Planning Today Can Make Tomorrow Easier: The Importance of Preparing for the Future
None of us can predict when a health change, unexpected hospitalization or need for long-term care may affect our family. But there are steps we can take today to make those situations a little less overwhelming when they happen.
Weston County Health Services recently welcomed Dublin Hughes, City Attorney, and David Chick of Chick Financial for a community education program focused on future planning, family assets and preparing financially and legally before long-term care may be needed.
The biggest message from the discussion was simple:
Don’t wait for a crisis to start planning.
Why Planning Ahead Matters
Conversations about aging, finances, property and long-term care aren’t always comfortable. Because of that, many families put them off.
Unfortunately, the first time these conversations happen is sometimes after an illness, injury or hospitalization when a loved one can no longer safely return home.
At that point, families may suddenly be trying to understand finances, locate important documents, determine what resources are available and make major decisions about someone’s care — all while dealing with the emotions of a health crisis.
Planning earlier gives individuals and families something extremely valuable: TIME.
Time to ask questions. Time to understand available options. Time to make decisions thoughtfully. And time to make sure the people you trust understand your wishes.
Start With the Basics
Future planning doesn’t have to happen all at once.
A good place to begin is simply making sure you know what you have and where important information can be found.
This may include:
Bank and financial accounts
Property and other assets
Insurance policies
Wills and estate-planning documents
Powers of attorney
Healthcare wishes and directives
Important contact information
It is also important that a trusted person knows where these documents and records are located if there ever comes a time when you cannot access them yourself.
Something as simple as organizing this information today can save family members a great deal of confusion later.
Have the Conversation Before You Need It
Planning isn’t only about paperwork.
It is also about talking with the people who may one day be helping you make important decisions.
Consider questions such as:
What would you want if your health changed?
Who would you trust to help with your finances?
Who should be involved in healthcare decisions?
What would happen if living independently at home was no longer possible?
Does your family know what you want?
These conversations may feel uncomfortable at first, but they can provide important direction and reassurance for everyone involved.
Long-Term Care Can Bring Complicated Questions
The financial side of long-term care can be difficult to navigate. Questions involving assets, property, Medicaid, insurance and estate planning can depend heavily on an individual’s circumstances.
That is why planning before long-term care becomes necessary can be so important.
Rather than waiting until a nursing home placement or another major decision is immediately in front of you, families can meet with qualified professionals ahead of time to better understand their individual situation and available options.
There is rarely one plan that works for every family.
The important part is beginning the process.
Planning Isn’t About Expecting the Worst
Preparing for the future doesn’t mean assuming that you or someone you love will need nursing home care.
It means making sure that if circumstances change, your family isn’t starting from zero.
Having important documents organized, understanding your finances, establishing who can make decisions and communicating your wishes can help reduce uncertainty during an already difficult time.
Ultimately, future planning is about more than protecting assets.
It’s about protecting your choices and helping the people you love know how to honor them.
Start the Conversation Today
You don’t have to solve everything in one afternoon.
Begin by gathering important information. Talk with your family. Make a list of questions. Review documents you already have and consider whether they still reflect your wishes.
Then, when appropriate, reach out to qualified legal, financial and healthcare professionals who can help you understand your individual circumstances.
The best time to prepare for the future is before you need the plan.
Want to Learn More? Watch the Full Presentation
For those who would like to learn more, watch the full Weston County Health Services community presentation featuring Dublin Hughes and David Chick below.
The complete presentation provides additional information and context surrounding future planning, family assets and considerations families may face when preparing for long-term care.
This article and presentation are intended for general educational purposes only and are not a substitute for individualized legal, financial or healthcare advice. Laws, eligibility requirements and individual circumstances vary. Please consult an appropriate qualified professional regarding your specific situation.
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