Month: August 2023

Categories
Financials

Reverse mortgages: A good way to pay for long-term care?

Financial advisor discusses reverse mortgages with an older couple in their living room

Reverse mortgage basics

Funding retirement and long-term care often includes a blend of savings, social security, pensions and other forms of income, but many people overlook one of their biggest assets: their home.

If you or your parent are wondering how to pay for long-term care, a reverse mortgage is one option that allows an older adult to stay in their home while tapping into its equity to pay for care. That said, it’s important to understand how this type of loan works and the pros and cons of reverse mortgages. In this article, we’ll look at when this financial tool is the right fit and explore other options you might have.

What is a reverse mortgage?

Reverse mortgage loans allow homeowners aged 62 or older to convert a portion of their home equity into cash.

Unlike a traditional home loan, borrowers receive monthly payments – rather than making them – and the loan is repaid when the borrower sells the home, moves out or passes away. At that time, the balance of the loan is deducted from the proceeds generated by selling the house, and the remainder of the value is distributed to heirs.

The Consumer Financial Protection Bureau recognizes three types of reverse mortgages. The most common is a home equity conversion mortgage (HECM) insured through the Federal Housing Administration. The other two types include non-federally insured reverse mortgages, and single-purpose reverse mortgages that can be accessed through local or state governments.

Reverse mortgages rates and terms can vary between HECM and non-HECM loans, making it crucial to compare multiple offers to ensure you get the best rates.

Reverse mortgage requirements

Before you shop around for a loan, you should familiarize yourself with reverse mortgage details so you can assess your parent’s eligibility for a loan and their ability to meet the loan obligations.

Here are the main reverse mortgage loan requirements:

  • The homeowner on the loan must live in the residence the majority of the year.
  • They must have a low mortgage balance or own the home outright.
  • They must pay taxes and insurance, as well as maintenance and repair costs.
  • The home must meet required property standards.
  • The loan-holder must receive reverse mortgage counseling from a HUD-approved reverse mortgage counseling agency to verify eligibility and ensure they understand the financial implications of the loan.

Benefits of a reverse mortgage and long-term care

As noted above, the main benefit of a reverse mortgage is that it allows people to utilize the equity in their home while continuing to live there. Another benefit is that there are no monthly payments to make because the loan isn’t due until the house is sold, or the person who holds the loan moves or passes away.

Medical and personal care needs can be expensive, and reverse mortgage funds are flexible; they can be used to cover medical bills, specialized equipment and ongoing care costs. If your parent isn’t ready to downsize, a reverse mortgage is one way to fund long-term care at home. Even if they need a short-term stay at a senior living community to recover after an illness or injury, as long as they aren’t away from the home for more than 12 months at a time, they can retain eligibility for the loan.

Finally, there have been recent improvements to reverse mortgages. Historically, this type of loan has been associated with horror stories of spouses being removed from their home when a reverse mortgage comes due. However, as of 2017, the rules have changed to allow surviving spouses to remain in the home, even if they weren’t on the loan.

Drawbacks of a reverse mortgage

As AARP notes, reverse mortgages aren’t cheap.

These loans are based on age, home equity and interest rates; but because the interest is cumulative, over time it can significantly reduce the equity left in your home. If downsizing in the future or leaving an inheritance to heirs are important to your parent, it’s critical to consider how long the loan will be needed.

Also worth noting is that homeowner’s responsibilities don’t go away. Failing to pay property taxes, maintain the home and keep current insurance can result in defaulting on the loan and possible foreclosure. If you’re looking at a reverse mortgage to cover long-term care, it’s important to consider if the burden of home maintenance is feasible.

When not to use a reverse mortgage

While reverse mortgages can be a helpful financial tool for some older adults, here are a few instances when a reverse mortgage might not be the best choice:

  • Short-term need. Reverse mortgages are designed for long-term use and initiating one for a short period might incur unnecessary fees and interest charges.
  • Limited home equity. Since the loan amount is based on the home’s appraised value and the borrower’s age, minimal home equity may make a reverse mortgage a poor option.
  • Plans to relocate. Because reverse mortgages become due when the borrower moves from or sells the home, if you’re considering downsizing in the near future, other financial options may be more practical.
  • Ability to meet loan obligations. If you anticipate difficulties in maintaining the property and staying current with property taxes and home insurance payments, it’s important to carefully consider the potential consequences, such as foreclosure, before deciding on a reverse mortgage.

Long-term care options

As noted above, a reverse mortgage isn’t for everyone. If you’re concerned that the loan obligations won’t be met or that the accumulated interest on the loan won’t be worth reducing the home’s equity, it may be time to explore other financing options.

Consider these alternatives to a reverse mortgage:

    1. Long-term care insurance: Like most insurance, with long-term care policies you pay premiums and then make a claim when you need a service. But it’s critical to review different policies, as some may not cover the care you need and may retain the right to increase premiums after you sign up – making them far less advantageous.
    2. A long-term care rider on a life insurance policy: Adding a long-term care rider to a permanent life insurance policy allows the policyholder to access the death benefit early if they receive a diagnosis of a chronic illness.
    3. Self-insure: Though not technically insurance, investing early can provide an important buffer for long-term care expenses. It’s recommended to save enough by age 85 to pay for roughly three years of nursing care (the average age and duration it’s needed).
    4. Liquidating assets: If the caveats of a reverse mortgage aren’t a good fit for your family’s situation, you can still access the value of a home by selling it. Especially when care is involved, selling a home is a common way to fund long-term care in an assisted living community or nursing home.
    5. Medicare: While some care is covered by Medicare – such as doctor visits, hospital stays, preventative services like vaccinations and some home health care – it does not cover assisted living or long-term care. So, while Medicare may be a piece of financing care, it shouldn’t be depended upon to meet long-term needs.

Professional guidance

One of the first steps to developing a comprehensive plan for covering long-term care costs is talking with a trusted financial advisor who specializes in long-term care planning. Seeking professional advice and conducting thorough research will empower you to make an informed decision that aligns with your financial goals and circumstances.

In addition to being a great place to live, Atria Senior Living offers abundant resources for caregivers. Contact your local Atria community for financial planners in your area and more information to help you along your caregiver journey.

Categories
Making the Decision

Atria’s Alexa Smart Properties: Seamless senior living

Amazon Alexa device displaying the event called Atria's Tappers, a dance class

Atria Senior Living is the first senior living brand to deploy large scale, nationwide Alexa Smart Properties products. The new technology makes it easier than ever for residents to call the front desk, ask for transportation, and alert staff to a maintenance need. The devices also display curated video screens announcing upcoming Atria’s Engage Life® events, important announcements and daily menus.

 

 

The first wave of Atria’s Alexa Smart Properties include:
Atria Newport Beach
Atria Del Sol
Atria at Foster Square
Atria La Jolla
Atria Woodbriar Place
Atria Rocklin
Atria Santa Clarita
Atria Hillcrest
Atria Valley View

Categories
Financials

Estate planning: Preparing for the future

Older woman meeting with a female financial advisor

When should you start estate planning? What does family estate planning involve, and how do you decide between a trust and a will? What are the different types of trusts?

It’s no wonder why people find the estate planning process so daunting. To help you on your journey, this article demystifies some of the key steps and considerations that go into making an estate plan. You’ll also learn why it’s important to start planning early.

Writing a will

You’re likely already familiar with the basics of a last will and testament. This document outlines how you’d like your assets to be distributed upon death. Apart from asset distribution, though, a will includes several important sections, such as:

    1. Your name and a declaration that this document supersedes any previous wills
    2. Appointment of guardianship for minor children
    3. Selection of an executor (and backup executor) and assigning trustee powers to those responsible for managing your assets
    4. Outline of beneficiaries and instructions for distributing possessions among them

You might also include provisions in the event of a beneficiary’s life circumstances changing. For example, if your child is listed as a beneficiary, you could structure the will so that their spouse won’t receive your child’s inheritance in the event of a divorce.

Melissa Negrin-Weiner, Esq. – a senior partner with Long Island-based firm Cona Elder Law – notes that “The importance of a will can vary with age. For example, younger couples with minor children must make sure they appoint a guardian for those children should something happen to both parents. Older individuals may be more concerned with passing along a family heirloom or piece of personal property.”

This is one reason why updating your will is just as important as setting it up in the first place. Before you talk to an estate attorney, think about what you want your will to do. Once you have a clear idea of how you want to distribute your assets, a professional can help you translate those preferences into legal language.

An often-frustrating part of executing a will is the probate process – a long and often expensive court process for “proving” a will. Because this isn’t a private process, assets and their beneficiaries are public knowledge.

Negrin-Weiner points out that naming beneficiaries on assets like IRAs and creating joint accounts is one way to skirt this cumbersome process. “Typically, when one joint owner passes away, the property or account automatically passes to the other owner without any need for court involvement. And naming beneficiaries on accounts such as transfer on death (TOD) or in trust for (ITF) allows for those accounts to pass to the named individual immediately.”

She says another common way to avoid probate is through a trust.

A closer look at trusts

A primary difference between wills and trusts is that wills define your wishes for after you pass, while a trust is initiated while you’re still alive. In a trust, a grantor places an estate under the management of a trustee who is responsible for distributing assets to beneficiaries after the grantor’s death.

When choosing between a will and trust, the size of your estate may be one of the biggest determining factors. Generally speaking, for those with assets that exceed $500,000, a trust is more advantageous. That’s because setting up a trust has fixed costs, so the benefits increase with a larger estate. On the other hand, if the estate has less than $200,000 in assets, a will is typically the better financial choice.

Even so, for many it comes down to personal experience and preference. For those with a smaller estate who’ve had a negative experience with probate, they may still prefer to set up a trust. If you’re considering a trust, you’ll want to work closely with an estate planning attorney to understand which type of trust best suits your individual needs. Some estate lawyers would even advise that you don’t choose between a will and a trust, but use a combination of the two to ensure all of your assets are covered.

To help you prepare, we’ll go over the two most common types of trusts: revocable and irrevocable trusts.

Revocable trusts: Retaining control and flexibility

Revocable trusts, also known as living trusts, are established while the grantor is alive and mentally fit to continue managing assets. By naming themself and their spouse as trustees, a grantor can continue to sell, trade or acquire assets within the trust.

It’s still important to designate beneficiaries, though, as they’ll receive the assets when the grantor passes – at which point the trust becomes irrevocable. Beneficiaries may also be called to manage assets if the grantor is no longer able to do so themself.

While it may be tempting find a quick solution to navigating the challenges of setting up a trust, AARP warns against generic living trust kits found online, which are unlikely to fit individual circumstances. If you’re considering setting up a trust, work closely with an attorney who can customize the document to your specific situation.

Irrevocable trusts: Protecting assets and avoiding taxes

Negrin-Wiener notes that while a revocable trust can help your family avoid probate and limit disagreements between family members, it won’t protect you from creditors or lawsuits. An irrevocable trust, on the other hand, is often used to protect assets so individuals can apply for Medicaid benefits without spending down their assets on long-term care.

Unlike a revocable trust, an irrevocable trust cannot be altered by the owner unless all beneficiaries agree. Numerous state-specific laws govern this type of trust, making it essential to collaborate with an estate planning attorney to ensure compliance with all requirements.

While relinquishing control over assets is a drawback, there are advantages in certain situations. The benefits of an irrevocable trust include:

    1. Protection from taxes: As the assets no longer belong to the grantor, the estate becomes shielded from some estate taxes
    2. Avoiding probate: As previously mentioned, probate can be expensive and delay asset distribution to beneficiaries
    3. Asset reduction: This isn’t just about evading estate taxes – certain government assistance programs have maximum income thresholds for eligibility; placing assets in an irrevocable trust may enable the grantor to access services they otherwise couldn’t afford, such as long-term care

According to the American Council on Aging, older adults applying for Medicaid long-term care generally have an asset limit of approximately $2,000. However, higher valued assets like primary residences, wedding rings and vehicles may be considered exempt. Nevertheless, individuals exceeding the asset limit often still struggle to cover the cost of care. An irrevocable trust helps older adults protect their assets, such as a home, while seeking financial assistance for their care.

It’s important to note that establishing this type of trust doesn’t protect your assets if you require immediate care. Medicaid enforces a five-year “look-back period,” which considers assets transferred to a trust within the last five years as viable for covering care costs. However, if you are in reasonably good health and don’t anticipate requiring skilled nursing care within the next five years, an irrevocable trust can safeguard your assets should the need arise.

Ultimately, working closely with your attorney can help you understand if a revocable or irrevocable trust is the better fit for your situation. In addition to staying in compliance with state regulations and requirements, Negrin-Weiner points out that a knowledgeable attorney can help you make the most of whichever type of trust you choose. “A carefully drafted irrevocable trust does allow for flexibility in your asset protection plan,” she says.

The importance of estate planning

Regardless of whether a will or a trust is a better fit for your situation, there are many reasons to put a plan in place for the future of your estate.

First, life is unpredictable. If you pass without a legal document clarifying your wishes, your assets will be distributed according to state laws, which may not align with your preferences. Moreover, without clear instructions, survivors are left guessing your intentions.

Negrin-Weiner says, “Preparing your will or trust well before a healthcare crisis ensures that your wishes will be carried out and that you will be able to preserve your hard-earned assets.”

Perhaps one of the best indicators of a successful estate plan is avoiding family conflict. Anything you can do to provide clarity and guidance will help alleviate grief, greed and unresolved childhood dynamics.

More information

In addition to award-winning senior living, Atria offers helpful resources on many aspects of retirement. Contact your local Atria Senior Living community for more information on estate planning services in your area.

Categories
Caregiving

Six tips for caregiving during the holidays

Mother and daughter holding each other's hands while sitting at the dinner table

Family, traditions, favorite dishes and good cheer. These can all be harder to enjoy when you’re also caring for someone with Alzheimer’s or another form of dementia during the holidays.

In addition to the burnout that can accompany providing care year-round, caregivers may experience heightened frustration with family members who don’t appear to be offering a helping hand when they’re in town, or don’t show appreciation for a caregiver’s efforts. It can also be hard for caregivers to participate in their own holiday traditions – from preparing meals to hosting gatherings – resulting in feelings of anger over missed opportunities or guilt.

From reducing your workload to preparing your parent or spouse for a shift from routine, these six tips will help you manage the stress that comes with providing dementia holiday care – making it a merrier time for you, the person you care for and those you celebrate with.

1. It’s okay to say no

Even if you’ve always hosted the family get-together or lovingly prepared a classic dish, if you have new caregiver responsibilities, this year may be different.

The first step to avoid feeling overwhelmed when caregiving during the holidays is to be realistic with yourself about your capacity. The second step is to let other people know.

Tell friends and family about your limited availability and energy level so other arrangements can be made. This doesn’t mean don’t celebrate. In fact, it’s just the opposite. One of the most important reasons to draw boundaries on what you’re able to do is so that you – and the person you care for – can enjoy the events that you do participate in.

2. Communicate

It can be hard to talk about a parent or spouse’s cognitive decline. However, for caregivers who frequently experience burnout, communicating about the realities of the situation is critical for managing stress.

Many people don’t know how to interact with someone experiencing cognitive decline. Reaching out with a little information in advance of a festive gathering can help everyone feel more comfortable. The National Institute on Aging offers a few tips for what information to share.

  • First, let people know about any new limitations and encourage them not to correct the person with dementia if they misremember a name or event.
  • Offer tips for gentle ways to introduce oneself – including adding context about how they know the person you’re caring for.
  • Remind them that talking loudly, getting too close or being patronizing could be aggravating.
  • Finally, suggest fun, ability-appropriate activities that everyone can participate in together.

If the diagnosis is new, consider including an article or links to resources about Alzheimer’s and how it affects memory. Though it can be uncomfortable to share a diagnosis, your friends and family will likely appreciate the information and feel more confident in their interactions because you provided them with a better understanding of the situation. It may also help them develop greater empathy for your role as a caregiver.

3. Continue to celebrate together

Making time to celebrate the season can provide caregivers with a feeling of connection and support that isn’t always present the rest of the year – and it can be beneficial for the person they care for. According to the National Institute on Aging, familiar events and traditions tap into long-term memory and can be reassuring to people with dementia.

Even when you aren’t gathered with friends and family, take the opportunity to share meaningful moments and activities with the person you care for. This might include flipping through a photo album and listening to their stories or performing holiday preparations together. Accomplishing small tasks offers those with memory impairment a sense of purpose and control. Even if they are no longer able to actively participate, sensory stimulation like listening to familiar songs, enjoying a favorite holiday treat and watching you decorate can help them anticipate the coming events.

4. Adapt traditions

The holidays are often joyful because they offer a departure from normal daily activities and an opportunity to connect with friends and family. However, large groups and changes in routine can be very difficult for those experiencing cognitive decline. When you’re managing dementia and the holidays, making a few small changes can go a long way. While the holidays may not look like they have in the past, traditions can still be honored with thoughtful adaptations.

Here are a few ways to make the holidays go smoothly:

  • Help the person you care for prepare in advance. By regularly showing photos and sharing stories about visitors and guests who will be stopping by, these friends and family will feel more familiar when they come to visit.
  • Plan activities for when the person living with dementia is at their best. If your family usually gathers for holiday dinner but your spouse or parent is at their best around noon, suggest moving the event to lunch.
  • Host celebrations in familiar spaces. While you may not be able to play host, if the person living with dementia is most comfortable at home, invite people over and delegate host tasks to family and friends.
  • Designate a quiet space. During the event itself, you can help reduce agitation by making sure there’s a quiet place where your parent or spouse can safely retreat to rest or accept visitors one-on-one. You can also plan in advance to break up the festivities with quieter, routine activities for the person living with dementia, such as a short walk or reading in another room.

Making efforts to ensure the person you’re caring for is comfortable will reduce agitation and improve their mood – making celebrating better for everyone.

5. Ask for help

AARP notes that for some caregivers, the only thing harder than providing constant care is releasing control and accepting help. While it can be tempting to try to take on everything, assistance is key to providing care for the long haul. Fortunately, the holidays provide the perfect time to ask for help – wherever you may need it.

Consider enlisting a family member to take over caregiving duties so you can attend a party with friends. Or if you just need a little help with errands or chores, you can hire a personal assistant or housekeeper for a few hours to help you stay caught up with daily tasks. Your local community or state may also offer resources, like adult daycare, so you can take care of personal matters or enjoy a moment of rest.

Beyond getting help through the holidays, many caregivers will put a home health aide or a short-term senior living stay on their holiday wish list. That way, when the holidays are over, caregivers can still get the help they need.

6. Care for yourself

As previously noted, it can be difficult for many caregivers to care for themselves. Sometimes this is due to feelings of guilt or concerns that no one else can do the job as well as they can. Either way, making sure your needs are met is the only way to ensure you can continue to meet the needs of others.

While caregiving during the holidays, offer yourself the small kindness of simplifying tasks. If your family exchanges gifts, consider purchasing them online, ask a friend to wrap them or simply get gift cards. If you decorate homemade cookies every year, consider getting a mix or a kit. In addition to reducing your load, sometimes you need to take a break from it altogether. Whether it’s the holidays or not, designate time to see friends, hit the gym or get a massage.

It’s also okay to take a vacation. When you’re ready for a reset, consider short-term stay options for the person you care for. Atria Senior Living offers short-term stays in furnished apartments with full-time staff on-site. This provides a healthy, social lifestyle for older adults, as well as respite for their caregivers. Find a community near you to learn more about flexible, short-term stay options.

Caregivers and the holidays

Resentment can spoil even the best celebration. That’s why it’s important to show empathy to yourself and the person you care for during the busy holiday season – and all year long.

Start by identifying your limits and communicating them to others. Setting clear expectations will help everyone adapt. Traditions may also need to be adjusted so the person you care for can participate comfortably. Finally, accept help and take care of yourself. With these holiday tips for caregivers, you’re sure to keep your spirit bright.

Categories
Family Dynamics

Understanding power of attorney for your elderly parent

Older adult and adult daughter working together on power of attorney paperwork

As our parents grow older, we have to discuss difficult topics such as finances and healthcare decisions – and who will make those decisions should your parent become unable to.

It can be scary to bring up power of attorney because that transfer of authority is often seen as a loss of independence. But if you’re taking care of your parents, having this discussion sooner rather than later may reduce stress and help ensure your parent receives proper care when the need arises.

Let’s explore what power of attorney means, the emotional aspects surrounding it, the different types of power of attorney, and the value of putting it in place before a health scare or some other unplanned event occurs.

What is power of attorney?

Power of attorney (POA) is a legal document that grants an individual the authority to make decisions on behalf of another person. A power of attorney for aging parents ensures continuity of care and clear decision-making when your parent can’t make informed decisions due to physical or mental incapacity.

Estate attorney David Reischer says the power of attorney goes hand in hand with a living will because it “allows a person to make their intent known in anticipation of a possible future moment when intent cannot be communicated.”

Reischer explains that having both a living will and durable power of attorney ensures a trusted representative has the authority to make healthcare decisions when a parent is no longer able to.

When should you create a power of attorney?

Generally speaking, a power of attorney for your aging parent should be in place before it’s needed. Here are three circumstances where you’ll find power of attorney to be an especially valuable tool.

Before a health event occurs

Does your parent have a significant health issue that needs to be managed on an ongoing basis? This could range from a chronic condition such as diabetes or dementia to a terminal illness.

Creating a power of attorney protects your parent – and the family – if they ever become incapacitated. Some families execute a power of attorney before their parent undergoes major surgery just in case of any complications.

To help you assist with finances

Is your elderly parent having trouble paying their bills or managing a budget? A power of attorney can allow you to handle their financial affairs, ensuring your parent’s money stays in good hands.

When it makes life easier for your parent

A power of attorney isn’t always related to future concerns about health or finances. Some older people want a POA as a matter of convenience. For instance, if your parent is out of town and wants to sign some important papers without having to return home, a power of attorney would allow you to act on their behalf.

Benefits of establishing power of attorney in advance

Here are a few compelling reasons to create a power of attorney before it’s needed:

  • Reduced stress: Discussing and establishing power of attorney in advance eliminates the pressure of making these decisions during a health crisis, allowing for thoughtful consideration, legal consultations, and clear communication of wishes – reducing anxiety for everyone.
  • Honoring personal preferences: Establishing power of attorney early makes it possible for parents to express their preferences while they are still capable of providing input on healthcare decisions, financial matters and overall well-being.
  • Family harmony: Power of attorney can be emotionally charged, especially when left until the last minute. Tackling this topic proactively facilitates open and honest discussions as family members collaborate to find common ground and make decisions focused on the best interests of a parent.
  • Sound legal advice: Initiating the power of attorney process early gives families more time to receive guidance from legal professionals experienced in elder law, ensuring that all necessary documents are in place and tailored to individual needs.
  • Taking care of your elderly parents: A power of attorney is an essential legal document – and a whole lot more. You can think of it as an act of love for your parent to make sure they are cared for according to their wishes when they can no longer manage things themselves.

Types of power of attorney

A power of attorney states who can make decisions on behalf of another person. This person is known as an “agent” or “attorney-in-fact.” The rules for a power of attorney vary, so be sure to understand the guidelines for the state you live in.

Powers of attorney can be specific, general or durable:

  • A specific POA only lets the agent manage a defined list of tasks and is usually in place for a limited time. For example, if someone is out of town for an extended period and asks their agent to manage their finances during that time.
  • A general POA provides the agent with more authority, such as managing someone’s affairs on an ongoing basis – but the authority ends when a person becomes unable to make their own decisions.
  • When it comes to an aging parent, you will want to create a durable power of attorney, which gives the agent authority to act on another’s behalf when they become incapacitated. One major benefit of a durable power of attorney is that you will not have to seek court approval to manage your parent’s affairs.

Choosing the right durable power of attorney

Next, you will choose a durable power of attorney that fits your parent’s needs. Here is a brief look at the options:

  • Financial power of attorney for aging parents: With a financial power of attorney, your parent grants you the right to direct their financial affairs. The financial POA can specify which matters you can handle – like paying bills or managing retirement accounts – or it might be broader in scope. Your parent might grant you authority to carry out their wishes for one activity or give you far broader authority. The power of attorney spells out exactly what the duties are, from paying your parent’s bills to running their business.
  • Medical power of attorney for elderly parents: A medical power of attorney empowers you to make medical decisions for your parent. These decisions are spelled out in a medical directive or living will, which details your parent’s medical care preferences. A medical directive may be combined with a healthcare directive or medical power of attorney. These documents clearly state what sort of treatment your parent wants so you can honor their desires. This helps reduce anxiety for the family during stressful times.
  • Keep in mind that it’s smart to update a power of attorney as needed.

Establishing a power of attorney and family dynamics

Signing over authority to make decisions can evoke feelings of vulnerability and loss of control. Your parent might see it as surrendering their independence and an acknowledgement of declining health.

As a caregiver, you may struggle to address the subject because you don’t want to cause discomfort or resentment. However, it’s far worse to avoid this discussion, as it can have serious consequences during a health crisis. For example, should your parent become incapacitated without a power of attorney in place, you might have to seek court approval to manage their affairs.

So, how do you set the stage for a successful POA discussion?

First, when speaking about powers of attorney, frame the discussion around your parent’s point of view. Instead of telling them what they should do, explain that you want to get their input so you can help them make the best choices. Avoid criticizing your parent or pressuring them.

Second, if you already have a history of helping your parent with everyday matters like doctors’ appointments or visits with a lawyer, they probably know you care about their welfare and that they can trust you. That trust will go a long way in having a productive conversation about the future.

Atria Senior Living empowers families with peace of mind

As a leading provider of senior living communities, Atria knows all about difficult conversations, including the vital importance of establishing power of attorney for you and your parent. In addition to being a great place to live, Atria communities can provide a wealth of valuable resources for older adults. Contact your local community to learn more about legal resources in your area.