Many have not heard the term "elder orphan," but many people end up aging without any loved ones around to care for them. They may be those who have no living children or siblings or are single or widowed. As the baby boomer population ages, so does the prevalence of elder orphans. It's vital that those aging without family around make legal and financial decisions now. Read on and learn about some estate planning considerations for elder orphans.
Health Care Directives
This estate planning step involves leaving specific instructions with a health care provider about what to do when the person is no longer able to make medical decisions. That might include a time when they are unable to communicate their wishes about life-support due to illness. It's best to keep the document, once prepared, with the person in case of emergency hospitalization. They should also leave a copy in the home where it's easily found and a copy with a good friend who can be listed as a contract by the medical facility. A health care directive will list the exact conditions under which life should and should not be sustained. For example, it may indicate a desire for no resuscitation or tube feeding when the situation is terminal.
Powers of Attorney (POA)
A POA appoints a close friend or someone else to make business and financial decisions for a person if they should become incapacitated. Clergy, lawyers, and even organizations may be appointed to this position if desired.
Living Arrangements
When a person reaches the point of needing more help at home, several options exist including the use of alert devices that call for help in an emergency. Medication minders signal a reminder to take medicine and phone buddy systems mean the person checks in regularly with another person. However, many older people eventually need day-to-day care. In-home caregiving can be expensive but some visiting medical services may be paid for by Medicare. However, moving to a residential facility may be inevitable in time. Various levels of care are available from assisted living to full-time nursing care for those who require more medical intervention.
Regardless of where they go, the sooner the arrangements are made the better. Some facilities have waiting lists that could delay care for weeks or months. If possible, it's best if the person makes decisions about where to go on their own before they are unable to do so. Many facilities sell plans so that everything is paid for in advance. However, long-term care is extremely expensive. To find out more about choosing an appropriate long-term assisted living plan and more, speak to an estate attorney.
Contact a lawyer for more information on estate planning.
Share12 May 2022
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