?
Executing the Right Documents to Protect an Aging Parent
The best thing to do is to take time now with your parent to discuss these decisions. Then execute estate planning documents that allow you to carry out your parent’s wishes should he or she become mentally incapacitated.
A Trust can be vital even in the case of temporary incapacitation so that you can make the needed decisions and carry out your parent’s wishes as outlined in the estate planning documents and through your previous verbal communication.
Documents such as an Advance Health Care Directive let you know what your parent’s medical wishes are. If your parent doesn’t want to be kept alive on machines for years if death is a medical certainty, stating so in such a document can relieve you of the guilt of giving the order to turn off the machines. HIPAA Authorization is also important. It will be difficult to make medical decisions if your parent’s healthcare provider cannot legally share relevant information with you.
Assistance in Executing Estate Planning Documents that Benefit Families
Families are important to us at Petrov Law Firm. Helping families to understand how estate planning works and helping people to execute documents properly is just one of the things we do for our clients. Contact us today at 619-344-0360 to get started.Read More
When you create an estate plan, most people take children into consideration. However, parental care is a serious issue, and many elderly people rely on adult children to help them maintain a dignified existence.
Start by asking your parents if they will have sufficient funds to live in their own home when they retire. Because the cost of a maintaining a home will use up at least one social security check, your parents may need to rely on you if they don’t have any additional retirement funds.
Work with your estate planner to assign some portion of your estate to your parents. Of course, if your have a spouse and children, dividing the estate between generations could cause serious conflict before or after your untimely passing.
Your estate attorney will be able to help you build a portfolio of life insurance and financial contingency plans to ensure that everyone in your family has financial resources. For example, you could create a plan that would pay-off the mortgage on both your home and your parent’s home if you passed away.
If you have (or will have) a single, elderly parent, you should assume he or she will eventually need your help. Once a single parent develops a chronic illness, you will be called upon to help. Work with your lawyer now so these financial eventualities are addressed before they become an impossible burden.Read More