Five Better Life ReSolutions

By Terry Douglas, Maryland Elder Law Attorney

Douglas Law Office

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Five Better Life ReSolutions

Now that the holidays are over, it's time to plan for your future life care needs. We plan to walk more, eat healthier food, and get our legal affairs in order. For some, it seems difficult to get started. So, another year goes by with no action.

Oftentimes when dad dies, the family argues about who will care for mom and how they will pay for her care. Many older adults worry about being a burden. By taking action now, you can stop worrying, avoid costly mistakes, and have a better life as you age.

Get aMaryland “Advance Health Care Directive” Allows you to designate a person to spell out your instructions, including which medical care, treatment, and procedures you want, and authorizes your physician to communicate with your family if you become incapacitated.

Imagine how frustrated your children or your spouse will be when the doctor refuses to update them about your medical condition because of privacy concerns.

Get a Maryland Financial “Power of Attorney” Authorizes a person you trust, to make legal and financial decisions for you when you are unable to do so; such as paying bills, making bank deposits, managing the property, or dealing with government benefit agencies. Having a Power of Attorney reduces the need for a judge to appoint a guardian over your property if you become incapacitated.

Plan now to fund nursing home care. The average cost of a nursing home is $7,940 per month ($95,280 year). Most people don't realize their limited options until they are in a crisis usually when a loved one is being discharged from a hospital to rehab. If you're married, you don't have to lose your entire life savings to pay for your spouse's nursing home care.

If you are still driving or own a home, ask your insurance agent about the benefits of an “umbrella” insurance policy to protect your assets. Someone could slip and fall on your front steps or your vehicle could slide on an icy road. You don't want to lose your house or your life savings from a lawsuit. A policy costs around $400 and provides $1 million of coverage.

Obtain a copy of your “Beneficiary Designation” Forms. This includes your 401(K), life insurance, bank accounts, retirement and investment account forms. If you don't want your ex-spouse to receive your death benefits, then, review the forms and update as necessary.

Death, disability, or illness aren't easy to talk about with our family, friends, or doctors. While we are on the topic, start the conversation. Then, take action while you are still competent.

Meeting with an attorney can reduce the emotional burden and family fighting during a crisis and give you peace of mind as you age.

Planning for your life care is more than a New Year's ReSolution. Planning is a Solution.