In a recent Orange County Register article, it was noted that fewer than 30% of seniors have prepared an Estate Plan for their care when they can no longer do it themselves. Seniors should have a living will that states their treatment choices if they become incapacitated. They should draw up a health care proxy that names someone to make those decisions for them.
A recent survey found that 57% of older adults (more women than men) think retirement is an exciting, new chapter in their lives. Sixty percent continue working to get more money for their retirement. For those over 55, uninsured medical expenses is their top priority. Only 37% of seniors feel they will need long-term healthcare. A large percentage did not want to be a burden on their family members. Lastly, about 92% did not think about how they will pay for care or what their options would be.
In summary, seniors should fill out a living will, identify a healthcare proxy and discuss your long-term care with your family. If you need additional help, an experienced Estate Planning attorney should be contacted.
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\\ tags: attorney, Estate Planning, family members, health care proxy, living will, Seniors, trusts
A study showed that 1 in 4 elderly people would need an end-of-life decision made for them regarding medical care. The study indicates that those making their wishes known in a living will, which includes the name of the decision maker, usually got the treatment they requested.
At one time, the national debate on President Obama’s health care stated that Medicare could pay doctors to counsel patients about end-of-life issues. Critics against this policy called it “death panels”. The proposal was eventually dropped.
The study concluded that living wills and health proxies are “important tools for providing care in keeping with patients’ wishes.” The living states what kind of medical treatment a person wants or does not want if he or she becomes incapacitated (i.e. breathing machines, feeding tubes, CPR). A health care proxy names another person to make medical decisions if needed. Many people have both. The study can be read in the New England Journal of Medicine in April.
For more information, visit www.caringinfo.org/PlanningAhead.
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\\ tags: attorney, elderly, End-of-life, Estate Planning, health care proxy, living wills, medical care