WHEN THE SUNSHINE FADES, WHO WILL REMAIN?

When you are healthy you feel invincible, independent and less likely to feel sympathy for those that are ill. When you are healthy you go about your daily life; you work out, see your friends and family, enjoy the beautiful weather and ultimately just live.  

However when you become ill, life stops and you begin to view life through a different lens. Everything and everyone continues to move around you at their regular pace, and you are left by yourself to deal with your own misery. You might have some friends and family 'check in' on you, but the reality is, you are left to deal with the pain and the slow process of getting better all by yourself. 

It is not that your friends and family don't care about you, it's just that as humans, it is hard to put your life on hold to care for another when you yourself are healthy and have things you wish to do. Caring for another is somewhat a subconscious inconvenience. 

What if it is not simply a common cold, but something more severe where you require assistance from others on a more permanent basis. For instance, you are incapable of 2 daily acts of living and require the help of a caregiver. Or worse, you have become mentally incompetent to care for yourself. 

Don't assume that your spouse, your parents, or siblings will fill this role of caretaker for you (although you hope they would)  The reality is, just because life has stopped for you because of your illness, if they are healthy and able bodied they still have their own life to live and worry about.

This is why it is so important to make sure you have your Advanced Directives in place while you are healthy and able to make the decision for yourself. That includes your Durable Power of Attorney, Healthcare Surrogate and Living Will. You can even go so far as taking the burden away from your loved ones, by having a Long Term Care Insurance policy.

“Love me when I am healthy, but love me more when I am ill. Those that remain when the sunshine fades are the ones I want in my world”

Durable Power of Attorney: Name someone to manage your financial affairs either immediately or in the future should you become unable to do so yourself. 

Healthcare Surrogate: Name someone to act on your behalf if you become unable to make medical decisions for yourself.

Living Will: Document that will state how and if you want to prolong your life if you fall into a vegetative state

Long Term Care Insurance: Long-term care is care that you need if you can no longer perform everyday tasks (activities of daily living) by yourself due to chronic illness, injury or the aging process.  Long-term care is not only for the elderly. A large percentage of people receiving long-term care are under the age of 65.

“Caring for another is somewhat a subconscious inconvenience ”

You need to have an open discussion with whomever you wish to fill those roles and make sure they want to take on that responsibility for you. 

If you live in Miami-Dade, Broward, or Palm Beach contact an experienced estate-planning attorney at The Hershey Law Firm, in Fort Lauderdale, Florida, at (954) 303-9468 to discuss your estate planning needs.

REMEMBER: You can’t predict the future, but you can plan for it.
 

Dealing with Alzheimer’s and Dementia: The Need for Pre-Planning

One of the hardest things to deal with is seeing your parents’ and spouse’s mental capabilities deteriorate due to Alzheimer’s and Dementia.

As a caregiver for your parent or spouse, how do you tell your parent or spouse that they aren’t allowed to drive anymore? Or that they can’t leave the house without you because you are afraid they might wander off? At what point do you realize that things have gotten so bad that you need to declare the person legally incompetent?

Often time caregivers are not sure whether or not their loved one is dealing with Alzheimer’s and Dementia and have a difficult time taking away freedoms that many of us take for granted, in order to keep that person safe. There are signs you should look for as the disease progresses.

“There are documents that can prevent the need for a formal guardianship to be opened as well as taking the financial burden off family members acting as caregivers.”

Signs and Symptoms of Alzheimer’s and Dementia

If your loved one has one or more of the symptoms listed below, it doesn’t necessarily mean that they have Alzheimer’s or Dementia. There are seven (7) stages, from no impairment during the first stage to very severe decline in the final one. If you notice they are suffering from a large number of symptoms over a long period of time and the problem appears to be getting worse, their chances of having the disease increases.

Memory Loss

·      Do they ask the same question over and over? (especially recent information)

·      In the advanced stage of the disease they may forget important events and dates in their life completely.

Inappropriate Behavior

·      Regular behavior may ignore social norms

·      (i.e. bathing regularly, wearing clothes when going outside, or speaking politely around others)

Time and Place Confusion

·      They may have trouble remembering where they are, how they got there, and what’s happening to them.

Difficulty in Following Directions and Solving Problems

·      Getting lost when traveling to familiar places

·      Have trouble keeping track of their bills each month

·      Have trouble remembering recipes that they used to use a lot.

What should you include in your estate-planning portfolio to help protect your loved ones before it is too late? There are documents that can prevent the need for a formal guardianship to be opened as well as taking the financial burden off family members acting as caregivers.

Long Term Care Insurance

This is care that you need if you can no longer perform everyday tasks (of daily living) by yourself due to chronic illness. 

Disability Insurance

Provides for periodic payments of benefits when a disabled insured is unable to  work.

Durable Power of Attorney

State who will be in charge of financial decisions on your behalf 

Healthcare Surrogate

State who will be in charge of healthcare decisions on your behalf.

If you live in Miami-Dade, Broward, or Palm Beach counties it is time to start preparing your estate-planning portfolio. Make sure both you and your family are taken care of in the future. You can’t predict the future, but you can plan for it.

Contact an experienced estate-planning attorney at The Hershey Law Firm, in Fort Lauderdale, Florida, at (954) 303-9468 to discuss your estate planning needs.

The Need to Include ‘Insurance’ in Your Estate Planning Portfolio

Do you want to make sure your loved ones are taken care of when you are gone? Do you want to make sure they can stay in their house and pay the mortgage? Do you want to make sure they can afford to pay utilities and food? If so, insurance is a good addition to your estate planning portfolio.

Your estate planning portfolio is not complete unless you consider the need for insurance.  We are not talking about health insurance or car insurance; we are talking about life insurance, disability insurance and long term care insurance. It is important to prepare your estate in case you become disabled during your working years, in case you need long-term healthcare as you age, or to make sure your family is taken care of when you are gone. Remember, you can’t predict the future, but you can plan for it.

Life Insurance

A life insurance policy is a contract with an insurance company. In exchange for premiums (payments), the insurance company provides a lump-sum payment known as a death benefit, to beneficiaries in the event of the insured’s death.

Term Life Insurance:

• Least expensive payment
• Temporary insurance that provides coverage for a period of time.
• Make sure you have the ability to convert from a term to a whole life policy
• Provides insurance coverage without any investment build up.
• If you miss a payment, the policy will be canceled.
• This is a form of renting insurance. If you do not die during the term you get nothing out of the policy. (For example, when you rent an apartment, once your lease is up, you walk away and have nothing to show for it)

Whole Life Insurance

• Higher premiums
• If you miss a payment they can take a loan from your premiums and that can place you under water
• Made up of risk protection and an investment account.
• Risk portion represents term insurance
• Investment portion acts as a savings account in the policy (cash value)
• (This is like owning a house, but not being able to make any additions to the house) 

“It is important to prepare your estate in case you become disabled during your working years, in case you need long-term healthcare as you age, or to make sure your family is taken care of when you are gone.”

Disability Insurance

Disability insurance is a plan that provides for periodic payments of benefits when a disabled insured is unable to work. The rule of thumb with disability insurance is that you want to be able to protect 60-80% of your after tax income. Even if you receive disability insurance from your employer, you may want to purchase individual disability insurance to cover the amount they do not cover. 

Short term Disability: Replaces a portion of your income during the initial weeks of a disabling illness or accident

Long Term Disability:Replaces a portion of your income after those initial weeks, for an extended period of time. 

Long Term Care Insurance

Long-term care is care that you need if you can no longer perform everyday tasks (activities of daily living) by yourself due to chronic illness, injury or the aging process.  Long-term care is not only for the elderly. A large percentage of people receiving long-term care are under the age of 65.

Long-term care isn’t intended to cure you. It is chronic care that you might need for the rest of your life. This care can span years and be expensive depending on the type of care you need and location where the care is received. Long-term care insurance is one way of helping pay for these expenses.

The policies reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating

You can use your daily benefits at the following places:

• Home
• Adult Service Centers
• Hospice Care
• Respite Care
• Assisted Living facilities
• Alzheimer’s special care facilities
• Nursing homes

South Florida is the land of retirement. You want to be able to enjoy your retirement. If you live in Miami-Dade, Broward, or Palm Beach counties it is time to start preparing your estate planning portfolio. Make sure both you and your family are taken care of in the future. You can’t predict the future, but you can plan for it.

Contact an experienced estate-planning attorney at The Hershey Law Firm, in Fort Lauderdale, Florida, at (954) 303-9468 to discuss your estate planning needs.