If you or a family member have recently been diagnosed with a debilitating disease like Alzheimer’s, now is the perfect time to start estate planning or update an existing plan.
First step is to appoint a power of attorney. Health Care Directive, Health Care Power of Attorney and Living Will are commonly interchanged. Regardless of the term used, this is a legal device that allows a person to make decisions about their health care before they become sick and/or mentally incapacitated. This should be done as soon as possible, the earlier the better while mental capacity and ability to make sound decisions is at its highest. A properly crafted health care directive designates your health care agent. You may designate one of your adult children or spouse as the person legally allowed to make decisions in your place. If you are mentally unable to decide how to treat your illness, this person will have the power to make decisions in your best interests. Your directive authorizes your agent to consult with your treating physicians about your care to ensure the course of treatment, medication, and life sustaining measures.
Next you should consider finances and long-term care. Confirm insurance and how continued care will be covered. Out of pocket or insurance? Long-term care insurance is available, but often individuals cannot gain coverage due to their health and the high costs of premium may bar others from signing up before they need the benefits – buying the policy early in life will help defray the costs.
Medicaid is an option, but only for those at the lower ends of the income ranges. The annual income limit for individuals in 2018 is $15,800.00 (before deductions) – quite low indeed. Chances of receiving are even lower if your individual resources exceed $4,000.00.
There can be many boxes to check but it doesn’t have to be stressful. We are here to help. Get in touch with The Wade Law Firm, PLLC today to learn more about how we can help.
With more than 20 years of legal experience and focusing now almost entirely in all facets of Family Law, Wills, Estates, and Life Planning, Attorney Vangela M. Wade, located in the Metro Jackson, MS area, offers representation based on a flat fee basis for many uncontested cases and affordable consultation fees. This is a huge plus for anyone looking to smoothly and affordably plan their legacy.