Tag: parents

How to Get Important Answers When You Are in Your Parents’ Florida Estate Plan

Did you know that less than half of the adult American population have completed their estate plan? With that said, have you just learned from your parents that they have created their estate plan? We know that you must be very relieved that they are now protected by having a decision maker in place during a time of crisis. However, were you surprised to learn you were the person who was chosen to make decisions for your parents in the event they were incapacitated? We know you probably have many questions now that you are named in your parents’ estate plan. How do you get the answers? Do you need to know what your duties and responsibilities actually are as a part of this process? We have five questions you could ask right here.

1. There is a crisis, what do you do now? First, you need to talk to your parents about what they would want you to do in a sudden crisis. Now this crisis could be anything from being in a coma due to a serious accident to being stuck overseas due to a flight delay. What is your role? What are your parents expecting you to do? Having a plan in place now, before the crisis, is the best discussion to have with your parents and will help guide any decisions you make when it comes to successfully navigating the crisis.

2. Health care decisions need to be made, are you in charge? As part of their estate plan your parents would have included health care planning. Your parents will have named each other as decision maker, but if they were both incapacitated they need a second decision maker named and that is you. So, right now you need to know what they want for their health care. Start with the basics: What do they want for their general care? What is their goal for long-term care? What would they want if they were on life support? Honestly, these are tough questions, but you need to know their answers to learn what they would want so you can act in their best interest in any health care situation. Also, we recommend that you keep and maintain a current list of their diagnoses, doctors, specialists, and medicines.

3. Finances, who is in charge? It would not be surprising to know that you have little knowledge of your parents’ finances. If you have been put in charge and been named as the agent in their durable power of attorneys or a trustee in their trust, now is the time to learn. You can ask your parents questions about where they invest, who they work with, and what type of management fees they pay? Find out whether they have life insurance or other policies with beneficiaries that might pass outside the estate plan? Are all their planning tools current? As soon as you can, start this discussion with your parents so you know what to expect should you need to step in.

4. Do your parents have a legacy they want to leave behind? In addition to protecting themselves, does a part of your parents’ estate plan protect what they want for their future, their family, and their legacy? Do they have a legacy they wish to create? What goals do they have for you in continuing their legacy? Discuss with your parents what their vision is so that you can see it come to fruition if they should pass away.

5. Should you meet the Florida estate planning attorney for your parents? If it is okay with your parents, it would be good to know and even meet their Florida estate planning attorney. There is no doubt that successful Florida estate plans have an experienced Florida estate planning attorney behind them. Ask your parents the following questions: Who did your parents work with? What will be your relationship with them? Where do the original documents live? Can you meet the attorney in advance to make sure you understand your roles and responsibilities? Be sure your parents know that you are willing to meet their attorney if they want you to.

Being named within your parents’ estate plan brings serious questions that you need answered. Elder and Estate Planning Attorneys, PA, is a law office small enough to provide personal service but large enough to provide service in Jupiter, as well as Palm Beach, Martin, St. Lucie, and Indian River Counties in Florida. Our law firm will guide you through legal challenges involving elder law, estate planning, trusts, veterans benefits, real estate, and more. We encourage you to contact us and schedule a meeting with our attorneys.

How to Start Important Conversations About Medical Care with Aging Loved Ones

Are you the adult child of aging parents? Do you know if your loved ones have a current estate plan in place? Have you had any conversations with your aging parents about planning for their future? If you are uncertain of the plans of your aging parents it is important for you to know what they would want in the event of a sudden crisis or incapacity. We encourage you to set aside time, as soon as possible, to have conversations with your aging loved ones about their personal preferences for medical and long-term care.

Are you having a difficult time starting the conversation with your parents about their plans for their future healthcare? You could begin your conversation with these questions.

• Do you have someone you trust to make medical decisions on your behalf?
• Do you have someone you absolutely DO NOT want to make decisions for you?
• Do you want to use feeding tubes, life support, and other artificial life-saving devices?
• Is there any type of medical care you would NEVER want?
• If you were permanently disabled or incapacitated, what would help or take away from your “quality of life?”
• If you had a choice, would you prefer skilled nursing home care or in-home healthcare?
• If co-pays become excessive or insurance does not cover your treatment how would you want your family to pay for your care?

As your aging loved ones make their choices, they must be sure to document all of their decisions and choices in their estate plan.  Your parents should make an appointment to meet with an experienced and qualified Florida estate planning attorney as soon as possible. Their estate planning attorney will be able to offer advice and assistance as they choose a healthcare decision maker.

Do you have questions? Elder and Estate Planning Attorneys, PA, is a law office small enough to provide personal service but large enough to provide service in Jupiter, as well as Palm Beach, Martin, St. Lucie, and Indian River Counties in Florida. Our law firm will guide you through legal challenges involving elder law, estate planning, trusts, veterans benefits, real estate, and more. We encourage you to contact us and schedule a meeting with our attorneys.

Protect Your Parents Before They Enter A Nursing Home

Do you anticipate that your parents may require full-time nursing home care due to their age or their health condition? If so, you should consider helping them put a plan in place now.  According to Genworth’s Cost of Care Survey, the average cost for a private room in a nursing home facility is over $100,000.00 per year. Although nursing home care can be incredibly expensive, there may be ways that you can help ensure that the assets of your parents are protected and that they do not lose all of their savings paying those exorbitant nursing home bills.   

There may be a variety of ways in which you can help protect your parents by planning for nursing home care payments. Long-term care insurance plans can be an affordable option to offset the costs of care, especially if your parents are young enough and healthy enough to qualify for the best rate. Veterans benefit programs, if available to your parents, can help cover the costs of nursing home care. Medicare also provides coverage in limited situations. Primarily, however, people depend upon Medicaid coverage to pay for nursing home care. Access to Medicaid coverage, however, requires that the nursing home patient fall below a certain asset and income threshold. An elder law attorney can help you and your parents understand what benefits and coverage options are available and ensure your parents are protected.

Even if you do not think your parents would qualify for Medicaid with their current assets and income levels, it may be important that you contact an elder law attorney because there are many strategies that can be employed to protect your parents’ assets and still allow them to qualify for Medicaid coverage. Because May is National Elder Law Month, now may be the perfect time to do so and help your parents take this significant step towards protecting their future. 

Do you have questions? Please contact our law practice to learn more. We are here for you. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to provide service in Palm Beach, Martin, St. Lucie and Indian River Counties.