As seniors age, difficult decisions may eventually need to be made. If you or your elderly loved ones still have the capacity to deal with their financial, legal and healthcare affairs, legal planning for seniors should begin as soon as possible. If dementia later sets in, signing of any documents will not be an option.
First of all, any documents more than 5 years old should be reviewed and perhaps redrafted. These include a Last Will & Testament, Advanced Healthcare Directive and Durable Power of Attorney. It might also be a good time to consider creating one or several trusts to begin to transfer assets to children and grandchildren while still maintaining some control.
You should also begin to review the rules around Medicare, Medicaid and Social Security regarding nursing care, hospice and even after death. If you are in your early 60s or younger, long-term care insurance might still be an option for you, so investigate immediately.
The smartest move you can make is to meet with a qualified estates and eldercare attorney. At The Beinhaker Law Firm, we have more than 50 years of combined experience in this area, helping our clients and their relatives for generations. Contact us for a free consultation or for more information.