1. Choosing the right nursing home.

-Search for nursing homes in the area where the loved one wants to live.

-Narrow down the previous results by looking at reviews, comparing the homes on websites such as Medicare, and then visiting the homes in person.

-After all this, pick the the nursing home that best fits all of the needed criteria, including location, cost, and care of residents.

 

2. Dementia and Financial Decisions.

Dementia is growing problem for seniors. In order to prevent unintended mismanagement of money, it is important to put protections in place like power of attorneys and a dementia directive before dementia symptoms can occur. If possible, naming a trusted person to examine finance habits and keep track of financial judgement can be beneficial to prevent mismanagement of money.

 

3. Being in Debt Past Age 60.

Being debt-free at age 60 is a great goal in life!

 

4. Elder Law.

This is a specific type of law that concentrates on the older population. Elder law planning focuses on various long term care options and on what government programs may be available to fund that care. That includes Medicaid and Veterans Benefits.

 

5. Medicaid Planning.

Medicaid is a governmental medical insurance program that is offered to lower income populations. While Medicaid is not specifically for people 65 and older (as Medicare is), it still provides benefits for qualified people of that population such as nursing home care. If you are looking for funds to pay for long-term care, it is advisable to meet with an elder law attorney.

 

6. Medical Power of Attorney.

A medical power of attorney allows the named person to make medical decisions when you are unable to. At least one physicians must declare that you are unable to make your decisions with them for the medical power of attorney to become active (unless you have a Durable POA). In this power of attorney, you can give specific medical instructions such as what treatments to use, hospitals to go to, etc.

 

7. Long Term Care Insurance.

There are many options for long term care insurance. One type combines long term care insurance with life insurance. Others provide benefits to your beneficiaries that are tax-free, if you did not use all of your long term care benefits.

 

8. Special Needs Trust.

In order to make sure that a loved one with special needs is taken care of in the event their caretaker is unable to, whether if they are incapacitated or by death, it a special needs trust can prove beneficial. This type of trust is a supplement to governmental funds and the funds that create it are tax-deductible. Since Medicaid does not cover all costs, the trust can help pay for those costs not covered.

 

9. Protecting Your Business with an Estate Plan.

For every type of business it is important for it to be protected. See an experienced attorney that handles business planning.

 

10.  Estate Planning for Disability and Substance Abuse Beneficiaries.

-Including disability while estate planning can not only detail who and when someone can be declared as disabled, but also how the person wants to be taken care of when they are disabled and who can make decisions and managing issues once they are disabled.

-In the event that a loved one is suffering from a substance abuse problem and you want to leave them an inheritance but are concerned on how they will spend it, there are multiple options in terms of trusts. One option is to name a co-trustee so the loved one cannot make a financial decision using their inheritance without agreement from a second person. Others are creating an incentive trust or a wholly discretionary trust. The first allows distributions to be made only when specific accomplishments are met. The other makes the trustee completely in charge of distributions for the loved one.

 

11.  Protect Your Estate Post Divorce.

-Update any power of attorneys so an ex-spouse cannot make any decisions for you if you are unable to (i.e. medical or financial).

-In the case of a revocable trust, update it to make sure your ex-spouse is not a trustee or beneficiary.

-If you have minor children, assign who will be their guardian in the event you or your ex-spouse pass away.

 

12. Considerations on Second Marriages.

Consider how your family gets along, your children's financial habits, and more when estate planning in your second marriage. You can keep your assets separate or together, and you can leave assets equitably or not depending on these circumstances. Your estate planning attorney may be able to point out certain scenarios you should consider.

 

13. Estate Plans for Singles with no children.

It is important for a single with no children to have an estate plan so that people they trust, not the courts, can make decisions for them and for their estate. In the case you are incapacitated and cannot make decisions for yourself, medical and financial power of attorneys ensure that a distant relative or stranger is not making decisions for you. With proper planning, you can ensure that any partner or friend who is not blood related can inherit your estate and not a distant family member or one you had a negative relationship with.