By Victoria Tran Sood, elder care and inheritance attorney
Advanced Planning Is The Best Medicine To Prevent Elder Care Neglect And Financial Abuse
Early planning is a must, not an option, to ensure that older adults receive proper care, remain living at home as long as possible, and are protected from financial exploitation.
According to the Alzheimer’s Association, an estimated 5.2 million Americans of all ages have been diagnosed with Alzheimer’s disease in year 2014. More than 96% of the 5.2 million Americans with Alzheimer\’s are 65 years old and older and the remaining 4% (200,000) are younger than age 65.
Failure to plan subjects the older adults to court supervision and control of their care and finances. Having an inadequate plan can result in the older adults being neglected or abused by hired or family caregivers as illustrated in a recent news article Former caregiver gets prison for stealing. Most elder care neglect and financial abuses are committed by family members or hired caregivers. Additionally, ignoring or delaying discussions and planning for elder care or inheritance invites family conflicts that would culminate into litigation, destroying family’s assets and relationships for generations. No two families are alike. Thus, a plan should be customized to meet each family’s specific concerns and goals.
There is no perfect time or an easy way for any family to talk about and plan for elder care and inheritance. The process can be easier, not easy, when trust and estate collaborative practitioners are involved.
Using Collaborative Practice To Create A Comprehensive And Practical Elder Protection Plan For Your Family
Collaborative practice is a process in which professionals from different disciplines work together with the family to provide the family with critical information to make informed decisions that are consistent with the family\’s unique culture, dynamics, tradition, and values.
The Family’s Multidisciplinary Team Of Professionals
Communication Coach. Elder care and inheritance are emotionally charged topics that many families avoid discussing or, when they arise, trigger hurt feelings. In a collaborative process, licensed communication coaches facilitate communications among family members, even those who have intentionally refused to talk to or see each other over decades. Thus, having at least one communication coach in the collaborative process is indispensable.
Elder Law or Estate Planning Attorney. A plan for elder care or inheritance cannot be comprehensive without the advice of an attorney specializing in elder law or estate planning. The attorney would explain the effects of the law on each possible solution contemplated by the family and would prepare legal documents such as revocable living trust, advance health care directive, or power of attorney for finance.
Financial Advisor. The services of a financial advisor are essential to ensure that the family’s solutions are financially practical and affordable. A financial advisor also works with the family to maximize the use of the family’s assets and resources to achieve the family\’s goals.
Care Manager. An experienced geriatric care manager is imperative for assessing and arranging medical care or living arrangement the older adult needs. Additionally, a care manager can be the eyes and ears for family members living far away.
Other Professionals. Many other professionals are available to assist the family as needed. Tax issues require the participation of an accountant; selling or buying a real property calls for a real estate agent; having concerns about an older adult’s cognitive abilities or mental capacity welcomes a neuropsychologist or geriatrician.
Collaborative practice provides a safe forum for family members to discuss and plan for elder care and inheritance as a family, not as adversaries in litigation.
Plan NOW to protect yourself and your family.