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Estate Planning

3 Estate Planning Documents Your Parents Need

As your parents gracefully navigate their golden years, ensuring their peace of mind (and yours!) becomes a priority. One of the very best things you can do for your own future, and that of your entire future lineage – your children, grandchildren, and beyond – is to take great care of the people you were born to or raised by.

The questions to start asking are: 

  • How will you help them if they become ill or injured? 
  • Who will take care of their bills and make sure their health needs are met? 
  • How do they want to be cared for, if and when they cannot care for themselves?

The starting place is open conversation and a power trio of estate planning tools swoop in to save the day: the General Power of Attorney, the Power of Attorney for Healthcare (including a Living Will), and the HIPAA Waiver. 

Let’s break down why these tools are the unsung heroes of comprehensive estate planning for your parents, and how to bring them up so you can support your parents to get them created or updated, no matter their net worth.

1. General Power of Attorney (POA)

A General Power of Attorney (or POA)  grants a person you name (often a family member or trusted friend) the authority to manage your financial affairs if you become unable to do so yourself. From handling bills to making investment decisions, the General POA ensures that your financial matters are handled, whether you’re experiencing a temporary illness or a long-term inability to manage your money, such as in the case of memory problems.

If your parents have assets that you must be able to access easily in the event of their incapacity, you may decide that a POA for accessing their accounts is not sufficient, as it can be difficult to get access to bank accounts even with a POA in place, and will require court action. In that case, the best course of action is to ensure that their assets are titled in the name of a trust, with you or someone you trust as the named successor Trustee, who can step in and handle financial matters for your parents, without any court involvement, when needed.

2. Power of Attorney for Healthcare and Living Will

It’s possible your parents already lean on you for guidance with their healthcare decisions, and it’s equally possible they don’t share details of their healthcare with you at all. No matter which side of the spectrum your parents stand on, the question of what will happen to their healthcare needs if they become seriously ill can feel overwhelming —  and trust me, it’s even more overwhelming during moments of medical crisis. 

Thankfully, a Power of Attorney for Healthcare and Living Will allow your parents to explain their medical wishes to guide medical providers and family members on what treatments and life-saving measures they’d like to have, even in the toughest of times.

The Power of Attorney for Healthcare designates someone to make these medical decisions on behalf of your parents if they’re unable to do so. This trusted individual becomes the advocate, ensuring that healthcare choices align with your parents’ values and preferences.

Meanwhile, the Living Will – also known as a Declaration to Physicians – outlines your parents’ wishes regarding life-sustaining treatments in the event they’re unable to communicate. From CPR to artificial hydration, this document provides clarity amidst uncertainty, giving both your parents and their loved ones peace of mind that the decisions being made around their care are what they themselves would want.

3. HIPAA Waiver

In the digital age, privacy is paramount – but what happens when privacy becomes a barrier to essential healthcare-related communication? Enter the HIPAA Waiver, the ultimate tool for opening communication roadblocks in times of need.

HIPAA (the Health Insurance Portability and Accountability Act) protects the privacy of individuals’ medical records. While this is crucial for safeguarding sensitive medical information, it can sometimes hinder the flow of communication between healthcare providers and family members, especially for the elderly and those incapacitated by an illness or injury. 

By signing a HIPAA Waiver, your parents authorize specific individuals to access their medical information and speak directly to their medical providers, ensuring seamless communication and informed decision-making. This is essential in medical emergencies but is also extremely helpful if your parents need help hearing their doctor or understanding their medical advice.

How to Bring Up Estate Planning With Your Parents

The best way to bring up estate planning with your parents is to get your own planning handled first. Then, let your parents know that in the process of handling your own planning, your lawyer raised the question of whether you were an agent under anyone else’s power of attorney, or named as a successor Trustee in your parents’ Trust, or if you are going to be caring for aging parents at some point.

And, if you have worked with a lawyer and they didn’t ask you those questions, give us a call and let’s review your plan and your parents’ planning to make sure that everything you’ll need is dialed in. This can all get quite messy very quickly, and now is the time to talk with your parents.

The Sooner the Better

You might be thinking, “Why the rush? Can’t we tackle this later?” Here’s the scoop: Life is unpredictable, and procrastination can be a costly gamble. Waiting until a crisis strikes to get these tools in place can lead to a whirlwind of legal and emotional chaos, leaving your parents’ wishes unfulfilled and their affairs in disarray.

By proactively planning ahead, you’re not just checking items off a to-do list – you’re investing in your parents’ peace of mind and yours.

Don’t wait for a storm to hit – schedule a 15-minute call today to learn how our unique Life & Legacy Planning process is designed with your family’s well-being in mind, offering personalized guidance and support every step of the way.

Contact us today to get started.

This article is a service of August Law, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning™ Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. 

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

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Estate Planning

Transition to Adulthood: The Legal Impact of Your Child Turning 18

Soon after the challenges of puberty and the excitement of high school, an even larger milestone looms: the 18th birthday. It marks your child’s transition from childhood to adulthood, and with it new responsibilities and rights. From a legal standpoint, this milestone also brings significant changes that every parent should be aware of. 

In the eyes of the law, an individual is considered a legal adult at the age of 18. This means that your child gains certain rights and privileges, including the ability to enter into contracts, vote, buy property, and make medical decisions for themselves. While this newfound independence is a crucial part of growing up, it can also pose challenges for parents, especially when adult children need their parents’ help or need someone to make decisions on their behalf.

We’ll explore the legal impact of what happens when your child turns 18, what it means for your ability to make legal, financial, and healthcare decisions on their behalf, and what tools you’ll need for a smooth transition to adulthood.

How The Law Changes Your Role As A Parent

On the day your child turns 18, your ability to make legal, financial and healthcare decisions for them essentially disappears in a blink. To give you a sense of how impactful this can be, if your young adult child is hospitalized and unable to communicate their wishes, healthcare providers won’t even legally be able to share your child’s medical information with you. Similarly, financial institutions won’t permit you to access your child’s accounts or make financial decisions on their behalf without their consent – or unless you’re a co-owner of their accounts.

This shift in decision-making authority can feel unsettling and can be particularly challenging if your child is still financially dependent on you, is in a medical emergency, or requires assistance in managing their affairs due to a disability. Thankfully, there are legal tools that can help parents and young adults navigate these new challenges.

Have Their Back With Powers of Attorney

A Power of Attorney is a legal tool that allows your child to designate the person they choose to make legal or healthcare decisions on their behalf. There are two common types of Powers of Attorney that can be valuable in this situation: a General Durable Power of Attorney and a Power of Attorney for Healthcare.  

A General Durable Power of Attorney allows your child to appoint someone to manage their financial affairs in the event they become incapacitated or if they just want help managing their finances. With this in place, you can continue to assist your child with financial matters, even after they turn 18.

The important thing to remember however is that not every financial institution will honor a Power of Attorney, so while every adult should have this legal tool, it’s important to check with your specific institution and possibly set up your child’s accounts in a different way to ensure you have immediate access to them if needed. We’d be happy to discuss which options are best for you and your adult child.

A Power of Attorney for Healthcare grants someone the authority to make medical decisions on your child’s behalf if they are unable to do so, such as medication and treatment options, nutritional needs, and life-support measures. This is crucial to ensure that your child receives the care they want, even if they cannot communicate their preferences.

Only your child can put these measures in place, but encouraging them to create these legal documents is a proactive step in maintaining your ability to assist them when they need it most. 

Stay Informed With a HIPAA Waiver

The Health Insurance Portability and Accountability Act (HIPAA) is a federal law that protects the privacy of individuals’ medical records. Once your child turns 18, their medical information is protected under HIPAA, and healthcare providers are prohibited from disclosing it to anyone without the patient’s explicit consent – parents and family members included.

To maintain access to your child’s medical information, they must complete a HIPAA waiver. This document permits healthcare providers to share medical information with individuals specified in the waiver, such as parents or trusted family members. 

Having a HIPAA waiver in place can be invaluable during medical emergencies when swift access to medical records is critical. It can also be a valuable tool for young adults who may simply appreciate a parent’s ability to speak to their doctors when they aren’t feeling well or are overwhelmed with the demands of work, college, or both.

Support Their Journey Into Adulthood Through Open Communication

Transitioning to adulthood is a significant step for both parents and children. While legal documents such as Powers of Attorney and a HIPAA Waiver are essential, it’s equally important to have open and honest conversations with your child about their wishes and the responsibilities that come with adulthood.

Discuss their healthcare preferences, financial decisions, and their expectations from you as a parent. Encourage them to consider creating these legal documents not only for your peace of mind but also for their own protection.

We invite you to reach out to our firm to ensure your child has the legal support and protection they need no matter what adulthood brings. 

And if you aren’t sure how to talk with your adult child about these legal tools, we can help you start the conversation from a place of love, compassion, and collaboration.

Schedule a complimentary call today to get started. 

Contact us today to get started.

This article is a service of August Law, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning™ Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. 

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

Categories
Estate Planning

Flu Season Fundamentals: How to Keep Seniors Safe This Fall

The fall season is a beautiful time of year, but it also marks the beginning of flu season, which can pose a serious threat to your elderly loved ones. Fortunately, there are several steps you can take to ensure their well-being during the colder days ahead, including making sure you’re able to step in and help them with their medical and financial needs.

Keep reading to find out how.

1 | Create a Power of Attorney For Healthcare

A Power of Attorney (POA) for Healthcare (sometimes called a Medical Power of Attorney) is a legal document that authorizes someone you trust to make medical decisions for you if you are unable to do so yourself. If your senior loved one still needs to get a POA for Healthcare in place, now is the time to create one. 

If they do have a POA for Healthcare, but it’s been a while since they created it, it’s time to review it to ensure it accurately reflects their current medical wishes and appoints a trusted individual as their agent for making healthcare decisions on their behalf. 

Having a POA for Healthcare in place for your senior can provide peace of mind knowing that you or another trusted person can immediately step in and care for them during times of illness or incapacity, such as a severe case of the flu or pneumonia.  A POA for Healthcare can also be used if you need to make a medical decision for your loved one during surgery or if they develop long-term memory problems. 

Important: ensure that the POA for Healthcare for your senior loved one (or yourself) includes “living will” provisions either included in the POA or in a separate document, stating not just who should make decisions for you or your loved one, but how you would want those decisions to be made.

2 | Sign a HIPAA Waiver

Health Insurance Portability and Accountability Act (HIPAA) regulations are in place to protect an individual’s medical information. However, during flu season, it’s important to have the ability to communicate with your senior’s doctors to stay informed about their health.

A signed HIPAA waiver allows healthcare providers to share medical information with the individuals they’ve authorized to receive it. This can be crucial for keeping family members and caregivers in the loop about your senior loved one’s health status and treatment plans. 

Whether your senior is feeling too ill to call their provider or needs help understanding their doctor’s instructions, a HIPAA waiver allows you to speak directly to your loved one’s provider to make caring for them as quick and easy as possible.

3 | Schedule a Check-Up

Before flu season is in full swing, it’s wise to schedule a comprehensive check-up for your senior loved ones with their healthcare provider. A check-up allows for a thorough assessment of their health, identification of any potential risks, and ensures that chronic conditions are being properly managed.

This proactive approach can help catch and manage new health issues early on and prevent complications down the line. Plus, having a check-up now will hopefully let your senior avoid the need to visit a crowded clinic waiting room during peak flu season because a health issue wasn’t detected sooner. 

Don’t forget to bring a copy of your senior’s Power of Attorney for healthcare and their HIPAA Waiver to their provider’s office so they can scan it into their patient file to have it on hand and ready if needed.

4 | Create a General Durable Power of Attorney

To avoid exposure to the flu, colds, and rainy weather fall brings, many seniors appreciate the ability to stay closer to home. You can help keep them safe and make sure their daily needs are taken care of using a General Durable Power of Attorney.  This legal tool lets your senior appoint people they trust to take care of non-medical decisions and tasks, like going to the bank, paying bills, or making purchases.

Consider setting up or updating a General Durable Power of Attorney to grant this authority when needed. Just note that not all banks and financial institutions honor a General Durable Power of Attorney, so contact your bank to verify if they do and then contact us right away to set up your loved one’s affairs in a way to ensure you can instantly step in to help with their banking needs regardless of their General Durable Power of Attorney.

Proactively Keeping Your Loved Ones Safe and Healthy

Caring for your seniors’ well-being goes beyond routine medical check-ups and yearly physicals. When flu season rolls around, it’s important to take a proactive approach to ensure your senior loved ones can count on you for support in managing their needs. By doing so, you’ll help them access the best possible care that aligns with their wishes.

By following these fundamental steps you’ll help ensure your loved ones stay safe, healthy, and cared for during the fall season and the new year ahead. 

To make sure your senior has the legal tools they need to stay safe and healthy this year, schedule a complimentary 15-minute call with my office. We’ll be happy to share how we support our clients from a place of service and how we can make sure your entire family is well cared for now and in the future.

Contact us today to get started.

This article is a service of August Law, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning™ Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. 

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

The August Law PLLC team will work hard to deliver good quality information upon subscription. However, if you decide that you no longer want to receive emails from us, feel free to click the "unsubscribe" button at the bottom of the email received.

The August Law PLLC team will work hard to deliver good quality information upon subscription. However, if you decide that you no longer want to receive emails from us, feel free to click the "unsubscribe" button at the bottom of the email received.