Paying for long-term care

In these tough economic times, who wants to think of one more discretionary expense to add to the monthly budget? But, as this piece in the New York Times discusses, future long-term care costs for an individual could exceed $1 Million!

Long-term care insurance has been around for several decades, yet many people roll the dice as to whether they purchase it or not. Besides the statistics of one's chances of needed expensive nursing home care, the article also looks at the reasons we often choose not to obtain such protection.

While some excuses for not having insurance are incorrect or somewhat inaccurate (e.g, thinking Medicare will pay (which it doesn't), expecting our own savings to be sufficient, and counting on family members to care for us), "there is also a great deal of justified skeptism about the long-term care insurance industy."

On that skeptical side, some insurance companies are looking at raising their premiums by double-digit increases.

Wisconsin's Office of the Commissioner of Insurance (OCI) has a helpful guide on its website. Furthermore, Wisconsin is one of a number of states that offers Long-Term Care Insurance Partnership program to encourage the purchase of long-term care insurance by offering greater asset limits for Medicaid coverage. Search the OCI website for more information on all related topics.

Mediating disputes involving elders

The New York Times' blog, "The New Old Age," is very helpful with topics related to care, health, and family issues of aging. Recently, the topic was settling disputes involving elders through mediation. While mediation has been used for many years for family law or labor law disputes, it is blossoming into a new specialty for issues of aging. Issues may present in any of a number of relationships: among children of an elderly parent, between an elder and a caregiver, between an elder and a child.

I previously posted about elder law mediation as presented in a public radio story.

The post from "The New Old Age" includes these cautions and suggestions for families who may be considering mediation for such a dispute:

A mediator generally should be trained in such subjects as the physical and mental effects of aging and how to communicate effectively with the elderly. But in a field with no national credentialing and no standard approach, potential clients should be wary before asking an outsider to sit in on a dispute.

Start with National Eldercare Mediation Network, . . . which posts profiles of elder mediators in all 50 states. Another Web site, Mediate.com, also allows prospective clients to search elder mediators by state.

Aiming for 100+

The New York Times recently ran a story about living to age 100 and beyond. The centenarians who were interviewed were examples of good living, good luck, and good outlooks. Referring to several studies, the article reviewed the usual reasons for longevity--genetics (although not as big a factor as many might guess), caring for one's health, and a positive attitude.

As one 99-year-old interviewee put it, “I am blessed and I’ve worked on it. You’ve got to work, be cheerful and look for something fun to do. It’s a whole attitude. "

Last year, I posted about a collection of stories from diverse and interesting centenarians.

More on financial powers of attorney

As of September 1, 2010, Wisconsin has an all-new financial power of attorney law--new statutes and new state form. I introduced the new legislative act shortly after it became effective, and I will include more detailed posts about various aspects of the law.

For an extensive explanation, see this article in the June 2010 Wisconsin Lawyer magazine (the Wisconsin state bar's official publication). I wrote the article's sidebar about the new law's state form.

Powers of attorney must be on people's minds lately. See this "ask the expert" column from the New York Times' blog about aging. Although the answer to the question may be correct in some states, it is not entirely correct under Wisconsin's new law. In Wisconsin, coagents can act independently unless the power of attorney specifies otherwise. As in most cases, legal questions have many nuances and an inquiry with an attorney in the relevant state is very helpful.

Who will draft your will?

There are many options for prepare one's will and other estate planning documents. And, of course, many do-it-yourself options are less expensive than paying an attorney a few hundred (or even a few thousand) dollars to do that for you. In that vein, consider this essay about will-preparation software from the New York Times. When the writer tried four different software programs to draft her own will, she got mixed results--some perfectly acceptable, but some not so much.

In the end, the documents themselves are only part of the picture, whether you prepare your own estate planning documents or have an attorney draft them for you. The BIGGEST benefit of having an attorney assist with estate planning is the ADVICE. Legal counsel is especially important in complex situations like remarriage, potentially disagreeable family members, or a likely beneficiary with disabilities. An attorney provides the options, answers, and information for planning how one's estate will be handled and how surviving family members will be provided for. Then, the document drafting follows the conversation, with documents to carry out the plan.

Wisconsin's new Power of Attorney Act

As of September 1, 2010, Wisconsin has a new financial power of attorney act. Of course, you should be excited, at least if you are a certain segment of the legal profession in the state. After only a week, it seems that the new law will have attorneys advising clients and preparing documents differently. Articles, list serv discussions, and actual work for clients have us thinking through the range of possibilities.

Because the new law is so extensive, I will break up my comments on it into several topics. For now, I will simply link to the new chapter in the Wisconsin Statutes. (Just for comparison, the new law has an entire chapter in the statutes, where the predecessor statute was only a couple sections amounting to just a few pages.)

Summer coming to an end with a family travel story

Why was the writer of this L. A. Times piece so surprised that traveling with older relatives can be fun?

Here's an introductory quotation about the family history potential for such travels:

"Traveling with parents to places that were important in their earlier lives can be important and meaningful for their life review and give the younger generations traveling with them insights into the ways that their parents' or grandparents' lives have shaped their own," says USC psychologist Bob Knight.

I enjoyed the story recounted in the piece where the elderly mother turned off her hearing aid during the road trip so that her travel companions (aka her adult daughters) could "talk about her."

Besides the family history dimension, the intergenerational connections can be priceless. So often we segregate ourselves, not just in society, but even in our families, by age.

Last January, I enjoyed a relaxing vacation to Maui with my partner and my mother. We enjoyed the sun, food, beaches, and activities with great memories together. The photo above is shot from our balcony where we enjoyed the warm weather and watched the whales in the channel.

(After a summer break from writing, I've resumed posts now as of September 2.)

When older parents get remarried

This article from the Wall Street Journal/Smart Money gives some great information and helpful suggestions regarding property and estates when older parents remarry. Careful consideration should be given to how to provide for a surviving spouse, but also to leave whatever desired (by the parent) inheritance to the children of the prior marriage. A couple possibilities include a prenuptial agreement or a trust.

Without careful planning, the adult children and the surviving spouse may be at odds, even to the extent of fighting over an estate in court. For example,

Most lawyers and financial planners agree that the families that get cross-ways are those that don't communicate. [An Atlanta attorney] says there is a saying in the field: "People get over the loss of a loved one sooner than the loss of an inheritance."

Golden (years) opportunities

For age is opportunity no less
Than youth itself, though in another dress,
And as the evening twilight fades away
The sky is filled with stars, invisible by day.

A few lines of Longfellow quoted in a New York Times essay about aging and the potential for freedom and happiness in old age. In a surprising example, the writer learned that those living in their later years, even with advanced old age, are not simply resigned to loneliness and sadness.

Korean scholars revisit international adoptions from Korea

In recent news from my alma mater, St. Olaf College, English professor, Jennifer Kwon Dobbs, is mentioned for her co-authored essay, "Rethinking Consent to Adoption," about internation adoptions of Korean children.

Concerning the numbers for 2009,

With the international trend clearly turning toward domestic solutions and family preservation, we may wonder why over 1,080 babies went to the U.S. from South Korea this year for adoption.

The authors continue by pointing out the legal (and fading cultural) bias against unwed mothers. That bias has been the engine behind moving the children of those unwed mothers into adoption, rather than promoting family preservation or even domestic adoption within Korea. The writers note that the laws are changing to accomodate a longer period for a mother to consider placing her child for adoption, but they encourage that much more be done to improve the attitude and process of adoption in Korea.

Fascinating perspective.