The possibility of living a longer life than previous generations makes it more important than ever to thoughtfully map out care and financial plans and scenarios. In fact, estate planning now goes way beyond “who gets what” when we die. In truth, “care planning” is a more apt expression for the work of ensuring our own needs can be met.
Curtailing Stress
Though we can never fully know the pleasures and difficulties that await us in older age, we can curtail some of the stress for ourselves and our families by arranging our finances and setting up plans for our own potential care needs. Elder law specialist,
Lisa Hostetler Brown refers to this process as establishing a safety net:
Many seniors worry about the consequences of dying without an estate plan, but an even more pressing issue is aging without a comprehensive safety net. Without proper planning, you could face significant challenges and stress during your later years.One of the most significant concerns is the lack of a safety net as you age. Without a clear estate plan, you might find yourself unprepared for unexpected health changes or the need for long-term care. This lack of preparation can lead to difficult decisions for your loved ones and potentially compromise your quality of life…. In essence, estate planning is about creating a roadmap for your future. It helps you ensure that your wishes are honored, provides clarity and support for your family, and safeguards your assets against unexpected costs. Don’t wait until it’s too late—start planning now to ensure that you have the protection and peace of mind you deserve….
When possible, it’s of course a good idea to engage trusted friends and relations in the planning process. Discussing care, financial and end of life arrangements is no doubt challenging and awkward, but remember, the more prepared everyone is, the better off everyone–and you– will ultimately be if and when life events become more stressful. These estate planning questions offer a helpful entryway into the important conversations that all families need to be having. Keep in mind that there are plenty of experienced professionals who can lend insights and assistance to care and estate planning too:
Effective planning using life care planning strategies can make a considerable difference in your access to care. For instance, an Elder Care Coordinator at an elder law firm that focuses on Life Care Planning could help you secure options for free in-home care should you need assistance with daily activities. They can evaluate your home for safety, connect you to social and support activities to fill a needed emotional connection. They can guide you through choosing the right care partners or finding a senior living community if staying home is no longer an option. This can be a game-changer, allowing you to have someone supporting you step by step as life happens and care needs change.…. The right professional for your situation will be the difference between getting you to the 20-yard line vs getting that touchdown. You want someone who can deploy various strategies based on your goals and assets….
As care planning progresses, many families quickly find that income and assets, though modest, are “just a little too much” to meet eligibility guidelines for public support, like Medicaid—and that support can turn out to be critical for covering caregiving needs later in life. With guidance from a trust or elder law attorney, establishing irrevocable trust can enable qualification for Medicaid to cover in-home caregiving services or even long-term care.
Fiduciaries and Fiduciary Bonds?
No estate or care plan is complete without the appointment of the fiduciaries entrusted to administer it. Depending on location, circumstance and the details of plans, fiduciaries may be referred to by a variety of specific names, such as personal representative, trustee, guardian or conservator. Underlying the details and tasks each of these fiduciaries becomes responsible for, is a legal responsibility to put the affairs of the estate and its beneficiaries ahead of personal interests. Fiduciaries must always carry out their duties with loyalty, care, good faith, confidentiality and prudence.
When it comes to selecting fiduciaries, it’s common to appoint a relative or friend, though keep in mind that sometimes, appointing a professional fiduciary makes the most sense, and can relieve loved ones of excess worry and stress. Because all fiduciaries have significant, legally binding responsibilities, a type of bond, generally referred to as a fiduciary bond may be required and serves as a guarantee that duties will be carried out in accordance with the law, and in the best interests of beneficiaries.
Colonial Surety makes it easy and speedy for fiduciaries in every state of the country to obtain their bonds: simply: get a quote online, fill out the information, and enter a payment method. Print or e-file the bond from anywhere.
Obtain Digital Fiduciary Bonds HERE
Bond Solutions for Professional Fiduciaries
When families turn to you for guidance and peace of mind, your time is of the essence. That’s why we put digital fiduciary bonds at your fingertips via The Partnership Account® for Professional Fiduciaries. With this online platform from Colonial Surety, you’ll get off to a quick, efficient and excellent start with every client:
- Access our library of instant, digital fiduciary bonds, including: guardian, conservator, executor, personal representative, administrator, trustee and more.
- Secure precisely the right bond for every circumstance, in every state of the country, every time a bond is needed.
- After selecting the needed bond, just enter payment, and download. That’s it–get back to the essential duties of your day.
As direct, national bond writers, Colonial Surety Company is pleased to back you up, so you can stop wasting time on bond searches, applications and processing delays.The work of every professional fiduciary deserves a great partner. We’re here to help:
The Partnership Account® for Professional Fiduciaries.
Colonial Surety is rated “A Excellent” by A.M. Best Company, U.S. Treasury listed, and licensed for business everywhere in the USA. Our customers have awarded us a 4.8 Trustpilot score.Whenever and wherever you need a bond, trust Colonial: www.colonialsurety.com