Preparation Is the Best Gift

Brenda “Bren” Sheriff, Certified Senior Advisor (CSA)
Brenda “Bren” Sheriff, Certified Senior Advisor (CSA)

Preparation Is the Best Gift

It has been my experience that too few people have thought about what would happen to them should they become incapacitated.  It is true that Americans are living longer, but they are not living healthier.  It is projected that approximately 70% of people turning 65 today will need some form of long-term care in their remaining years. Whether this is you or someone that you love, it may be time to plan for yourself or a loved one who becomes incapacitated—due to illness, injury, or age-related decline—caregivers are often thrust into the role of decision-maker without a clear roadmap. To avoid confusion, delays, or legal issues, it’s critical to have certain documents and instructions in place well before incapacity occurs. Here are the key components every caregiver should have access to:

1. Durable Power of Attorney (DPOA)
This legal document allows a trusted individual to manage financial affairs on behalf of the incapacitated person. Without it, caregivers may face costly court proceedings to obtain authority. Ensure the DPOA covers banking, real estate, taxes, insurance, and government benefits.

2. Healthcare Power of Attorney (HCPOA)
Also known as a medical power of attorney, this appoints someone to make healthcare decisions when the individual cannot. The HCPOA should be compliant with the Health Insurance Portability and Accountability Act (HIPAA) to grant access to medical records and allow discussions with healthcare providers.

3. Living Will or Advance Directive
This document outlines the person’s wishes regarding life-sustaining treatment, such as ventilators or feeding tubes. It helps guide caregivers and medical staff, especially during emergencies when quick decisions are required.

4. A List of Medications and Diagnoses
Maintaining an up-to-date list of all medications, allergies, and diagnoses can save time and prevent medical errors. This list should be readily accessible to all caregivers.

5. Contact Information for Physicians, Attorneys, and Key Advisors
A caregiver should know how to reach the primary care doctor, specialists, attorney, and financial advisor. Keeping these contacts organized in one place avoids delay when decisions are needed.

6. Insurance and Benefits Information
This includes Medicare, Medicaid, private health insurance, long-term care policies, and any veterans’ benefits. Understanding what’s covered prevents out-of-pocket surprises and ensures continuity of care.

7. A Written Care Plan and Preferences
This might include preferred routines, food choices, religious considerations, and facility or home-care preferences. These details promote dignity and preserve the person’s identity and values.

8. Legal Documents Location and Access
Original copies of wills, trusts, deeds, and powers of attorney should be stored in a secure but accessible location. Caregivers should know where to find them quickly in a crisis.

It is my intention every week to provide information that will help you or the ones that you love to get a plan in place.  Preparation is the best gift caregivers can receive. When these items are addressed in advance, loved ones can focus on compassionate care rather than scrambling for legal or financial authority during one of life’s most challenging moments.

THIS WEEK’S QUIZ: What is the status of the Big Beautiful Bill?

 

Answer to last week’s quiz: There is no insurance policy that can increase your credit score, but in some instances your payment record with your insurance carrier can be considered as a part of your credit history.

To get a more detailed answer to last week’s QUIZ question or for any financial questions that you may have, please contact me: 773-817-0601 or basheriff1@gmail.com

Disclaimer: The illustrations presented in this column are not, nor are they intended to be, legal, financial, or any other licensed professional advice, you should contact the licensed professional of your choice for advice on your individual situation.

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