News and announcements made over the last few years concerning healthcare suggest that obtaining government benefits in the future may be more difficult than they have been in the past. As such, you may want to be extra cautious when estate planning and drafting a financial power of attorney. Taking that extra little bit of caution can make tremendous difference when it comes to protecting your assets.
Despite best efforts for proper estate planning, people encounter unforeseen issues as a result of emerging medical conditions. For instance, an individual may leave remaining assets to his or her spouse; however, the surviving spouse then develops a serious condition such as Alzheimer’s disease. Consequently, all those assets will end-up paying for the cost of long-term care and the surviving spouse may not be eligible to receive full benefits. The good news, though, is that those wills can be amended, so if the surviving spouse develops Alzheimer’s, then the assets pass down to the children so they may ensure proper care of their parent.
That said, estate planning documents are extremely important documents with regard to preserving assets. This is especially true of power of attorney documents. As such, you should make sure you obtain a power of attorney from a qualified elder attorney to draft a strong document and not just download a power of attorney document that you found somewhere on the internet. While these internet, ready-made documents provide individuals with some basic information they need to understand power of attorney, the document’s strength and durability has not yet been tested. Another document that you will need is a revocable living trust. While the document itself does not protect assets, it does serve as a probate avoidance vehicle that ensures assets can be channeled directly where they’re needed most.
The time to plan for the future is now, and if you’re already reading this, then you should go ahead and reach out to a qualified Ohio elder attorney. An experienced elder attorney can help you with planning your estate by drafting a power of attorney document that anticipates scenarios you may not have ever considered.
