Two main components of your aging in place plan are finances and legal matters. The lack of planning in these two areas can be devastating to your well-being and your family’s peace of mind. Obviously, the needs you will have early on and later in life will be different and, the reality is, having those needs met will have a price tag.
There are many financial and legal preparations that you can make, which can benefit not only you and your future situation, but also can reduce the burden on your family or caregivers. In order to see the benefit of this type of planning, ask yourself these questions.
- How will your long-term care be paid for? Who will manage that if you are unable to?
- Who will manage your financial affairs should you become unable to do so?
- Who will be responsible for your personal care, such as medical decisions, where you will live, who will provide care, etc.?
- Who will manage your assets to ensure your spouse or loved on is protected and cared for?
- How will your estate be handled and who will see to it that your wishes are carried out?
Professionals who can help
There can be no replacement for consulting with a reputable and experienced professional in financial or legal matters. Many of the legal and financial issues you will have as you grow older can be planned for and dealt with early. Items such as financial planning, wills, long-term care, trusts, durable power of attorney, living wills, guardianship and others can all be planned ahead of time. We urge you to seek assistance from a certified financial planner and an elder law attorney.
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