Successful Women | The Gift of Preparation

December 21st, 2017 | | Successful Women

What your loved one needs now, what you’ll need later…

Over 75% of all caregivers are women, according to the Institute on Aging. Even while working full time, you may be one yourself. If so, you’ve likely seen firsthand the shifts that come with aging and understand the greater need for support we’ll all likely need as we grow older.

You’ve probably also realized that supporting your loved one relies on having an understanding of their preferences about medical care, personal belongings and end-of-life decisions, as well as documentation so you can help fulfill their wishes.

Consider these steps to ensure you have the information you need to provide the best possible care, or to help others understand your needs as you reach your later years.

START WITH SOME QUESTIONS

To get a dialogue going, consider questions around quality of life – the things that will define how we live as we age – before there’s a critical reason.

For example, consider:

Who: Who will you spend time with? Who will take care of you should you need help with daily living activities or more extensive care?

What: What are your health limitations? Does your family have a history of medical conditions? What would treatment cost?

Where: Where do you want to live? Will your home need to be modified?

When: When are you planning to retire? Will you have enough saved to live the lifestyle you desire?

How: How will you get around? Do you want to live near places and people that are most familiar to you?

 

PUT IT IN WRITING

As you have conversations – document, document, document. Here’s a look at some of the paperwork of caregiving, with an eye toward what your loved one needs now, and what you’ll need later.

FINANCIAL FOUNDATIONS

Contact authorization form – Authorizes a third person, say a financial advisor or attorney, to communicate with a designated contact person if there are questions or concerns regarding health status, including mental capacity.

Last will and testament – A legal document used to distribute property to heirs, specify last wishes, name guardians for minors, and identify who is responsible for managing the estate and implementing wishes. Every adult needs one, or the state will step in to make these types of decisions.

Separate writing/tangible personal property memorandum – A separate writing/tangible personal property memorandum can be used to supplement a will. This document dictates distri­bution of small tangible personal property such as jewelry, collectibles and artwork.

Durable financial power of attorney – A durable power of attorney gives someone authority to handle financial and legal decisions. Of course, the person selected needs to be someone who will represent your best interests.

Living trust – In many states, a living trust can be used to transfer assets and personal property in an orderly and more private manner than a will, and can even stipulate provisions for the bequests. It also can help avoid a costly and stressful probate court process and may offer substantial tax benefits.

 

MEDICAL MATTERS

Durable medical power of attorney – A healthcare proxy or durable power of attorney is a person who makes medical deci­sions for someone who is not capable of doing so.

Living will and medical directives – This specifies what type of medical treatment is acceptable to sustain life if one is termi­nally ill or in a vegetative state and unable to communicate wishes for treatment.

POLST form – A Physician Order for Life Sustaining Treatment (POLST) is for those with serious illness or frailty to specify pre­ferred healthcare treatment in an emergency medical situation.

DNR/DNI order – A doctor’s order that tells all other medical personnel not to perform CPR if you go into cardiac arrest (Do Not Resuscitate) or place a breathing tube (Do Not Intubate).

HIPAA form – Allows medical providers to release health records to those given consent.

 

POLICIES OF PROTECTION

Life insurance – Life insurance helps ensure that loved ones will be financially protected after a death.

Disability insurance – Most disability policies replace a per­centage of earned income when the policyholder can’t work due to illness or injury.

Long-term care insurance – Designed to pay for the cost of care in a variety of settings, including a nursing home.

 

ACCESSIBLE ADD-ONS

Beneficiary forms – For insurance policies, retirement accounts and some other assets, the beneficiary form prevails over the will.

Letters of instruction – An informal, non-binding way to share any wishes not covered by a will (e.g., the needs of minor chil­dren or whether to donate organs).

Ethical will – An ethical will preserves family history and imparts important values, life lessons and faith to the next generation.

List of contacts – A detailed list of people to contact in certain circumstances, including family, friends and the professionals who oversee legal, financial, insurance and health matters.

Raymond James financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional. Material created by Raymond James for use by its advisors. The information contained herein has been obtained from sources considered reliable, but we do not guarantee that the foregoing material is accurate or complete. Raymond James is not affiliated with any other entity listed herein.

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