While we often plan for significant life events—such as college, marriage, children, retirement, and even death—planning to age is frequently overlooked. As we live longer, proactive aging planning becomes essential to ensure our well-being and alleviate the potential burdens on our loved ones.
Not Being Prepared for a Crisis Makes Things Worse. Have you considered the possibility of needing assistance with daily activities due to a fall, stroke, heart attack, broken hip, or long-term illness? These scenarios underscore the urgent need for thoughtful preparation and planning. Imagine not communicating crucial details about your legal, financial, or care preferences to your caregiver. The stress of sifting through drawers, locating Power of Attorney documents, and determining your insurance coverage, among many other things, can significantly burden your family and caregivers, wasting both time and money.
Failing to plan for aging can result in unnecessary stress and difficult decisions for those we care about most. By taking the time to establish a plan now, you can provide your family with clear guidance and prevent overwhelming them in a crisis. Important legal, financial, and care decisions require your attention today. Without a plan, you and your family may find yourselves in a state of chaos, scrambling to execute Power of Attorney documents during a medical emergency, uncertain about bill payments, or lacking the information necessary for your caregivers to navigate today’s complex day-to-day life.
Planning for Aging Starts with a Conversation
Initiating planning for aging begins with an honest conversation about your wishes. Consider the type of care you would prefer in a medical emergency, where you would want to live if you could no longer be independent, and how to cover the costs of that care. Reflect on the legal documents needed to ensure your preferences are honored while you are living and evaluate the assets or income available to support your needs. Who can you trust to handle financial matters or provide transportation if you can no longer drive? Understanding your insurance coverage and identifying any gaps is also crucial.
While these discussions may seem daunting, they are essential for creating a plan that reflects your values and priorities.
Are You Prepared for the Exorbitant Costs of Care as You Age?
Statistics indicate that 70% of individuals will require some form of long-term care as they age. With costs for assisted living averaging $5,000 per month, memory care at $7,000, and skilled nursing care ranging from $10,000 to $11,000, the financial implications can be staggering. Medicare offers limited coverage, typically up to 100 days of skilled rehab per calendar year, with most individuals receiving only 15 to 30 days in a crisis.
Understanding these realities allows you to explore legal and financial preparations that ensure your care preferences are met without placing undue stress on your family. For those concerned about asset preservation, legal tools such as a Nest Egg Trust can protect your assets from the nursing home, helping safeguard family farms, cherished homes, and other investments.
Addressing the decisions associated with aging proactively can provide peace of mind for you and your family. It’s never too late to start planning; doing so can help you maintain your independence while ensuring your wishes are honored while you are living. Planning for aging should be a fundamental aspect of your overall future strategy.
Submitted by David O. Edwards
Estate Planning Attorney with Edwards Group LLC