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Planning for a Good Finale

Discover essential steps for planning a fulfilling and empowered life in your elder years. Explore topics such as medical decisions, finances, long-term care, and general life planning. Take action now to ensure a meaningful and independent future.

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Planning for a Good Finale

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  1. Planning for a Good Finale Things to do to make your elder years your own, as much as possible

  2. Living your own life “on the back nine” (or helping others to do so) • What is most important to you? • Who are the people who will support you? • Where will you live? • How will you live?

  3. Medical Decisions • Advanced directive for health care decision making • Your values, desires, and choices • A person you can trust to carry out your wishes • https://www.honoringchoices.org/health-care-directives/english-directives

  4. POLST – Provider Orders for Life-Sustaining Treatment • Serious illness expected to end in death • Drafted only in consultation with your primary health care provider • Signed by primary health care provider • Detailed instructions for care at end of life • Recognized and followed by hospitals, emergency medical personnel, etc. • https://www.mnmed.org/advocacy/improving-health-of-minnesotans/POLST-Communications

  5. Finances • Bill pay services • Financial power of attorney • Representative payee for Social Security benefits / Fiduciary for VA benefits • Trusts • Joint bank accounts / informal supports • Financial exploitation concerns

  6. Long-Term Care • Elder law attorneys are the experts in planning for long-term care • Biggest insurer and payor for long-term care is Medicaid / Medical Assistance / Elderly Waiver – no Medicare coverage • Very complex joint state/federal programs • Somewhat different rules in every state • Different rules for in-home care, assisted living, and nursing home care • Different rules for single and married people

  7. Long-Term Care • In order to qualify, you must “spend down” your assets to a certain level • Spouse’s assets are counted, but spousal allowance is permitted • Some assets aren’t counted – home, eg • Complicated rules determine how much you must spend, how much you can keep, how much your spouse can keep • Penalties for anything given away in the five years before applying for benefits • Get good legal counsel for your particular situation

  8. General Life Planning Rule #1 – take action before you have to

  9. General Life Planning • Move near to supporters before you need support • Move to accessible housing before you need accessible housing • Plan for how to live without a car before you have any problems driving • Create financial and healthcare planning documents before you need help with finances or medical decision-making

  10. General Life Planning • Making changes before they are needed is hard • If you wait until change is unavoidable, you will risk: • loss of choice • loss of dignity • loss of autonomy • loss of living your own life

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