America is getting older. The overall age of the population of the United States has shifted dramatically over the last 60 to 80 years, and experts agree that its impact on the family is clear.
The overall age of the population of the United States has shifted dramatically over the last 60 to 80 years, and experts agree that its impact on the family is clear.
The overall age of the population of the United States has shifted dramatically over the last 60 to 80 years, and experts agree that its impact on the family is clear.
“There is definitely a changing age structure within families today,” says Neal Cutler, PhD. He is the executive director of the Center on Aging for the Motion Picture and Television Fund in Woodlawn Hills, Calif. “Its cause is simply greater longevity.”
With more Americans living well beyond their 70s, more adult children are now left in a position where they must take on the role of caregiver for their aging parents. And though being a caregiver is something that sounds relatively straightforward, it actually involves a host of issues that requires a mix of legal, financial and governmental resources.
From a legal perspective, there are certain documents you need to have in place in order to be able to care for your aging parents, and studies have found that nearly half of the adult population in the United States does not have them. The legal documents you will need to have in order to become involved in the day to day affairs of your parent’s lives include the following:
FINANCIAL POWER OF ATTORNEY
A power of attorney (or POA) is a legal document through which an individual authorizes someone to act on his behalf. The person who gives the authority (your parent) is called the principal, and the person who has the authority to act for the principal (you) is called the agent or the attorney-in-fact. Financial power of attorney grants you the legal authority to act on your parents’ behalf for financial issues such as accessing financial accounts, paying bills, taxes, medical expenses, managing real estate assets and more should they become incapacitated and unable to carry out those tasks themselves.
Generally, the timing of when the POA becomes effective is dependent upon future the occurrence of a certain event. The most common future event is the incapacity of the principal which could be due health issues leaving them unable to make necessary and important life decisions. It is a good idea to become familiar with your parents’ affairs before the POA becomes effective.
HEALTHCARE POWER OF ATTORNEY
A healthcare power of attorney allows one or both of your parents to grant you the authority to make medical and end-of-life care decisions on their behalf. It allows them to name a trusted person (you) to oversee that their wishes are carried out, or to use your judgment in directing decisions about their medical care. In addition to granting you power of attorney, they should name a successor, such as your sibling or other close relative or friend, in case you become unable to fulfill the duties.
LIVING WILL
A living will is a type of estate plan that allows your parents to express their medical and end-of-life treatment decisions, in order to provide family members and health care personnel with clear medical care instructions. In general, if a living will meets legal requirements, then the instructions it provides are legally valid and binding. It does not appoint anyone to make decisions for your parents and only applies if they are in a terminal or permanent unconscious condition.
One of the biggest benefits of the living will is that it helps avoid unwanted treatments and disputes between family members over your parents’ care. It will allow your parents to name a trusted person (you) to ensure that their end-of-life wishes are carried out should they not be in the position to make that clear for themselves.
HIPAA CONSENT FORM
HIPAA — the Health Information Portability and Accountability Act — provided the first nationally recognizable regulations for the use and/or disclosure of an individual’s health information. It is the federal legislation responsible for keeping personal health information private.
If your parents want you to be privy to information about their healthcare, they must sign a HIPAA document that grants their health care provider permission to share it with you. At that point, you will have the right to request and obtain your parents’ health information when necessary.
Of course, none of these forms will be helpful unless someone knows they exist! You should have the originals, and your parents’ regular doctors should be provided with copies to keep in the medical records files. If your parent is planning to enter the hospital, you will probably be asked prior to admission to provide the hospital with copies of these documents.
When it comes to making arrangements for your aging parents, most experts would advise you not to wait until it may be too late to engage in proper legal planning. We encourage you to make a point of having these conversations with family members while they are still of sound mind and able to contribute to the conversation and comprehend exactly what documents they are signing and why. These discussions can be difficult, but an experienced elder law attorney can help guide the process and ensure that it goes smoothly. At Oliver and Cheek, we can help you outline exactly what is needed as you and your family plan for the future care of your aging parents. If you’re ready to start the planning process, or if you have any questions, please contact the law offices of Oliver & Cheek by calling (252) 633-1930 or visiting www.olivercheek.com.
(sources: www.nbc.com, www.findlaw.com, www.agingcare.com)
