Estate Planning New Year's Resolutions

By Terry Douglas, Maryland Elder Law Attorney

Douglas Law Office

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Estate Planning New Year's Resolutions

The New Year is among us, and we are gaining more daylight with each new day. So, have you named your New Year's Resolutions? If you are over age 65, married, a homeowner, and have over $500,000 in assets, perhaps, it's time that you added estate planning to your New Year's Resolution List. Then, follow-through this week, and complete it before spring.

Aging seniors are anxious and stressed out about losing everything to pay for long term care costs and being a burden to their loved ones during a period of incapacity or illness. Did you know that a nursing home costs an average of $6,800 per month? Did you know that Maryland has a stay at home Medicaid program?

Planning your estate is one of the most critical things you will accomplish during your lifetime. We plan to go on vacation. We plan to walk more and eat better. However, when it comes to planning for our senior years, many prefer to procrastinate or just ignore it. Unfortunately, when it comes to long term care planning, the ones who fail to plan, need it the most.

Promise Yourself to Start on One Item Today

Resolution #1 Obtain a copy of your Beneficiary Designation Forms. This includes your 401(K), life insurance, bank accounts, retirement and investment account forms. Then, review and update as necessary.

Resolution #2 Get the essential documents in place (A) Advance Health Care Directive Allows you to spell out your instructions, including which medical care, treatment, and procedures you want, (B) Power of Attorney It authorizes another person to make legal and financial decisions for you when you are unable to do so; and (C) Last Will & Testament. You choose who will get your “stuff” and when.

Resolution #3 If you are still driving or living at home, ask your insurance agent about the benefits of an umbrella insurance policy.

Resolution #4 If you are fairly healthy, inquire about long term care insurance or a rider.

Resolution #5 For a veteran over the age of 65, or a surviving spouse, who would like to know about eligibility for extra monthly tax free income to pay for long term care expenses, request a copy of your military discharge papers (DD214).

With proper planning, you can help empower yourself, eliminate worry, and have peace of mind. These are reasons why you would want to consult with a Maryland attorney who can educate you about your options.