A diagnosis of a debilitating chronic disease, such as Parkinson's or ALS, creates an urgency to get your affairs in order.
The first step is to learn how the symptoms may impact your living situation (such as needing to add ramps) and the impact it may have on your income and budget. Do you foresee the need for home care or moving into a full care facility?
The next step is work with your financial planner to ensure you have the funds necessary to provide for you and your family during any time of disability. Also, see how much of your financial life can be automated. Once you have these concerns addressed, make an appointment with your estate planning attorney to cover the following issues:
- revise your power of attorney and health care directives to address the characteristics of your illness.
- Review all payable on death designations and beneficiary designations.
- Help you create a care manager and care plan
- Confirm your health care coverage, long term care policies and all other supplemental insurance is adequate for the type of care you will you need.
- Take proactive steps with Medicare/Medicaid planning.
- Determine if you qualify for Social Security disability benefits.
- Review any tax liability potential and properly plan to lessen that liability.
If you have recently been diagnosed with a chronic illness and you live in the Baltimore area, we can help you create an estate plan that addresses the particular diagnosis.
For more information on elder law services in the Greater Baltimore area, contact our office for a consultation. You can schedule an appointment by calling us at (443) 470-3599 or emailing us at office@stoufferlegal.com.
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