Aging in place, the concept of living in your own home safely, independently, and comfortably as you age, is an increasingly popular choice for many seniors. Preparing for this stage of life involves thoughtful planning and consideration to ensure your home, finances, and health needs are adequately addressed. To help get you started, the Essex Junction attorneys at Unsworth LaPlante, PLLC discuss how to prepare for aging in place.
Reviewing Your Estate Plan
Estate planning is an essential component of financial security and peace of mind as you age. You should conduct a routine review of your estate plan every three to five years; however, if you are focusing on a plan that allows you to age in place, reviewing your estate plan should be part of your planning process. For seniors planning to age in place, important components of an estate plan include:
- Last Will and Testament: For most people, a Will acts as the foundation of a comprehensive estate plan. Review your Will to ensure that your choice of Executor is up to date and that the terms of the Will reflect your wishes regarding the distribution of assets.
- Trust Agreement: Consider setting up a revocable trust to manage your assets and appoint yourself as the Trustee. Appoint someone of your choosing (spouse, adult child, close friend) as the successor Trustee. This person will automatically and seamlessly take over the management of trust assets if you become incapacitated at any point in the future.
- Financial Power of Attorney: This is another way to provide someone you trust with the legal authority to make financial and legal decisions on your behalf if you become incapacitated.
- Advance Directives: A Living Will lets you decide now whether to accept certain end-of-life medical treatments and procedures in case you are unable to make or communicate decisions down the road because of incapacity. A Health Care Proxy allows you to appoint someone to make medical decisions for you if you are unable to do so.
The Importance of Medicaid Planning
Medicaid planning is critical if you anticipate needing long-term care and want to preserve your assets for your heirs. At an average cost of almost $170,000 per year for nursing home care and about $90,000 per year for a home health aide in Vermont, the cost of LTC is a concern for all seniors. Unfortunately, Medicare will not cover most LTC expenses. Basic health insurance policies also exclude the cost of LTC. A separate long-term care insurance policy can cover the costs of in-home care, assisted living, and nursing homes; however, benefits can vary widely and to truly benefit from LTC insurance you should purchase a policy when you are still relatively young because premiums increase with age and health conditions.
Medicaid will help cover the costs of nursing homes and in-home care, but eligibility depends, in part, on the value of your countable resources and your monthly income. To qualify for Medicaid, you may need to restructure your assets. This can involve transferring assets to a trust, gifting assets to family members, or spending down assets on allowable expenses. Be aware, however, of the Medicaid look-back period that allows the program to review asset transfers for the five-year period preceding your application. Transfers made for less than fair market value can trigger a Medicaid waiting period. Incorporating a Medicaid planning component into your estate plan well ahead of the need to qualify helps to protect your assets and ensure eligibility.
Alternatives to Nursing Home Care to Help You Age in Place
Understandably, you want to remain in your home as you age. You certainly want to avoid the need to move to a nursing home. Some alternatives to consider include:
- Continuing Care Retirement Communities (CCRCs): CCRCs offer a continuum of care from independent living to skilled nursing care. They allow you to stay in the same community as your needs change, providing stability and a supportive environment.
- In-Home Care: Many prefer to receive care at home. In-home care services range from medical care to assistance with daily activities. Assess your needs and budget to determine if this is a viable option.
- Adult Day Care Centers: These centers provide care and social interaction during the day, allowing caregivers to work or take breaks while ensuring their loved ones are cared for.
Practical Home Modifications That Can Help Prepare You for Aging in Place
Your home should be a safe and accommodating environment as you age. Begin by assessing your home for potential hazards and areas that may require modifications. Some common home modifications include:
- Installing grab bars: Place these in the bathroom near the toilet and shower to prevent falls.
- Ramps and stairlifts: These can make entering and navigating your home easier if mobility becomes an issue.
- Widening doorways: This is particularly important if you need to use a wheelchair or walker.
- Non-slip flooring: Replace slippery surfaces with non-slip materials to reduce the risk of falls.
- Adequate lighting: Ensure your home is well lit, especially in hallways and staircases, to prevent accidents.
Do You Have Questions about How to Prepare for Aging in Place?
For more information, please attend one of our upcoming FREE webinars. If you need assistance with preparing to age in place, contact an experienced Essex Junction elder law attorney at Unsworth LaPlante, PLLC by calling 802-879-7133 to schedule your appointment today.
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