Many times people mean well, they know they need estate planning services, but they wait because it’s not the right time for them. I understand why many of my clients wait. Hey, we’re all very busy these days, plus confronting our own mortality is just not the most pleasant thing in the world. And then again, who wants to pay the attorney?
The problem is that sometimes when you wait it can become too late to plan. Forbes magazine points this out in their article on powers of attorney . 1 in 8 baby boomers will get Alzheimer’s after they turn 65. Unfortunately health concerns can confront us at any time, particularly in our golden years. We do everything we can to stay healthy these days, but why don’t we plan properly in case that healthy physique is more fleeting than we would like? It can be costly in so many ways to be unprepared, and not just money, the toll it takes on loved ones can be heartbreaking..
If you don’t plan properly you mayfind it difficult to pay for assisted living as many government benefits, such as the VA Aid & Attendance Improved Pension Benefit, may be unattainable. Take a look at the story of Bill, a widower, and his son, Tom, illustrating Why Powers of Attorney Need to Reviewed and Updated. Similarly, Medi-Cal Benefits may become unobtainable. Why would these benefits all of a sudden become unobtainable? It’s simple but heartbreaking. Because if you become incompetent, you can’t sign anything and you can’t enter into any financial transactions whatsover. I can’t tell you how many times I have families in need and I have the solution; unfortunately, there is no one with the necessary authority to carry out that solution. That’s what the financial power of attorney is all about. And in that situation, either the family is going to burn through the assets until you’re broke or there is going to be a relatively expensive court proceeding that will be necessary.
And keep in mind that not all financial power of attorneys are the same. So when you act as Mom’s Power of Attorney, keep in mind that some are broader than others, some are focused on the VA Aid & Attendance benefit or Medi-Cal, and some are not.