EARLIER last week, I was called for yet another home visit to prepare and execute a Power of Attorney for an 86-year old lady who was just released from a hospital surgery. While still feasible (with the presence of credible witnesses), this comes to mind at an alarming note as more and more elderly Americans are getting sicker without even a Power of Attorney, much lest, an estate plan.
Whether it’s fear, lack of confidence, or simply lack of proper education on estate planning and the possible financial and emotional turmoil that goes without it, elderly parents need to realize more than ever that an estate plan is a necessity.
One of the most important things you can do to help your aging parents is assist in planning their estate. This will clarify their wishes and ensure that they receive the best care possible without placing a heavy financial burden on you and the rest of your family.
Open up a conversation with your parents. Keep it low-key and relaxed. Start by asking them who should look after their affairs in the event of any medical emergencies. That may pave the way for a dialogue on your parents’ financial affairs. If not, spell out the chaos and confusion that could result from not addressing the issue. Be patient, be respectful, and have this conversation in several sessions if necessary to smooth feathers.
Designate a point person for your parents’ health-care affairs. Ideally this person is designated by your parents, is objective, and has your parents’ best interests in mind. It could be you, a sibling, a family friend or one of their trusted confidants.
Have a backup plan. In the event that an estate designee isn’t on hand to make a decision, select a second person—ideally one who is equally familiar with your parents’ situation.
Discuss drafting a living will. Assure them that this document forces medical providers to honor their personal medical choices in the event of a debilitating condition, such as a terminal illness or coma, when they are no longer able to speak for themselves.
Designate someone to handle their financial and business affairs. Even if a parent is ill or otherwise incapacitated, the bills don’t stop coming in. One option is to draft a durable power of attorney.
Join forces with your siblings or other family members to decide your parents’ fate if they have passed the point where they can make their own decisions. Conduct good due diligence beforehand when researching the costs of home care, assisted living, retirement homes and other items associated with long-term health care.
Craft your parents’ estate plan in a way that passes on assets to heirs as easily as possible.
NOTE: Evangeline is not an attorney nor does she provide legal advice. She prepares legal documents at the specific direction of the client. At your request, her office can file your legal documents at the appropriate court. She is a Legal Document Assistant (LDA # 397, registered and bonded in Los Angeles County, expires 3/23/2011).
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Evangeline can be reached at her offices at 4485 Eagle Rock Blvd. (corner Avenue 45), Los Angeles, CA 90041 and 450 N. Brand Blvd., Suite 600, Glendale, CA 91203 or at her marketing location at the Eagle Rock Plaza, before Seafood City. You may contact her office at (323) 356-3803 or (626)319-4115 or check her website www.evangelinegiron.net.
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The purpose of this article is to provide information of general interest to our clients and prospective clients. The information provided is general in nature and should not be considered complete information on any product or concept described.
( Published April 17, 2010 Asian Journal Los Angeles. p. C4 )
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