Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Friday, July 27, 2012

Elder Care Planning

Elderly peopleUnlike other aspects of estate planning, elder care planning focuses on what should happen if you live to an old age. This refers to time when a person is not able to physically or mentally work and support themselves. It is also the time when a person might need more medical or general care. Therefore, when creating a plan, a person might want to consider focusing on few different documents and issues. 

  • A person might want to look at Medicare and Medicaid when drafting a elder care plan. It is important to understand the difference between the two. Medicare deals with health care for the elderly and does not cover long-term care like nursing home stays. Medicaid covers nursing home care. For Medicaid, which provides care for the poor, a recipient must meet a couple of requirements that are different from state to state.
  • Alternatively, a person might also want to purchase long-term health insurance.
  • Finally, a person might want to fill-out a power-of-attorney document. This would allow a person to designate who will take care of that person's finances should that person become incapacitated.

See Scott Holsopple, Make Elder Care Part of Your Financial Plan, U.S. News & World Report: Money, July 23, 2012.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.

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Comments

I can't stress the importance of planning for elderly care of a loved one. So many legal problems can be eliminated if care is taken correctly. Great post.

Posted by: Bill | Aug 27, 2012 12:19:20 PM

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