Residents of Nashville, have you ever asked yourself, when should I hire an elder law attorney?
Elder law encompasses a variety of areas tailored to the unique needs of our clients, including estate planning, Medicaid planning, Medicaid benefits, VA benefits, Medicare, conservatorships, probate, and more. Understanding when should I hire an elder law attorney is important to understand.
In the United States, we often do a poor job of preparing for potential disability and death. I believe that since the hospitalization of the dying and the institutionalization of disabled individuals began about 70 years ago, Americans have become adept at pretending we will never face death or disability. Why else would surveys reveal that we fear public speaking more than death?
I am a strong advocate for planning and reaching out when the inevitable occurs.
Planning for Long-Term Care
Retirement—or even contemplating retirement—is an ideal time to plan. We need to consider where we wish to age and how we will afford healthcare.
Regarding the question of where about 70% of us express a desire to die at home. However, there aren’t enough caregivers to facilitate this. Currently, 11,200 people turn 65 every day in the United States, and the population aged 95 and older grew by 48.6% between 2010 and 2020.
Even if sufficient caregivers were available, there’s often not enough financial support. Round-the-clock care at home can cost around $270,000 a year or more. Additionally, living at home alone can be isolating and dangerous.
We need to rethink the concept of “home.” I frequently visit assisted living facilities and nursing homes, some of which I would consider myself. Our firm can suggest alternatives that align with your lifestyle and budget.
When we retire, or even before, we should consider long-term care insurance. Numerous policy options are available, including those that combine life insurance and long-term care coverage. While some individuals may find it challenging to afford this insurance, for those who can, it can provide peace of mind and help protect assets for heirs.
Creating or Updating an Estate Plan
Everyone needs an estate plan. Often, our first plan is established when we have young children, requiring us to name guardians and set up trusts to provide for them if we pass away while they are still minors.
However, it is essential to update our plans regularly. I refer to the “Five D’s” for reviewing or updating an estate plan:
- Death: The death of a family member or friend.
- Divorce: A divorce or separation from a spouse.
- Diagnosis: A new diagnosis or significant health decline.
- Decade: Reaching a new decade since the last update.
- Decisions: Changes in intentions or if the plan no longer reflects your current situation.
You need either a Will or a Revocable Living Trust. A Will is a document that provides instructions upon your death, but your heirs must go to probate court for it to take effect. In contrast, a Revocable Living Trust allows your heirs to avoid probate, making the process easier and more affordable while potentially preventing family disputes.
It’s also crucial to designate someone (and a successor) to assist with financial decisions by signing a Durable Power of Attorney. Additionally, you should appoint someone (and a successor) for healthcare decisions. In Tennessee, this document is known as a Durable Power of Attorney for Healthcare (some states refer to it as a Healthcare Proxy). Lastly, you need to express your end-of-life care wishes by signing an Advance Directive or Living Will.
Planning to Access Public Benefits
In 2023, the cost of a private room in a nursing home in the Nashville area was $121,000 per year, while a semi-private room cost $107,000 per year. Few of us can afford that.
By planning ahead, however, you can qualify for Medicaid or VA Aid and Attendance Benefits while ensuring there are funds available for expenses these programs won’t cover. This planning can also prevent your spouse from facing financial ruin if you require care.
Reacting to a Diagnosis or a Healthcare Emergency
Perhaps you didn’t plan ahead—trust me, you’re not alone. An elder law attorney can be invaluable if you or a loved one receives a diagnosis such as Alzheimer’s or experiences a medical emergency like a stroke or serious fall. We can guide you to appropriate healthcare providers or facilities and help you find suitable in-home care or necessary home modifications. Our staff includes a licensed social worker known as a “Care Coordinator,” who is well-versed in the care industry and can oversee your care.
We can assist you in getting estate planning documents in place or updating existing ones.
Conservatorships
What happens if a loved one has refused to plan ahead and is now unable to make decisions? We can help you file for a conservatorship over their person and/or property to ensure healthcare and financial decisions are made appropriately.
Probate
Finally, when your loved one passes away, we can assist with the probate process.
Our greatest privilege is providing our clients with peace of mind. After all, we know we will eventually die and may face disability before that, even if we’re good at pretending otherwise. Understanding when should I hire an elder law attorney can be easy.
Consulting with an elder law attorney can help you navigate this process and bring comfort in knowing you have taken the right steps. Contact us today to start planning for your future.