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Today’s show features the cohosts of Conscious Caregiving with L & L, Lance A. Slatton and Lori La Bey, as they discuss the importance of planning as we age.  This means from the time we become a legal adult throughout our lives. Keep in mind, neither Lance nor Lori is an attorney. They do not give legal advice, as they are speaking from their own personal experiences and what they have seen and heard happen in the healthcare industry.

Starting A Planning Conversation

Starting these conversations and making these decisions at a young age shifts attitudes from end-of-life discussions to smart living.  Most people don’t hesitate to secure insurance for their homes, cars, health, or life; to ensure our life is protected; yet when it comes to our specific wishes, we clam up and don’t talk about these important factors.

Some families or friends go through the process of getting these legal documents together to take the scary out of doing it alone.  This opens the conversation to get multiple people’s ideas and thoughts on important decisions to ensure our wishes are upheld.

For our seniors, it’s a good idea to check with an elder law attorney, especially if you think you might have to consider alternative housing and or that they may run out of money to care for themselves and would need to apply for assistance. They know all the ins and outs of what would be considered a legal transfer or not.

Note, it is important to know, you are never too young to have a healthcare directive and power of attorney.  Wills and trusts can be important even if you don’t feel you have much in assets. You may be very surprised when you look at things big picture perspective, but you have young children whom you want to protect, such as who would like to care for them if you were incapacitated or passed away?

Please understand, just because one attorney was a good match for a friend or family member, does that mean they will be a good fit for you.

It’s vital to make sure the properties you own are in the proper title to uphold your wishes.  For example, if you are a blended family, or maybe partners but not married, who do you want your portion of the house to go to when you pass away? 

1. Your family
2. A partner
3. Another person in your life
4. A charity

These are all critical decisions that are often overlooked

Understand the difference between Wills, Trusts, Life Estates, Pay on Death (POD), and other ways funds and assets can be passed on. Make sure you understand the implications of each option, as it can make a huge difference. 

1. Are there taxes payable now or later, and by whom?
2. Are people single or married? 
3. If there is a divorce, is it considered a marital asset, or will it stay with your child?
4. Assess people’s decision-making capabilities, their mental health, and consider their comfort level with what you are asking them to do. 

Examples:

Being in charge of carrying out your healthcare wishes.  This can get complicated with other family members if everyone is not on the same page.  We the person you assign be strong enough to honor your wishes?

Or being the  Executor of your estate.  Are they up to making those decisions to organize and process all that needs to be done in a timely fashion to be able to close your estate?

Keep In Mind

Please keep in mind, you do the above to protect not only a seniors care, assets, and wishes, but you can and should do the above for yourself or your adult children. This is smart living. Think of the times you’ve heard about a family member, friend, coworker, neighbor… who has had an accident. The family is blindsided and unsure of what to do or how to handle the situation. They could easily not have legal authority to speak to the doctors on a loved ones behalf or access funds needed to pay their bills. These documents, when done correctly, ensure good communication, decreases stress in a very anixous time, defines the wishes of the person which can give comfort and reduce conflict within family who may not be pervee to the choices they made.

Watch or Listen to Alzheimer’s Speaks on YouTube above

Here Are A Few Resources You Can Tap Into

Planning Resources by Compassion and Choices –  https://compassionandchoices.org/eolc/finish-strong-tools/

5 Wishes   https://www.fivewishes.org/for-myself/

Healthcare Directives   https://www.aarp.org/caregiving/financial-legal/free-printable-advance-directives/

Power of Attorney, form – make sure it’s approved by your state   https://documentgenius.com/forms/lease-agreement/

National Association of Elder Law Attorneys  https://www.naela.org/Web/Shared_Content/Directories/Find-a-Lawyer.aspx

Listen or Subscribe to Alzheimer’s Speaks Podcast on Spotify

Lance A. Slatton and Lori La Bey co-host and produce Conscious Caregiving with L & L.  Visit their website at https://consciouscaregivingll.com/  or contact them at https://consciouscaregivingll.com/#contact.

To learn more about Lance and Lori, you can visit their websites. Lance’s websites at All Home Care Matters or  Lance A. Slatton or Lori’s websites at Alzheimer’s Speaks or Dementia Map

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