Elder law attorneys assist clients who are concerned about the eventualities of aging. This is a very important element that you should consider when you are planning your estate. If you take the right steps in advance, you can prepare for contingencies and go forward with peace of mind.
Alzheimer’s Disease
Everyone has heard of Alzheimer’s disease, but many do not fully understand its reach. According to the Alzheimer’s Association, approximately one-third of people who are 85 years of age and older have contracted the disease.
From a longevity perspective, the Social Security Administration tells us that the life expectancy for a 67-year-old woman is 87 years, and it is 85 years for a man.
Alzheimer’s is a major threat, but it is not the only cause of incapacity. This is something to take seriously when you are looking toward the future. Yes, you can do what you can to keep yourself healthy, but age can inevitably take a toll.
California Conservatorship
If you do nothing to prepare for potential incapacity, the state could be petitioned to appoint a conservator to act on your behalf. This is a necessary safeguard, but you lose control of the decision-making at that point.
Plus, family members may have differing ideas about the correct way to proceed. Fortunately, there are steps you can take to avoid a conservatorship.
Advance Directives for Health Care
Your plan for aging should include advance directives for healthcare, and one of them is a living will. This type of will is used to assert your life-support utilization preferences. You can add your organ and tissue donation choices if you choose to do so.
For decisions that are not related to life-support, you can name a representative in a durable power of attorney for healthcare. A Health Insurance Portability and Accountability Act (HIPAA) release should be added to give your healthcare representative access to your medical records.
Financial Decisions
From a financial perspective, you can name an agent in a durable power of attorney for property.
If you have a living trust as your asset transfer vehicle, you would be the trustee while you are alive and well. You can empower a disability trustee to assume the role, if necessary, when you draw up the trust.
Long-Term Care Considerations
Legacy preservation is another concern for many elders. In addition to the typical expenses that you can expect to incur during retirement, you should factor in the potential impact of long-term care costs.
The United States Department of Health and Human Services tells us that over half of seniors will need paid living assistance eventually. About 35 percent of elders will spend time in nursing homes, and the average length of stay is one year. Medicare does not cover custodial long-term care, which is the type of care that nursing homes and in-home caregivers provide. It is wise to anticipate possible long-term care costs when you are planning your estate.
Additional Helpful Information: Caregiving and Retirement Savings
Schedule a Consultation Today for Elder Law Matters in Petaluma, CA!
When you work with the Mackay Dressler Law Firm, we will help you cover all your bases so you can go forward with peace of mind. Though there are some realities that apply to everyone, there are different ways to transfer assets. The ideal course of action will depend on the circumstances.
We provide personalized attention, so your plan will be tailor-made to suit your specific needs. To get started, call our Petaluma elder law estate planning office at 707-769-9975 or send us a message through our contact form.
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