When it comes to preparing for old age, there is so much to consider and decide that the mere thought of it can feel overwhelming. It’s no wonder so many people delay the inevitable — though they end up wishing they hadn’t.
To make life easier, Pennsylvania’s Sentinel recently published a list of general dos and don’ts in the world of elder care planning. We’ll highlight a few of those below.
The Dos: Proactive Planning for Elder Care
- Do use trusts. They are almost always a good idea. Too often, families draft a simple Last Will and Testament for the spouses and stop there. Trusts can better protect your assets, including your home, and spare your family a lot of emotional anguish in the future.
- Do seek professional guidance when drafting your supporting documents, like healthcare directives and powers of attorney. People sometimes think of these as “simple forms,” but it is surprisingly easy to make costly and sometimes-heartbreaking errors. An experienced Phoenix, Arizona estate planning lawyer can help you avoid pitfalls.
- Do your homework when it comes to nursing homes and insurance policies. Our office can help.
The Don’ts: Common Mistakes You Can Avoid
- Don’t add a relative (other than your spouse) to your property deeds without talking to an experienced Phoenix, Arizona estate planning lawyer first. It could cause major problems down the road.
- Don’t name more than one agent in your Powers of Attorney documents. They won’t always see eye to eye, and that can cause conflicts.
- Don’t delay. This is the single biggest mistake people make. True to its name, long-term care planning is most effective when it’s managed in the long term. The sooner you put a plan in action, the more manageable it will be.
These helpful tidbits are just the tip of the iceberg. There is a lot to know about elder care planning (and a lot of traps to avoid). Please reach out to our office so you can learn more about simple steps that will make a better future for your family.