Remember, having a Plan in place Before a Crisis, will mean you can manage the situation more calmly – with professionals alongside to help guide you.
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As parents grow older, a health crisis can often highlight the need for family members to become involved in making elder care decisions for a loved one. According to the Caregiving in the U.S. Report, 66% of family caregivers report having significant decision-making authority on behalf of their care recipient. For elderly parents to receive the care they need several factors need to be considered, starting with establishing an accurate picture of their care needs.
When it comes to a parent or spouse’s healthcare, the law can be strict about who can receive status updates, participate in conversations with medical professionals and make medical decisions. These policies are meant to protect our sensitive information, but they can also pose serious problems for family caregivers.
A couple should create an appropriate estate plan. If they truly want inheritance rights, they need to execute testamentary documents, such as wills.
For unmarried couples, having an estate plan might be even more important than for married couples, especially if there are children in the family. The unmarried couple does not enjoy the legal protection afforded by marriage, but many of these protections can be had through a well-prepared estate plan.
Is there anyone sad to say goodbye to 2020? For many of us, 2021 epitomizes the symbolic renewal of a new year, with an extra kick of life motivation. In what ways will you channel this energy?
Everyone should tend to their personal affairs in some manner. For some this may be a simple review of existing documents or an update of contact lists and account inventories. However, if you are reading this and you know you still have not taken care of those basic documents everyone must have – Now is the time!
It has become more common than not that retirees over 65 have parents that are still living independently, but are they at risk? What if they were to fall or a sudden illness meant they could no longer maintain their current lifestyle, and there now senior-aged children do not live close by? Or their children have health concerns of their own. Are both you and your parents at risk?
The acronym HIPAA stands for the Health Insurance Portability and Accountability Act of 1996 and should be taken into consideration when you are planning your estate.