Attention Family and Caregivers! What happens if you get sick or die?

Many of my clients are elderly and are brought to our office by family members to do their estate and long term care planning as well as Medicaid applications, trusts, powers of attorney and such.  Caregivers see upfront and personal what happens to the finances, ability to make decisions and peace of mind of the family if the loved one procrastinated doing this planning.  The asset protection tools may be limited the later we do the planning. The senior may no longer have the capacity to sign documents specifically a Durable Power of Attorney.  Being a caregiver, especially when the planning hasn’t been done, can be a tortuous experience.

Why then do the caregiver children not come to see me to take care of their own affairs?  I almost always suggest that we address these issues when we get the parents issues settled.  But rarely do they come back until they have a crisis of their own!

Most people want to make things easier for their family as they age.  If we have had no experience with caregiving and elderly issues it may be understandable that we put this off.  But the children know exactly what their family is in for and yet they procrastinate too!

Why this is so is a mystery to me.  

Let’s look at the Top 5 typical reasons why people in general procrastinate doing their estate plan.

1. I don’t own enough:  Family members know the importance of having Durable Powers of Attorney in case of incompetence regardless of how much they have in assets.  And even a relatively small estate can create a mess if there needs to be a probate or assets are not titled properly.
2. I’m not old enough.  Unless you have a crystal ball, estate planning is essential for all adults. I lost a 34 year old cousin last year.  Illness and death are not reserved for the elderly.
3. It’s expensive.  Families know from their own experience that planning in advance can often save money and certainly buys peace of mind.
4. It’s confusing.  Anyone who’s worked with our office knows that I take the mystery out of planning and provide peace of mind.
5. My kids will deal with it when I’m dead.  Everyone who has been down this road with a relative knows how difficult the process of death and dying can be and would never take that stance.

There are other reasons but they are all excuses. Caregivers are often so focused on managing their loved one’s health and financial needs that they push their own needs to the back burner. This approach can have dire consequences. Although attention is pulled in countless directions on a daily basis, it is crucial to think about and prepare for one’s own financial future, retirement and long-term care needs.

If you haven’t done so already, now is the time.