Supporting your aging parents could be a full-time, daunting task. There are so many tasks and responsibilities to keep track of, and then you have to consider the well-being of your loved one at the forefront of it all. It can be a lot. So, thinking of the legal responsibilities that come with being a caregiver to aging parents may not be top of mind. That is completely understandable.
However, these legal responsibilities are essential to the long-term care of your aging parents. Ensuring you have the legalities of their estate plan and elder care in place can ensure that they are taken care of if something were to happen, and that you have the answers you need to questions they may not be able to answer.
So, here are the top legal tips for caregiver supporting their aging parents.
Gain a Strong Understanding of Their Legal Documents
Your parents’ legal documents are going to be the key to their estate plan, future answers, and well-being down the road. It can be important that you get permission to access this paperwork and act on their behalf, both financially and medically, by becoming their financial or medical power of attorney.
These legal documents can include:
- A will
- A living will
- Any trusts, irrevocable trusts, or revocable trusts
- Healthcare power of attorney
- Financial power of attorney
As a financial or healthcare power of attorney, you will be able to speak on their behalf if they become incapacitated. So, understanding what their wishes are for their financial and healthcare needs can ensure you are coming from the right place and have a clear vision of what they would want. Then, as much as it is important to have these documents to begin with, it is important to update them when necessary. If your parent is still of sound mind, it can be essential to update these legal documents as time progresses to keep wishes aligned with what they want and assets properly protected.
As a caregiver, it is then important to keep these documents in a safe, retrievable place, whether that is a safe, a bank, or with an estate planning attorney.
In addition to estate planning documents, you should also store:
- Birth certificates
- Marriage certificates
- Citizen papers or passports
- Social Security cards
- Deeds and Titles
- Usernames and passwords
- Insurance policies
Establish These Legal Documents If They Have Not Been Created Yet
There is a chance that these legal documents have either not been created yet or have not been updated in quite some time. If either of these is the case, it is now important to connect with an estate planning attorney along with an attorney who specializes in elder law and Medicaid, such as Janssen Estate Probate & Elder Law, to ensure that your parents’ legal documents are properly developed and legally sound.
Discuss Their Plans For Finances and How to Protect Them
On top of figuring out their plans for financial power of attorney, it is important to go through the process of discussing their financial plans and how to protect them as they age.
This could start with connecting you to their financial accounts. This can be done as POA, as well. With connection to their accounts, you have the ability to close, freeze, or contact the bank about the account itself. You can also set up notifications if there are any changes or spending on your parents’ financial accounts. With this ability, you can help your parents designate a trusted contact for the bank accounts that the bank can reach out to if something seems wrong, and also choose beneficiaries for said accounts.
On the topic, as your parent ages and no longer uses the bank account, it can be wise to put a freeze on the account. The elderly are susceptible to identity theft and other possibilities that could harm their accounts, as the accounts don’t get used, but by freezing them, you take that option away.
Have a Health and Wellness Plan in Place
Health and wellness management can become one of the most important aspects for caregivers of aging parents. This is your opportunity to get all doctor’s appointments in order, organize medical documentation, and keep track of any specialists. As a healthcare power of attorney, you will gain access to this information and be able to stay on top of it to help out your parents.
In a more legal sense, this is your chance to discuss topics such as living arrangements, Medicaid options, and other financial matters that will impact future living options. It can be essential to have these conversations early so planning can happen, helping your parents have the funds and ability to utilize their choices of living arrangements down the road. You can discuss independent living, assisted living facilities, memory care communities, skilled nursing facilities, or continuing care retirement communities. You can see what your parents’ feelings are for each other and develop a plan.
Develop a Team of Professionals and Advisors
Being a caregiver can seem like an independent role, but fortunately, that does not have to be the case. To give the best care to your aging parents and ensure that every area of their lives is legally protected, it is wise to develop a team of professionals and advisors who are just as much on your parents’ side as you are. This can start with their doctors, nurses, geriatric care managers, and specialists.
Then, it can expand to additional lawyers. An estate planning attorney can help you greatly in a lot of the steps we discussed above, while also having a focus on defining asset protection. Then, depending on your parents, you may want to look for a business attorney or a real estate attorney if they are looking to sell, gift, or transfer businesses or property they own. These attorneys can ensure you have all your legal ducks in a row.
Additionally, it can be wise to partner with an accountant, financial advisor, or planner. This individual can help explore tax deductions while also helping you see your financial options for long-term care or assisted living. Having a team of experts around you can make the caregiver role seem less isolating and allow you to give the best care possible to your parents.
Understand The Roles and Responsibilities of Those Around You
Whether you are the sole caregiver or are working with family members, it can be essential to have the family and friends of your parents all on the same page. If you are working together with family to care for your aging parents, it can be essential to set up schedules and define roles and responsibilities for each of you to ensure everyone’s strengths are being utilized and no one is taking on more than they can handle. This could also mean that certain family members are labeled as beneficiaries or POAs in their own right, giving them the ability to help in certain situations. Spreading out the responsibilities can keep it from becoming overwhelming. When legal roles are distributed, it is essential that each party and the aging parents understand the responsibilities that come with them and how they will help if the time comes.
Throughout the legal responsibilities and the emotional responsibilities that come with being a caregiver to your aging parents, the most important thing you can do is to keep an open dialogue. If you have further questions or wish to move forward with these responsibilities, contact the team at Janssen Estate Probate & Elder Law.