Retirement age comes and our plan is finally in place. Finances and time have come together to allow us to enjoy the elder years of life. This is where the planning ends. But life does not end at retirement. There is a portion of life that the majority of us will live through after the retirement years called “eldercare.”

 Very few of us plan for this part of our life, but yet it is as important if not more important to plan for it. If we don’t, we are leaving our last years in someone else’s hands. As much as children love us and mean to do right by us, they cannot possibly know what we want if they are not told. 

Ruby, age 80, lost her husband. She had cared for him at home after his stroke. Understandably, she felt lost and depressed after his death. An inner ear infection caused Ruby to lose her balance and fall, breaking her hip. While she was in the hospital recuperating from surgery, Ruby’s children were deciding her future. 

Concerned for her health and safety they moved some of her belongings to an assisted care facility. Upon Ruby’s release from the hospital she was taken to her new home at the facility. Between pain medication and the unfamiliar surroundings, Ruby never was herself again. She spent her last days asking what had happened to her home and belongings. Though her children had her best interest at heart, they did not know how Ruby wanted to spend her elder days.

An article on the AARP website entitled, ” Are Americans Talking With Their Parents About Independent Livng“, revealed that “Most boomer women have had conversations with their parents about their ability to live independently as they ge tolder, but less than half have actually begun planning for care their parents might need.”  Without talking this over,  it can be difficult to know if parents really need, or want, help from their children.” 

Children and parents should talk about all these things. 

What do you want your children, or friends to do on your behalf? When it comes time for them to help, you may not be physically or mentally able to execute your wishes. This is where your long term care plan comes into effect. You need to be the responsible person for your own personal care in the future. 

The time to start planning is now.  Don’t wait until the choice is no longer yours!

Also, check out this month’s article in AARP Magazine which briefly discusses 8 benefits available to Veterans.

We hope to bring you even more as the coming weeks unfold.  Happy reading and stay tuned.

Has your will or trust been reviewed or updated in the past 3-5 years?

If you answered yes to these questions then you are two steps ahead of 2/3 of the rest of Americans. But the next question is the big one:

Does your family or executor know where your legal documents are stored, and are they able to access them?

Having a will or a trust is essential, but it doesn’t do any good if nobody can find it after you’re gone. Olympic medalist Florence Griffith Joyner (“Flo-Jo”) supposedly had a will when she tragically passed away at the age of 38, but because her husband was never able to locate the original document, a neutral administrator had to be appointed by the court to execute the estate; and whether her estate was executed according to her wishes is anybody’s guess.

A will or a trust often contains sensitive and emotional information, and for that reason many people (understandably) want to keep these documents private; but spending any amount of time or money on your estate planning documents won’t help your family if they can’t locate—or don’t have access to—those documents after your death.

We suggest having an earnest conversation with your family (or one or two select members at the very least) about the existence and location of your personal documents. Although they don’t have to know what is in your will or trust, knowing where those documents are can ensure that the time and money you spent creating them isn’t wasted.

An ethical will can be anything from a letter to your children expressing your love and hope that they carry on your values, to a novella length memoir detailing your life experiences. But what about those people who don’t have the ability or inclination to articulate their thoughts in pen and ink? Well, more and more these people are turning to the camera and making their ethical wills on video.

A video will, as suggested by this article in the Wall Street Journal, is an unparalleled way to let the younger generation know about your feelings and values. “No matter how clear your memories of someone may be, if you have them on the screen in front of you, talking to you, there’s a qualitative difference.” And a video will, if made correctly in the presence of your estate planning attorney, might even have the added benefit of preventing disputes and bickering between your heirs later on.

What we like best about the idea of ethical or video wills is the personal touch. Although we work every day with the “dry and boring legal jargon”, we know that underneath all that an estate plan is about love and values—it’s about family. And an ethical or video will is a way to add a personal touch to the formal written Will or Trust, which is still necessary to meet legal requirements. So, consider doing both together to pass on, not only your assets, but also your values and hopes.

During this time of celebration and Thanksgiving, our office would like to offer our sincere thanks to you, our clients and readers, for the time you have spent with us, the trust you have put in us, and the role you have let us play in your lives. We hope we may continue to serve you in the coming year.

Happy Thanksgiving to all of our readers, and may you enjoy a wonderful holiday season.