You know that you’ll die someday, and hopefully you have a good estate plan in place for that. But have you planned for incapacity?
We all know people who’ve had an unexpected stroke, brain injury, or even dementia and if that happens to us without a good plan in place, the hassles for our family can be overwhelming.
Either a financial Power of Attorney or a Revocable Living Trust is needed to allow someone to manage your affairs if you’re incapacitated. Talk to an attorney who really knows estate planning to find out what’s right for you, so your family doesn’t have to involve the court in the middle of a difficult time.
There are several documents you need to ensure someone can carry out your medical wishes. These include a Medical Durable Power of Attorney, Living Will, and Universal HIPAA Release.
Payment for Long-Term Care
Although you’ve worked hard your entire life, you may end up with nothing if you need care. Almost 70% of Americans turning 65 will need long-term health care, and the biggest concern for many of them is how to pay for it.
Out of Pocket With the monthly cost for care in a nursing home averaging over $7,500 per month, the majority of your life’s savings may be eaten up quickly.
Insurance Long-term care insurance can pay your nursing home expenses, but you need to get it while you’re still healthy.
Medicaid Medicaid can pay most of your long-term care costs if you meet certain income and asset requirements including no more than $2000. The rules are complex, particularly if you’re married. By working with a good Elder Law attorney you may be able to save some of your hard-earned money even if you end up in a nursing home.
For help with planning for disability, including qualification for Medicaid, call our office at 719-520-1474 or visit our website at ColoradoEstatePlan.com.
Editor’s Note: Article written by Catherine Hammond, founder of Hammond Law Group. She can be reached at 719.520.1474 or by email at info@ColoradoEstatePlan.com