Taking care of these 6 things will save you time, money and heartache.
The decision to go into long-term care is rarely an easy one, but there are several things you can do to make sure the transition is a little easier:
1. See if your parent or loved one qualifies for additional financial benefits to help pay for their care. You may be surprised that, with good legal planning, your parents may qualify for benefits to help pay for care. Those benefits will help with the mounting costs of a nursing home, which now average over $200 a day. Every family should get a review by an experienced elder law attorney before giving up on the prospect of additional benefits. Many families miss out on benefits for which they could qualify, because they wrongly assume “nothing can be done now.”
2. Discuss end-of-life options. This is never an easy conversation, but it is vitally important! Just this week I heard of a situation where the elderly mother had to be placed on a ventilator because she had not prepared end of life documents. 7 of her 8 children agreed to take her off (because of a conversation she had had with one of the adult children), but the eighth adult child certainly made it more difficult for her mother and her siblings by refusing. Click here for practical ways to start this conversation and the types of thing you need to find out from the discussion.
3. Choose a facility that offers options for the future. Nobody likes to move, but think about how that must feel when you’re 85? By choosing a facility that offers a range of care, you may minimize having to move your parents as their health declines. Because we help people with these issues all the time, we know quite a bit about local facilities and enjoy being a resource for our clients as they are making these difficult decisions. Give us a call if you have questions about local facilities.
4. Know who can make important decisions. Once your parents move into a facility, it is best if they legally designate “helpers” to make decisions if the time comes that they can’t. A power of attorney is an important legal document that authorizes someone to represent or act on your behalf. They will need two different power of attorney documents: one for medical decisions (like in #2 above) and another for financial decisions.
5. Don’t take valuables into the facility. Your mom might really take comfort in having things like her jewelry with her, but if that jewelry is very sentimental or valuable, you should never let it go to the nursing home with her. It is far too easy for valuable things to disappear in long-term care environments.
6. Talk to your parents about important things like family history before it’s too late. While it is really important to take care of financial and legal responsibilities as your parents age, there are some things that will be lost forever once your parent is gone. Now is a good time to talk to them about things you’ve always wanted to know, but never asked – family recipes and the stories behind those recipes, or stories of your family’s immigration to this country and where those ancestors are buried. While these things may not have financial value, most people agree that things like this are irreplaceable. Check out our infographic on 10 Non-financial Planning Issues here.
As always, we hope that you’ve found this list to be a valuable resource. At Edwards Group we truly desire to help make this stressful time a little less stressful. If you have any questions or concerns, give us a call today at 217-726-9200 and we’d be happy to help.