How to Plan for Elder Care Part 1
Often, the biggest hurdle of elder care planning is getting started. Becoming activated is perhaps less intimidating, knowing that Life Care Planning Law Firms have teams of professionals available to guide, assist, and complete the long-term care planning process with you. This multi-part blog series will discuss building your team, identifying resources, exploring Support, making decisions, and implementing your plan. Here is Part 1:
BUILD OUT YOUR "A" TEAM
Starting with your Life Care Planning law firm
We know putting together a team can be daunting. A solid team affords you a firm foundation for handling tough decisions and responsibilities associated with long-term care. It takes time and energy, but you don’t have to start from scratch, and you don’t have to struggle alone. We are here to help. At Elder Law of East Tennessee, we have experience and know people and resources to help. Let us be your Team Captain and assist you in building a top-notch Team. It’s what we do best because we are a Life Care Planning law firm, and that’s our multi-disciplinary team approach.
Add Fiduciaries with Legal Authority
We start with the mantra that every elder client is the center point and focus of the Team and all efforts begin with understanding the elder client’s wants, needs and goals. Once we understand wants, needs, and goals well, we look for additional team members who bring value and skills to the planning. Legal decision-makers are extremely important. These folks will transact business or make personal or medical decisions for the elderly client now and in the future. These folks are called “fiduciaries.” Fiduciaries may include an Attorney, in fact, under a Durable General Power of Attorney, an Agent under a Durable Healthcare Power of Attorney, and a Trustee who manages a Revocable Living Trust or a Medicaid Asset Protection Trust. At Elder Law of East Tennessee, we help the elderly client identify what fiduciaries are needed, the scope of their duties, and their fitness to serve. We also provide the legal documents to establish those contractual relationships. And, for elders with no trustworthy or available family to assist, our firm can serve as a needed fiduciary under some circumstances.
Involve Trusted Partners
The next step is to build out the team with other talented or skilled professionals. Extended team members may include an accountant/CPA, a banker, a financial planner or investment manager, an insurance agent, move and transition specialists, caregivers, a realtor, a contractor, a funeral planner, and more. We identify the wants, needs, and goals and connect the older client with a referral partner who can assist. If the elder client has an established relationship with a financial advisor accountant, realtor, etc., we respect that relationship and involve the trusted partner in maintaining that relationship.
