It Happens All the Time…
Of course, we all hear on a regular basis that it’s important to have an estate plan. What happens if the unexpected occurs? While we hear this, it is amazing how many people fail to take the “bull by the horn” and make sure they have an estate plan. An even bigger question is, “Who in your family needs the estate plan?” This question is often overlooked. If your parents are in frail health or at the age where that is always on the horizon– it’s critical they have an estate plan, and an essential component is for them to have a Durable Power of Attorney appointing you or a sibling to act for them. Trust me– the need for this will happen to you. If Mom or Dad have to go into the hospital– which will happen– their next step from there is usually the nursing home for rehab– and then the possibility of nursing and extended care arises. If you have the Power of Attorney, you can make all the necessary decisions and take such action as is necessary financially, including critical Medicaid planning that arises. This is not a fun time when it occurs and without the power, if your parent lacks legal capacity to act, you’re forced to apply for a Conservatorship in Probate Court. This is a headache you don’t need in the midst of the heartache you must incur when assisting your parent at this difficult stage.
But it’s not just your parents who need the plan; your college age student also needs one. If they have a medical emergency at school or need actions taken at home when they are away, you can address their needs if you have a Durable Power of Attorney and a Healthcare Power. Without them– you’re stuck. They are adults and you don’t have the authority to act on their behalf, absent proper authority (though in our minds they are still kids!).
Last, but not least– you need an estate plan. Face it, we all meet our maker– better later than sooner– but it is not our call. So don’t be one of those disasters, bite the bullet and make sure you and all adults in your family– your kids, Mom and Dad, have a plan. It just so happens we have a great free seminar coming up on Wednesday, August 31, 2016: Medicaid for Dad– I Have NO Idea What I’m Supposed to Do– HELP!” Basic estate planning for the child in their 30’s – 60’s is covered plus what you need to do for Mom and Dad in their 80’s- 90’s. Oh, and by the way– this is about information and not selling you anything. So there’s water and cookies… and great information. The “free” seminars that offer dinner are about selling you on managing your money. If it’s dinner you want, go to those. If it’s great information you want, join us on August 31! Check it out below.
Have a great weekend,