Let’s Talk About Getting Old

Vested Partners A Multi-Family Office Blog

Planning for the possibility of your own incapacity as you age is uncomfortable but necessary

Nobody likes to think about getting old and feeble. At least once a day I consider the likelihood that I will develop dementia given the family history of it on my mother’s side of the family. It was so prevalent in the two generations above me, it is a pretty frightening prospect.

David and I recently were guests at Brandon Oaks, speaking about making plans for your old age and getting your ducks in a row. We believe in making realistic plans for your future, involving anticipating uncomfortable possibilities such as needing to live in assisted living or nursing facility.

We welcome the opportunity to speak to community organizations about our recommendations.  Our presentation is about an hour long, and covers the following issues:

  • Planning for your own possible diminished mental capacity – cognitive impairment and/or dementia
  • How to involve family in your planning
  • The consequences of avoiding making plans for your old age
  • Establishing a set of rules that would trigger your family’s involvement in your life at signs of your diminished capacity
  • What estate planning documents to have in place to protect yourself and your family
  • Efficient ways to share important information with your family (eg. medical information, passwords, finances)
  • How to finance long-term care (self-funded, long term care insurance, and Medicaid)
  • Becoming informed about your long-term care options
  • Making advance decisions about end-of-life medical care

 

Of course, we also privately consult with our clients on these topics on almost a daily basis. Please reach out if we can help.

–Robyn

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