Cinderella and estate planning

7 Important Things Cinderella’s Father Could Have Done Better

The secret to avoiding disaster in the Magic Kingdom — plan ahead.

So much of parenting is about planning and anticipating problems BEFORE they happen. And trips to Disney World are no exception. We know from experience that our kids get worn out if they days are too long. So, now we purposely build in days to quit early and have some down time back at the pool. On our most recent trip, I was reminded once again of how disastrous bad estate plans can be when minors are involved. Cinderella’s father made her life even more difficult by not anticipating what would happen if he died. Keep reading to find out what he could have done differently.

7 Important Things Cinderella’s Father Could Have Done Better

You’re probably familiar with the age-old story — Cinderella’s mother dies when she’s a young child, leaving just her and her father. Sadly, while Cinderella is still a minor, her father dies after remarrying a woman with two children of her own. His estate is left to his widow. (A regular occurrence in the real world.) And we all know what happens next: the wicked stepmother takes control of the estate of the benefit of herself and her own daughters. Treated as a servant in her own home, Cinderella is reduced to befriending rodents and birds.

Unfortunately, attorneys see these sorts of real life disasters everyday. The parents of modern day Cinderella’s aren’t bad people. They just failed to properly plan. They certainly didn’t wish for bad things to happen to their children. But that’s what happens when you don’t plan for things that are common to the human experience. (Like death.)

Here are 7 estate planning actions Cinderella’s father could have taken to better protect her once his wife died:

  1. Name guardians who share his values. See our Child Raising Priorities Checklist to help you decide what’s most important to you.
  2. Leave instructions for the guardian about how he wants her raised. This could include schooling preferences, where he wants her to live, religious upbringing, etc.
  3. Don’t think of planning as “all or nothing.” All of the father’s assets didn’t have to go only to the second wife OR only to his child. He should have considered dividing the assets between the spouse and Cinderella.
  4. Name an “outside” helper. Even in the best of circumstances, putting a stepparent in control of the stepchild’s money (or vice versa) can lead to frustration or awkwardness. A professional trustee (such as a bank, CPA or attorney) could have better balanced the interests of both Cinderella and her stepmother.
  5. Prioritize key needs for Cinderella such as future educations costs, wedding expenses, a down payment for a home, etc. Setting aside priority funds in a trust will make sure they are not spent on other things.
  6. Pass on a non-financial legacy. Cinderella’s father could have done a better job in transmitting his values, traditions, stories, faith and experiences, and this should have been especially important because Cinderella was so young when her mother died. By passing on a non-financial legacy, he could have insured that her mother’s things — photos, jewelry and other important “belongings” or memories were passed to Cinderella and not the stepmother. Read about 10 Non-financial Planning Issues You Should Consider here.

The type of planning that best protects minors when the unthinkable happens requires attorneys to act as counselors for the client. This also often involves collaboration with other professional advisors. By working as a team, these professionals who deal with real life Cinderella stories everyday can develop solutions for issues such as a creditor protection, remarriage protection, guardianship and special needs.

An estate plan is not really about YOUR DEATH. It’s about your CHILDREN’S LIFE if you’re not there to protect them anymore. You do everything you can to protect them right now — bike helmets, the best car seats, safe cars, healthy food, etc. but what if the unthinkable happens? Will all your protection go away if you go away? Preparation now avoids extra heartbreak and tragedy later. Read a real life story about lack of planning and the death of a young mother here.

Oftentimes, this is the single hardest activity a parent will engage in. We give guidance in person when clients go through this process with us. As always, feel free to give us a call at 217-726-9200 if you have any questions!

12 Duties of a Helper: What Do Executors, Trustees, Guardians and Powers of Attorney Really Do?

Every estate plan needs a good helper(s). Choosing those helpers can be tough. Your trustee, guardian, power of attorney or executor will be responsible for making decisions when you become disabled (like from a stroke or dementia) or pass away. But what exactly are they responsible for?

Your helper(s) will take on many financial, legal and managerial responsibilities on your behalf.

Here are 12 specific duties of a helper:

  1. Sell assets like cars, house or property
  2. Make tax decisions and file tax returns
  3. Pay bills
  4. File claim forms on IRAs, annuities and life insurance
  5. Follow the instructions of your Trust
  6. Make decisions about your care (at home, assisted living or nursing home)
  7. Manage investments
  8. Meet with attorneys and accountants
  9. Sign legal documents
  10. Negotiate sales of any property
  11. Referee disputes between other family memebers
  12. Tell beneficiaries “no” when they ask for money

It is especially important to choose a helper that you trust to manage your finances, as this will become a majority of their responsibility. A great way to decide if you have chosen the best helper is to look at how they currently manage their own life. How does it make you feel to envision your helper stepping in and managing your life right now? If it makes you nervous, perhaps it is best to reconsider whom you have chosen.

We are here to help you through the difficult decision-making process of choosing a trustee, executor, power of attorney or guardian. We guide people through this process all the time helping them know what they should consider when making this very important decision.

We have been through this with many families before, whereas the average family has only been involved in this process once, maybe twice. Let our experience guide you to peace of mind when it comes to choosing the right helper for your estate plan.

Learn more by reading “7 Types of Helpers to Watch Out For” here. Or check out “3 Myths About Choosing a Helper for Your Plan” to find out some common misconceptions about who you should choose.

david edwards estate plan

Secrets: 5 Things Your Adult Children Need to Know About Your Estate Plan

Parenting often involves keeping secrets, especially when the kids are little — remember all the secrecy surrounding Christmas or birthdays?

Back when my daughter was 4 years old my wife and I kept a big secret from her. For her 5th birthday we surprised her with a trip to Disney World in conjunction with an estate planning conference! (She was excited about the first, while I was pretty excited about the second.) It was hard to keep the secret at times, but it sure was a fun surprise when we pulled it off.

Estate Plan Secrets

Secrets can be fun. But where estate planning is concerned, they most definitely are not. Sometimes it’s hard to know what our kids may or may not know about our plan. Walt Disney’s daughter was once asked by kids at her school what it was like to be his daughter: She came home that night indignant, telling her dad, “You never told me you were Walt Disney!” Sometimes things that seem obvious to us might not be so obvious to our kids.

5 Things Your Kids Need to Know About Your Estate Plan

What do your kids know or not know about your estate plan? Here’s a quick checklist to consider:

  1. Burial — Do your kids know whether you want to be cremated or buried? If you want to be buried, where do you want to be buried? Have you already purchased a cemetery lot?
  2. Who to Call — Do your kids know who your attorney is or how to get a hold of him/her? Can he help tie up loose ends or was he only used to fill out forms and make them official during planning?
  3. Assets — Do your kids and/or family know what your assets are? If you suddenly have a stroke or heart attack can they easily find that information?
  4. End of Life — Are they clear about your wishes for ending treatment and “pulling the plug?” Do they know how you feel about organ donation?
  5. Your Plan — Do they know where to find your will, trust and/or powers of attorney? (And if they’re in your safe deposit box or home lock box, can they get in? Do they have the key or the combination?) Will your kids be surprised by your plan? (How you divided assets or whether you gave to charity…) Unfulfilled expectations can mean conflict between your kids or lifelong heartache for a child who misreads a plan as being a symbol of how the parent felt about them.

5 Tips to Make Sure There are No Secrets About Your Estate Plan

  1. Talk. Have conversations with your kids about aging, death and what will happen. There are good conversation starter resources at EngageWithGrace and The Conversation Project. You can also read our post on the subject HERE. The holidays, when families gather together, are a good time to get these conversations started.
  2. Find an experienced attorney. Work with an attorney who keeps your plan up to date through a membership program or a maintenance plan. That way, even if you don’t want to share all of your financial information with your kids now, the attorney will have it to provide them with later. Read about our program HERE.
  3. Don’t assume. Recognizing if your kids will know what to do or how to do it once you are gone can be really hard. Tell them what you expect now. Things like which advisor to rely on or “take care of your little sister” can go a long way.
  4. No surprises. Give your kids the overview of your plan, so they know what to expect. News such as, “I’m going to leave your brother the farm,” is better with an explanation from you now. Your attorney can help with this, providing as much or as little detail as you want.
  5. Don’t just fill out a form. Include purpose statements in your will or trust. Tell why you did what you did, or explain that “it is my intent” that the plan work a certain way.

Estate planning works much more smoothly when there are no secrets or surprises. Save your family a lot of money and heartache by doing a little work now. Read about how to avoid an estate battle after you’re gone HERE.

5 Estate Issues You and Your Family Should Plan For

“An ounce of prevention is worth a pound of cure.”

When it comes to estate planning, this quote from Benjamin Franklin could not be more true. Oftentimes, people don’t think of estate planning, or the issues related to it, until it is too late. As a firm who deals only with estate planning issues, we have seen our fair share of terrible problems that could have been prevented by planning ahead and creating an effective estate plan. Dave says it all the time, “Bad estate plans break up good families.”

Taking advantage of David’s unique perspective, in this post we’ll explore the most common problems he encounters every day — problems that could be avoided by just planning ahead. Here are 5 key issues you should consider as you create an effective estate plan:

“Assets? What assets?”

You might be surprised at how often those left behind have no idea about life insurance, stocks, bank accounts, etc. Discovering these “hidden” assets takes time, money, patience and a lot of detective work. And despite any dreams you once had of being Joe Friday, the last thing you want to do while mourning the loss of a loved one is play detective.

“Attorney? What attorney?”

Oftentimes those left behind have no idea if an attorney is needed, or if an attorney has already been consulted. Does looking in the phone book and calling the first attorney whose ad catches your fancy seem like the best way to handle your loved one’s estate after they’re gone? Many of our clients’ families meet us before they need us, ensuring that a trusting relationship is already in place and decreasing stress and anxiety when the time comes to execute the estate.

“Equal? What’s equal?”

Many people plan on just having their children split things equally upon their death. It seems like a beautifully simple and fair way to handle things, but when emotions run high and money or cherished possessions are at stake, things seldom go down the way you would expect. We often see conflicts between family members who have different ideas about how to handle things — conflict that could have been avoided with more in-depth preparation. We’ve also seen that seemingly good ideals like “equal” puts some adult kids at a disadvantage.

“Taxes? What taxes?”

Did you know your lack of planning could cost your family money? Without proper planning, they could end up paying extra income tax on IRAs or annuities (or pay them earlier than necessary). We see this quite often. To avoid this, you should get specific advice regarding your tax deferred accounts, both now and after death.

“Issues? What issues?”

There are a lot of unique circumstances that arise when dealing with minors or even young adult children. Are your kids prepared to responsibly handle what you’re leaving them? Have you distributed the wealth in such a way that the younger children will have adequate care for the proper amount of time? As experienced estate planning attorneys, we see the ramifications of families not being fully prepared all the time. We hate seeing this and don’t want any family to have to go through it. Our firm is experienced in thinking through every issue your family needs to consider when creating an effective plan.

So what do you imagine for your family after you’re gone? Do you imagine them having no idea what or where your assets are? Do you imagine them knowing exactly who to call or struggling to figure out who your attorney is? Do you imagine great stress and distress in the middle of their grief as they scramble to figure out what needs to be done? Surely not. Planning ahead is not being morbid or pessimistic. It is protecting and caring for those you love. (Get our free checklist, What to Do When a Loved One Dies, here.)

Find out more about effective planning across the lifespan by attending our free workshop, Aging With Confidence: 9 Keys to Wise Planning and Peace of Mind. Call us at 217-726-9200 to RSVP today. (Get the dates here.)

Estate Planning & Potty Breaks (An Honest to Goodness True Story)

Many people think they know what an estate plan is and what it does. And while you are already an “expert” in estate planning because you know the details of your life better than anyone else, it helps to have a guide who can walk you through the complicated legal aspects of an effective plan.

“Sure. You’re going to the ‘library’.” (wink, wink)

It was the secretary’s second week at the big law firm downtown. Here and there she filled in at the front desk when the receptionist was on break. The law firm took up an entire floor, and one of the young new attorneys (who had been told to make sure the receptionist knew where he was), would frequently stick his head in the reception area and say, “I’ll be in the library if you need me.” After this happened quite a few times, the secretary thought, “The library, huh? Well, I guess you could call it that.”

It was a few more weeks before the secretary found out that the law firm did indeed have a library on the next floor of the building! (This was back in the days when lawyers used books instead of computers for research.) The attorney was truly going to the library, while all the while the secretary thought he was making an awful lot of trips to the ‘library’. You know, the kind many of us have 2.5 of in our houses!

That young attorney was David Edwards when he started at his first big firm in downtown Springfield. Dave and the secretary had a good chuckle about it after they finally realized what she had been thinking. You see, sometimes we don’t even know what we don’t know.

The secretary had never been to the library and no one had ever told her about it. So, of course, she was a little suspicious when that young new attorney kept telling her he was headed to the library.

We find the same goes for estate planning. People have a lot of misinformation about estate planning – what Wills can and can’t do. Who needs a Trust and who doesn’t. There are also a lot of misconceptions that lead to wrong assumptions.

Unfortunately, in estate planning, these wrong assumptions can cost families thousands of dollars. They can also destroy families, and add a lot of extra stress at an already difficult time of grieving.

The stakes are very high in estate planning. That’s why it’s so important to get it right.

Education is foundational to what we do at Edwards Group. One of the things people love most about our staff is they can take the complex topic of estate planning and put it into everyday plain language. And this is exactly what David Edwards does at our current workshop, Aging With Confidence: 9 Keys to Wise Planning & Peace of Mind. At this FREE 1.5-hour workshop you’ll learn why effective planning is critical during every stage of life. You’ll also get a good idea of if our unique approach is a good fit for you and your family.

So, what do you need to do?

Give us a call at 217-726-9200 to save your spot at our upcoming workshop. They tend to fill up fast, so it is best if you RSVP ahead of time.

hospice

5 Misconceptions About Hospice

Many people are afraid of hospice. This fear comes from a misunderstanding of the services hospice can provide. Last week we talked about the basics of hospice and why it is one the most positive ways to approach the end of life. This week we tackle some of the big misconceptions about hospice.

5 Misconceptions About Hospice

1) Doesn’t saying “yes” to hospice mean you’re “giving up”? No, hospice does not require that you give up hope. Yet, many people see it that way. Hospice is a way to deal with the transition of death on your own terms, generally in your own home. Most people arrive at hospice too late, making the process harder, not easier, on their family.
2) Won’t my doctor know when it’s time and recommend hospice? Not necessarily. Doctors are trained to heal. They don’t want to “give up” either. Because of that, it’s important to understand what hospice is, and how it can help, if you or a loved one has a terminal illness or advanced disease. Again, most people get hospice care too late, which robs them and their family of quality time together in their last days/months.
3) Will hospice provide 24/7 continuous care? No, you need to have a dedicated caregiver. In the beginning, you will receive more visits from hospice staff, then it will drop off a bit. Towards the end, the visits will pick up again, but hospice is not around-the-clock nursing care. If you or your loved one needs that, and your family cannot arrange for a dedicated caregiver, then you need to consider other options.
4) Do I have to use my hospital’s hospice program? No, you have a choice about what hospice to use.​ You do not have to use the hospital’s service. Again, it’s important to plan ahead if at all possible. Some hospices are better than others. This is not a decision you should make without doing some research.
5) Aren’t all hospices non-profit organizations derived from a religious affiliation? 75% of hospices in the US are now for-profit organizations, according to a Washington Post article from 2014This is not necessarily a bad thing, but it does mean consumers have to be careful when choosing which agency to use. The hospice industry has much less oversight than nursing homes or other healthcare providers, which places the burden of oversight on families who are already in a very stressful situation.

All in All, Hospice Is a Very Good Thing

Most people, if given the choice, would rather die peacefully at home instead of experiencing a series of acute hospital stays or ER visits for the last few months of their life. Yet that’s what many people inadvertently do because they don’t understand hospice.

Hospice gives patients and families great comfort in a time of great stress. It shouldn’t be done at the last minute when it is too late to provide meaningful moments between the patient and family. Good hospice care can help facilitate the tension of such a big transition while making more meaningful moments possible. Because of the spiritual care and social workers, hospice is an amazing support system for those dealing with the hardest, and ultimate, transition in life.

As always, if you have any questions or concerns about estate planning, elder law, Medicaid planning, long-term care planning, Veterans benefits or end-of-life documents, please give us a call at 217-726-9200. We are more than happy to speak with you!

 

What You Need to Know About Hospice

At Edwards Group we believe that education is foundational to navigating the issues of aging with as little stress as possible. And with all the misinformation out there about hospice, we thought it would be good to do an article on the topic.

Elisa Cottrell, a former hospital chaplain who handles our marketing and communications, sat down with Kathleen Sgro, founder of Alterna-Care Home Health (and former oncology nurse), and Joseph Sgro, Chief Development Officer for Alterna-Care, to talk about hospice. What is it? Who needs it? And why is it such a powerfully positive experience when done well?

What is hospice?

Hospice is a type of comprehensive and compassionate care for someone facing an advanced or terminal illness. Hospice care addresses the physical, emotional, social and spiritual needs of the patient, while also helping the family with their emotional and spiritual needs. Hospices employ nurses, social workers and chaplains to meet these needs. Primarily, hospice is a home health benefit. This means that patients get to stay in the comfort and familiarity of their own home while they receive hospice services. The nurses, chaplains and social workers come to you and your family.

Who needs hospice?

In addition, if your disease is causing great pain, hospice nurses are experts in managing pain. They also have a much better outcome than nurses who have not been trained in hospice care.

Generally, if you have been given a prognosis of 6 months to live, then you will qualify for hospice. This DOES NOT mean that you are giving up or that you will get “kicked out” after 6 months. You can receive hospice services for as long as you are declining. It is a coordinated effort between all of your medical team to determine if you still need hospice. Sometimes people get better and get discharged. While you receive hospice though, you may not go to the ER. Hospice is about quality of life and making life as good as it can be while you have an advanced disease.

Why should you use hospice?

In addition to effective pain management, there are other very good reasons why hospice needs to be viewed as a good thing and not something negative.

Going in and out of the hospital trying to get acute care, which is only going to cause more stress and pain in the short run, is not a good way to spend the end of life. Most people, if given the choice, would rather die peacefully at home instead of experiencing a series of acute hospital stays or ER visits for the last few months of their life. Yet, that’s what many people inadvertently do because they don’t understand hospice.

Hospice gives patients and families great comfort in a time of great stress. It shouldn’t be done at the last minute when it is too late to provide meaningful moments between the patient and family. During our conversation, Joe Sgro said he “routinely argues that oftentimes hospice is more for the family than the patient.” It gives everybody the time and space to do what needs to be done relationally at the end of life, and that is so very powerful. Frequently, the patient will be ready to stop “fighting” via active treatments of their disease, but the family isn’t ready for that. Hospice can help facilitate that tension and make more meaningful moments possible. Because of the spiritual care and the social workers, hospice is an amazing support system for those dealing with the hardest, and ultimate, transition in life.

Should I wait until my doctor recommends hospice?

Doctors are trained to save lives, and because of that they have a hard time telling patients that it’s time for hospice. According to Joe Sgro, “Doctors are trained to heal. They don’t want to ‘give up’ either,” which is why it is so important to fight the misconception that hospice is “giving up.” Hospice gives people a sense of dignity, and it gives families meaningful time with their loved ones – time that can make the end of the life transition easier and less traumatic.

“Even as someone who has training in end-of-life spiritual care and knows how deeply effective and positive hospice can be, I had trouble getting a real conversation started with doctors and family when my father-in-law was diagnosed with Stage IV cancer,” says Elisa Cottrell. “I knew the important work we all had to do in saying goodbye. In making sure all those things you want to say to your loved ones get said, but it was a hard sell. In the end, we thought we had a few months left with my father-in-law, but we only had five weeks. He never made it to hospice. I still feel very strongly that my father-in-law’s oncologist robbed us from having meaningful time that could have made the transition easier. There are many long-term complications of grieving that will linger with the family because they didn’t have the chance to properly face the situation. Nobody was able to be at peace with what was happening. They were all fighting it. It made for a lot of extra stress then and now.”

And that’s one of the most important things hospice can do. In addition to walking families through the stages of grief and helping them to understand the process better, Kathy Sgro feels that the most important thing Alterna-Care can do is to get the family and patient to the peace stage. This is the truly revolutionary part of hospice that most can’t understand unless they’ve been through it before.

For more on end of life issues, read our article, Approaching End of Life Issues With Forethought here. And check back next week for our upcoming post, 5 Misconceptions About Hospice.

life care planning

2 Types of Help You May Need

Last week we gave you a secret test you could give a named helper (or potential helper) to see if they might be up to the task. But what sorts of things might you need help with? There are generally two categories…

Help With Finances

A recent National Institutes of Health study showed a decrease in decision-making skills between the ages of 56-85. We also know, statistically, that if you reach the age of 65 you will, on average, live 19.2 more years. Therefore, many of us will need help with complicated financial decisions that occur in the last few decades of life.

A Power of Attorney for finances will allow someone to help you pay bills, manage your investments and make financial decisions. This may sound very scary, but we help our clients make good choices about financial POAs on a daily basis. That’s why you see the word “Counselor” in our name.

Help With Healthcare Decisions

As you age, you may want input from others about your healthcare. We all know how complicated the medical care world is to navigate these days.

A Power of Attorney for healthcare will allow someone to help you make decisions about a variety of medical issues:

• Medical treatments – like chemo and radiation if you’re diagnosed with cancer. Sadly, doctors and nurses can’t always be relied upon to recommend the best course of action. It can be extremely helpful to have someone else listening to the options, the pros and cons, and then helping you make sense of the process.

• Surgery – whether it’s really needed or not.

End of life decisions – do you want to be hooked up to machines? Do you want to spend your last days at home if at all possible?

• Where to  live – should I downsize, stay put (age in place) or is there another alternative?

• How to get the best care – marketers are very savvy and they know that seniors are an easy target. It would be very helpful to have someone who can help you weed through all the “flash” of advertisements and get down to the real useful information so you can make informed choices.

• When to sign a “Do Not Resuscitate” order.

Learn more about what exactly helpers do in our post, “12 Duties of a Helper.”

How Edwards Group Can Help

We help families choose good helpers everyday. This is a difficult decision and one of the most important you’ll ever make. You don’t have to do it alone. We can guide you through the process of deciding who is best. While you’ll only do this once in your lifetime (maybe twice), we’ve helped hundreds of families since 2008. In that time, our firm has been solely dedicated to estate planning and elder law. We’ve seen A LOT and gained a lot of wisdom from the families we help on a daily basis. We can help you know what to do and what NOT to do.

Give us a call at 217-726-9200 and plan to attend an upcoming workshop today. Attending a workshop makes the planning process easier and more effective all around!

The greatest threat to an effective estate plan is not taking any action at all, so take your first step today and call us at 217-726-9200 to schedule an Initial Meeting or come to a workshop.

The Top 2 Concerns of Planning

When a loved one is facing long-term care the first concern people have when they come to us for planning is how to get the best care possible. The second concern is how to pay for it.

Getting Good Care

People come to us worried about an aging family member or friend all the time. Their primary concerns are making sure their loved one is provided for, making sure they’re safe and getting the medical care that they need, while helping them have quality of life as much as possible. And these are the primary goals for our firm as well. We want to help decrease stress, increase quality of life and preserve family relationships during the last decades of life.

Paying for Care

This is the issue that usually adds the most stress for families because they don’t know where to turn or where to get good advice about the options that are out there. The scary truth is that a lot of people are given wrong information and think there’s nothing that can be done if you can’t afford care on your own.

In reality, there are many planning tools that we can use to protect assets and gain benefits, even if someone is already in a nursing home. Our firm finds ways to maximize benefits available to pay for care, and protect some of the assets that mom hoped she would leave her family someday. Even if somebody’s been in a nursing home for months or years, it’s oftentimes not too late to get benefits to pay for care.

As long as somebody is writing personal checks to the nursing home every month, it is not too late to plan and save some of those assets.

The key is working with an experienced elder law attorney. Most “estate planning” attorneys just do what we call “death planning” (last will and testament, etc.), but elder law attorneys (like Edwards Group) have specialized training and expertise, and that means we deal with Medicaid and VA benefits every single day. We help you use the legal tools to their full advantage. And that means, in most cases, we can qualify someone for benefits faster than they ever expected, get more benefits than they ever expected, and in the end, protect much more of their life savings than they thought possible!

aging alone

Aging and Alone: 7 Steps to Protect Yourself

In a previous post, we talked about a growing segment of people who are aging alone without the help of their adult children (either because they don’t have children or their children live very far away). These seniors face unique challenges in their 70’s and 80’s. To read about those four challenges, click here. With proper planning, guided by an experienced elder law attorney who has faced these issues many times before, you can achieve peace of mind and have a plan in place if you do not have close family nearby.

7 Steps Every Senior Should Take if Aging Alone

1. Make a plan while you are still sharp (physically and mentally).

A study by the National Institutes of Health found decreased cognition and decision-making impairment begin around the age of 60. Research has also shown that the ability to make sound investment decisions sharply declines at 70. Because of this, it’s important to plan ahead.

2. Make sure your plan is a comprehensive plan and not just a will.

An effective Life Care Plan should include documents like Powers of Attorney (for health and finances), advanced directives for end of life medical issues, etc. It should also address questions such as how will you pay for long-term care, how do you want care decisions to be made, and do you want to stay at home if at all possible?

3. Set up structures to protect yourself.

With the help of an experienced elder law attorney, you should anticipate future issues and how you want them handled. (For instance, if you don’t have kids, consider a professional helper such as an attorney, CPA or bank to handle your finances.)

4. Be open to changing your living arrangements.

If you’re willing to alter your living arrangements earlier on, then you’ll be able to make changes on your own terms, deciding what’s most important to you. If you wait until crisis strikes, others may have to dictate where you go, or your medical issues may dictate where you have to live.

If you start to become isolated in your house, having difficulty taking medicine or eating properly, there needs to be a fail-safe in place so that you don’t suffer and linger too long in the house on your own.

5. Create a plan with ongoing maintenance.

In the last few decades of life things can change rapidly. That’s why a plan with ongoing maintenance is especially helpful. Crafting a flexible plan, through an attorney you trust, insures that adjustments can be made as circumstances change.

6. Gather a list of contacts who can help you.

Identify what tasks you need help with (cooking, cleaning, yard work, etc.) and then match the tasks with people (friends, neighbors, nieces, nephews, church members) who might be able to help you with those specific jobs.

7. Find local resources to help.

There are several good resources that can help seniors, or their distant children, get the help they need.

Illinois Department on Aging     1-800-252-8966

Area Agency on Aging     1-800-252-8966    (Here’s a more detailed listing for Sangamon County)

Senior Services of Central Illinois     217-528-4035

Aging is not something any of us wants to think about, but by thinking and planning ahead, you can save yourself a lot of grief, stress, dignity and money.

If you are facing the prospect of aging alone and are concerned that you don’t have an adequate plan in place, don’t hesitate to give our Elder Care Advisors a call at 217-726-9200. We are always happy to help in anyway that we can!