Tips to Help With Planning As We Age
Date: 4 August, 2023
Published by: Health
Blog by:
Margaret Barton
Usually my postings are about real estate data or market trends, lately, I’ve broadened my writings to include issues clients bring up to me. I figure if many people are asking the same questions, then most likely there are others who haven’t asked, yet need the information, so here goes!
With an aging population, there are many experiencing memory, or unexpected serious health issues, be it a stroke, heart troubles, dementia, Alzheimers and/or some sort of cognitive impairment. Should this be the case in your family or circle of friends, it may help to know the following:
* Get a formal diagnosis from a doctor; it’s important to know what you’re dealing with from the aspect of long term care, both on the caretaking and financial sides.
* Make sure a Will andTrust are in place, together with a Power of Attorney and Health Care Directives; this is best done prior to any problems surfacing, or getting worse. Have this drawn up by an attorney – don’t go the online route. Know where this is kept.
* Have a list of all accounts, where passwords are kept; I created a quick reference sheet. Do your loved ones a favor and have paperwork in order.
* If someone needs extensive professional caretaking, or any sort of assisted living, costs can mount up. Often family will think of renting out or selling the family home. Prior to doing this, make sure to get advice from a CPA and financial advisor.
* If you hold Power of Attorney, you may be able to rent out a house on someone’s behalf (check with an attorney). However, a POA will not have you be able to list and sell their home; to do that you have to be a trustee. The title company will ask to see the trust and will let you know what further information they need. This needs to be done prior to listing a home.
* Talk with a CPA regarding capital-gains taxes that may have to be paid; this part of the process is often overlooked and can come as an unwelcome surprise.
* Realize that if the person involved is being placed in a home, there may be waiting lists or age thresholds. Do your homework ahead of time, and identify where the move will be to. Be sure you know monthly costs so you can do realistic financial planning.
* Any care home will want to see financials to know that payment is possible over the long term. If taxes aren’t up-to-date, now’s the time to do them!
* Not all care homes accept pets, but many will allow a pet to visit; remember to check on this important quality-of-life support.
* If money is an issue, MediCal is the last resort. MediCal is super complicated and is best navigated with the help of an attorney practiced in its workings! Yes, an attorney is expensive, yet will save you time, money, and frustration; in the long run a qualified attorney is invaluable when dealing with MediCal.
* Check to see if there’s long term care insurance in place.
* Investigate whether or not you should go on bank accounts; bills will need to be paid and that’s not easy if the person with the health issue is not longer able to take responsibility for doing this. Pay particular attention to mortgage and property tax payments so defaults don’t arise.
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It’s hard to cover everything in a blog posting, it gets too long!!! The above most certainly doesn’t cover everything, yet it’s a start! In recent postings, I’m doing my best to address situations that are real-life, issues clients and friends bring up to me. I hope the above is helpful to you. Please pass this on as others may find it useful too! Most importantly, remember, you’re not alone, I’m here to help; with 30 years in the real estate business, I have a huge circle of referrals; if I can’t directly help you, I will do my best to find someone who can. Would love to hear from you!
