In a recent news article, a financial planner has disclosed some of the most vital items that senior citizens and their families need to consider when planning for the senior’s care. One of the most important items, according to the planner, is the drafting and execution of a power of attorney. This grants authority to make certain decisions on behalf of someone when that individual is not capable of doing so, an important protection for most Maryland residents to consider.
In addition to the power of attorney, there are other concerns that also need to be planned for well in advance. Many of these decisions are constructed into a broader set of planning documents titled the elder care plan. By this plan, a financial road map is constructed as to how the senior will be able to pay for living expenses and potential long-term medical expenses that may arise as they continue to age.
A senior’s income typically declines over time. This may be due to health issues that arise as they age. These health issues, in turn, may eliminate the senior’s ability to provide supplemental income to their current retirement benefits. To better deal with these issues, it is best to set clear financial objectives to address all potential issues regarding income.
Maryland families have a lot of things to consider when determining how best to care for their aging family members. With a little assistance, this process does not need to be as complicated as it may initially appear to be. With legal options such as a power of attorney available to them, families can rest assured that there are remedies available to them to effectively plan for their loved one’s care in a loving and supportive environment.
Source: The Smarter Investor, “Make Elder Care Part of Your Financial Plan,” Scott Holsopple, July 23, 2012