Another great benefit of attending national estate planning conferences is gaining new insight into areas of practice. One of the areas we have been assisting clients and their families with is in Care Assistance Planning, meaning exploring different care and financing options around long term care. While we have always been able to assist with longer-term planning to protect a families assets from a spend-down, there appears to be even more we can do for “crisis planning,” meaning “Mom or Dad is going into the nursing home in the next few weeks and we need to do something now.” At The Estate Plan’s Advanced Institute, these issues got the day-long treatment. In the coming months, look for even more information on Care Assistance Planning and options. But for now, here is a list of signs that you may need to talk to us, either about your plans or for aging parents:
Ten Signs Your Home and Money May Be At Risk
- You think medicare pays for all medical conditions
- You think your medicare supplement pays for long term care
- You think your health insurance pays for long term care
- You haven’t purchased ltc
- You think your revocable living trust protects your assets from a Medicaid recovery lien
- You think you can qualify for care assistance by signing over your home
- You think you can qualify for care assistance by giving away your assets
- You do not have a healthcare power of attorney
- You do not have a durable general (financial) power of attorney
- You do not have HIPAA waiver language in your power of attorney documents
Again, these are just warning signs that something might be wrong. There are solutions available, but time is always of the essence. The more time there is to prepare, the more that can be preserved for their own care and for the family after that. For more information, please contact our office at 919-844-7993, and keep looking for a new informational website system in late 2012 or early 2013.