Planning For Aging Parents
I just finished a compelling article found here that discusses what can happen when elderly parents begin to become forgetful. The authors L. Joyelle DeFelice and Jane L. Harness expertly discuss the need for appropriate advanced planning.
You cannot control your parent's decline in cognitive function, but you can take steps to put some basic protections in place for the difficult journey that may be ahead. Your parent will need help; this means that legal papers [power of attorney] will have to be signed to authorize you to act on his or her behalf.
This power of attorney allows your parent to grant you authority to act for him or her in a broad array of matters, from handling finances and real estate to filing tax returns.
If done correctly, a durable power of attorney will remain in effect after your parent is no longer capable of handling his or her affairs, and should be carefully tailored to meet present and future needs.
You should also consider a health care power of attorney so that you can assist your parents with their healthcare. Without a health care power of attorney, you will not have access to important health information and you cannot make decisions for your parents or other loved ones.
If you are in the situation where you observe the first signs of decline, it is appropriate and important to act now. You can put in place the necessary measures to ensure continutity of care.
If you fail to take action now, it could cost thousands of dollars to petition propate court to appoint a guardian and/or conservator.
