Yes, you should make sure both your parents have a written estate plan in place that covers incapacity and transfer of their assets after they are gone. This is generally going to be a Durable Power of Attorney (for handling finances), a Patient Advocate Designation (for carrying out medical wishes), and a Will or Living Trust (for transferring assets after they are gone in the most efficient and tax-friendly way possible). They should also discuss long-term care planning in case your father needs care in their home or outside their home, like assisted living or skilled nursing. Veterans’ benefits may be available for certain health care at home or in assisted living. If not, you want to make sure they are protected from the potentially devastating costs of nursing home care which averages over $8,000 per month in Michigan. Nursing home protection is fact specific so I would need more details to determine the best course of action.
We offer a free consultation and we can talk about the details so you can decide on the best plan. Call the office and we would be glad to set up a time to talk.
Glenn Matecun is a partner with the law firm of Matecun, Thomas & Olson, PLC in Howell. He is an attorney focusing on estate planning, elder law and senior Veterans’ benefits, and answers readers’ questions on legal matters affecting individuals, their families and their businesses. Email questions to [email protected], or if your question is urgent, call (517) 548-7400. Visit us at www.MichiganEstatePlans.com. The information in this column is not intended as legal advice.