Caring for Mom and Dad
Thousand Oaks Law Firm Estate Planning for Aging Parents
Caring for aging parents means thinking holistically about their physical, emotional, mental, & financial well-being. Some of these aspects of parents’ well-being can be easily cured by being proactive and taking some simple steps to secure their future.
As parents age, living arrangements, activities of daily living, and even HOW they wish to be taken care of if they need to be under medical care – any of these can become a major dilemma. We imagine that our parents will make these decisions when the time comes.
Reality Is Quite Different!
When you help your aging parents make choices about their own physical well-being while they still can, you give them peace of mind, you support their autonomy, and you prevent chaos in the event decisions must be made suddenly; it’s clear who will make decisions and what those decisions will be.
Our law firm guides clients caring for aging parents is to create an advanced Durable Power of Attorney Over Health Care & HIPAA Authorization, which addresses such issues as:
- Where mom or dad (or both) will live as they age – including instructions as to where they live if they become temporarily or permanently incapacitated.
- Who will help them organize their daily activities such as paying their bills or calling on their behalf if there are issues with insurance or medications.
- What family and friends have the right to hear about how mom or dad are doing.
- Who has the right to make health care decisions if they cannot make those decisions themselves
- What decisions did they make, in advance, so loved ones don’t become entrenched in arguing over agonizingly difficult medical decisions.
Financial Well Being
For your parents to have a smooth financial transition into aging, regardless of what happens to their physical bodies they must have, at minimum: a Trust or Will, a Durable Power of Attorney over Assets, and the Durable Power of Attorney over Health Care, and HIPAA Authorization, at a minimum. These documents can answer critical questions such as:
- Who will manage parents’ assets if they cannot do it themselves or do not want to do it themselves anymore
- Who will be able to, if needed:
- Sell property, lease property, borrow money & collect money owed
- Continue to operate a business mom or dad were operating
- Deal with insurance policies, premiums, and brokers, and retirement plans
- Deal with banks, bankers, and bank accounts, trusted advisors & financial professionals
- Deal with their taxes and all their tax related situations and the IRS
- Pay for taking care of the other parent – and more
- Where will property go when they pass away
- Who will manage the property when they pass away
If your parents’ estate plan is five years old or more, it needs a checkup!
Caring for aging parents means helping them take proactive steps and empowering them to make decisions for themselves while they still can so you and your entire family can avoid chaos, trauma or just being shut out when the effects of aging suddenly strike and no one is prepared for it. Our Thousand Oaks lawyers can provide you and your family with the peace of mind you need to help your parents be happy, safe, and comfortable. Schedule a consultation and we are happy to walk you through the planning process.