Getting Your Long-Term Planning Ducks in a Row
Saint Elizabeth Community recently held an educational session at New England Institute of Technology focused on planning for long-term care. A panel of experts shared tips and tools to provide stability and security in preparing for the future.
We want to extend a special thank you to the panel participants:
- Caroline Rumowicz, Director of Saint Elizabeth Home Care
- Kathy Parker, Director of Care Navigation for Saint Elizabeth Community
- Amy Stratton, Esq., Partner at Moonan Stratton, LLP
- Kathleen A. Ryan, Esq., Executive Vice President & Chief Wealth Management Officer at Washington Trust
- Robert A. Mancini, Vice President, Senior Private Client Advisor at Washington Trust
As Saint Elizabeth Community President and CEO Matt Trimble, explained “People often come to us in crisis. A family member is sick and needs care immediately. We want to help them plan ahead so that they don’t end up in a crisis situation and have many more options available.”
The world of long-term care can be complex. It can all be very overwhelming. But there are many more options available today than in the past.
Older adults may continue to live independently with assistance from home care nurses, CNAs and companions or by participating in adult day programs which also provide relief for caregivers. There are assisted living residences that provide basic care as well as skilled nursing homes that offer more robust attention and services, both with options for patients needing memory care.
Making the right choice at the right time can be complicated, but assistance is available. An Aging Life Care Specialist is a professional who works with families to sort out the options.
Similarly, there are experts who can coordinate financial and estate planning. It’s important to make sure your affairs are in order and that they are updated as needs and situations change over time.
It’s important to have the proper documentation in order and available so that everyone understands your wishes and desires. Here are some of the arrangements you should prepare:
- Create a will/revocable trust
- Designate a health power of attorney
- Designate a financial power of attorney
- Determine your advanced directives
- Create a financial inventory
- Complete a digital legacy inventory
- Confirm beneficiaries on all financial and investment accounts and insurance policies
- Communicate your wishes to family and beneficiaries
- Create a safe place to keep all of your important information
“Mapping out clear plans that everyone understands takes some of the stress out of thinking about long-term care,” adds Trimble. “It’s important to remember to revisit these arrangements from time to time to make sure all of the information is current and they still meet your needs as they change over time. Getting your ducks in a row now will provide peace of mind in the future.”
