Without a durable power of attorney (a simple
document that is easy to obtain), you may have to go
to court to gain guardianship over your parent so
you can handle his or her affairs if he or she
becomes incompetent. Guardianship is necessary so
you can handle your parent’s affairs. Going to court
is expensive, time-consuming and stressful.
A loved one’s health status can change overnight.
It’s better to have long term care plans and
insurance in place prior to their health taking a
turn. At that point it may be cost prohibitive or
simply may no longer be an option due to the age or
health of the person who will need care or coverage.
Many of the best care facilities have waiting
lists, and some of them require that your parent be
able to live independently in order to move in.
Sometimes it is not the big health problems that
ruin the golden years, but the smaller annoyances–
the inability to pursue a loved hobby, the
difficulty hearing, or the fear of falling. When you
talk, try to get at these less obvious issues too,
as many of them can be resolved.
Being prepared will mean less work, less stress,
less worry and fewer regrets. Talk. Talk now.
Because we need to prepare for aging like we prepare
for everything else in life.
Calculate the Cost of Long Term Care in your area.
Source: Genworth Financial