Don’t Want to Live in a Nursing Home? Then Plan Ahead!
As we age, most of us do not envision ourselves living in a nursing home during the last chapter of our lives. We assume we will be healthy until our final moments or will have family care for us or hire caregivers in our home. We often think of our home as the place where we will live and die.Thank you for reading this post, don't forget to subscribe!
If you don’t want to live in a nursing home, there are some things you can do in advance to prepare.
Partner with Experts
An experienced CPA, financial advisor, and elder law attorney can help you strategize to make your money last longer. This step requires you to put a strategy in place in advance of needing care. A good time to have your expert team in place is at the first sign of health or memory issues. There is no magic age but instead it depends on how you or your loved one is aging.
Explore Asset Protections Strategies
Trust planning may help preserve assets so there is more money available to take care of you as you age. Working with a Board-Certified Elder Law Attorney to implement a plan for asset protection will allow you or your loved one to receive the best quality care regardless of the setting, allow for financial independence of a well spouse and increase the potential of leaving an inheritance. Currently in Southwest Florida, homecare companies charge $40 and up per hour for care, often with 4 or 8 hour minimums. Care costs can add up quickly and asset protection can help preserve your money to help pay for your future care needs.
Look for All Available Benefits
Medicaid and the Veterans Administration (VA) have programs designed to provide extra income and make payments for care. This may help keep you in your home longer. Many of these programs can take months to get so working with an elder law attorney can help you determine which options is best for you.
Talk to Your Family
Most of all, talk to your family about your wishes. Many families shy away from talking about important subjects such as their healthcare wishes. It is helpful to have everyone working toward the same goal. Even if you don’t really want to have that conversation, doing so can avoid many problems down the line.
Most Important Legal Documents
Make sure in addition to a Last Will and Testament to have the following legal documents in place: an Advance Directive for Health Care and a Durable Power of Attorney. The Last Will governs what happens to your assets after you die. These other two documents provide for care of your finances (Power of Attorney) and health care decisions (Advance Directive.) Often these can be crucial in aging in place.
Who Needs to Plan for Aging in Place?
- Someone unmarried or widowed with no children (or no involved children)
- Someone aging without the support of family members
- Someone with adult children spread out across the country and not readily available
- Someone with adult children who are uninvolved or estranged
- Someone who prefers to enlist neutral parties to keep peace and tranquility in the family
- Someone concerned about burdening their family with the responsibility of care
- Someone who has outlived his relatives and friends
- Someone whose spouse is in poor health, and is concerned about the spouse’s well-being if they outlive the caregiver spouse
- Someone concerned that heirs would consider their needs before their parents needs when making care decisions
- Someone overwhelmed by the process of planning for future care needs and desiring assistance from a comprehensive well-established firm
If you fit any of the above descriptions, call Burzynski Elder Law at 239-434-8557 for a complimentary phone conversation with our intake specialist. We are happy to discuss your situation in a confidential and professional manner to help you figure out your best options for care.