How Fixed Annuities May Be the Solution to Your Retirement Needs

As we age, having all our legal ducks in a row becomes increasingly important before anything happens; for example, having a written will. But what is the best way to ensure others can safeguard your loved ones affairs if they cannot? Two common solutions are guardianship and power of attorney. A guardianship involves court-appointed authority over an incapacitated persons affairs, with broader and ongoing responsibilities and oversight. The power of attorney allows a competent person to give another person broad authority over their senior care options and other affairs without court involvement. When weighing guardianship vs power of attorney, it is essential to understand the differences and similarities between them. This article provides a broad overview; please consult an elder law attorney for your specific scenario.  What is Guardianship? A guardianship is a legal arrangement in which a court appoints someone to make decisions for another person. This occurs only when a person becomes incapacitated due to disability, age, or another form of incapacity.   The purpose of guardianship is to protect the best interests of the person, who then is considered a ward. Guardianship proceedings are held in court, and the guardian is appointed to serve the wards needs.  Not all guardianships are the same. Like powers of attorney, there are several types, including: Guardian of the person: This person makes all decisions on behalf of the ward, including living arrangements, health decisions, and financial decisions. Guardian of the estate: Also known as a conservator, this person handles all financial decisions on behalf of the ward, including property, income, and expenses. Plenary guardian: The appointee handles daily and financial business for the ward. Limited guardianship: This person handles a specific area of responsibility for the ward. Guardianship is often a last resort when other less restrictive options are insufficient to protect an individuals interests. It is a significant legal responsibility, with the guardian expected to act with the highest level of integrity and care.What is a Power of Attorney? A power of attorney, or POA, allows a person to act in another persons stead. Depending on the scope of a power of attorney, the person named may be able to make health, financial, and any other decisions as per the termsThere are several types of powers of attorney, includingGeneral power of attorney: Allows the appointee numerous powers depending on the terms of the POA. Special or limited power of attorney: Has a specific purpose and is often used for property transfers or sales. Durable power of attorney: Designed to extend automatically should the maker become incapacitated. The terms of these POAs are generally broad. Nondurable power of attorney: Expires immediately if the maker becomes incapacitated. Springing power of attorney: Takes effect upon a specific event, such as when the maker of the POA becomes incapacitated. It is important to remember that the maker may revoke any power of attorney at any time, although some may have a time limit. Additionally, all POAs expire when the maker of the agreement dies.  What is Incapacity for Guardianship Purposes? A guardian may be appointed when a person cannot manage their activities of daily living, such as personal care, property, or finances.   A guardianship may occur when the subject of the guardianship petition is a minor or is suffering from a mental illness, physical incapacitation, or a senior with declining cognitive abilitiesSomeone who wants to seek guardianship must file a petition with the court. If approved, the guardian must agree to court oversight throughout the guardianship. The guardian must also demonstrate that the allegedly incapacitated person cannot manage his or her own financial matters, legal affairs, or personal careDoes a Durable Power of Attorney Help Prevent Guardianship? A durable power of attorney is a legal document you can use as a proactive measure. It can prevent the need for guardianship, assuming the person could execute the power of attorney before becoming incapacitated.  In some cases, a power of attorney may only cover the principals financial affairs, while in other cases, it can help avoid guardianship proceedingsKeep in mind that the person executing a durable power of attorney can designate a trusted individual to make decisions on his or her behalf should the person become incapacitated. Powers of attorney may allow the person appointed to make health, legal, and financial decisions on behalf of the principal.Advantages and Disadvantages of Guardianship One of the most significant disadvantages of guardianship is a loss of autonomy. Wards may lose the right to make many personal decisions, including where to live. You must weigh the advantages and disadvantages of guardianship carefully to ensure the ward retains dignityAnother disadvantage is loss of privacy since guardianship proceedings are often a matter of public record. While there can be potential for abuse of authority, guardianships are complicated. There are reporting requirements and numerous legal steps that one must completeSome of the advantages of guardianship include ensuring the well-being and safety of the ward. Additionally, this step can help prevent financial exploitation because a trusted person manages finances on behalf of the ward rather than another entity or the state assuming control.Guardians also serve as advocates for their wards, ensuring they receive proper medical care, educational opportunities, and other essential services. The guardian is also regularly present in the wards life, providing stability and more predictable outcomes.Deciding Between Guardianship and Power of Attorney A guardianship proceeding can be complex and difficult under the best of circumstances and should only be implemented when there is no better alternative. You can often avoid seeking guardianship through the courts by creating a power of attorney as a piece of an overall estate plan. Every family is different but ensuring your family members physical and emotional well-being is essential to us all.  How CarePatrol Can Help If your loved one needs senior care solutions, whether assisted living, nursing home, or another type of senior living environment, CarePatrol is here to help. Our local senior care advisors will meet with you to help you navigate the best senior care options for your loved one and even take you on personalized tours of the top three communities.  The best part is that our service is provided at no cost to you. Contact a local senior living care near you to get started. 

Asking for assistance isnt easy. This is true at any age but is especially valid for older adults who are trying to maintain their independence. A loved one may try to shoulder burdens they arent confident they can handle because they dont want to burden their families, friends, or neighbors. Weve compiled some universal signs that an older adult in your life may need some extra help:  Weight gain or loss:  If this is happening without a plan to alter their weight, it may be a sign that an older adult is struggling with mobility, depression, a poor diet, dementia, or any number of health concerns. Mood changes: If a loved one is exhibiting behavior that doesnt represent their normal demeanor, this could be a red flag. Depression is common in older adults, with 20% of people over the age of 55 experiencing a mental health concern. Does your loved one have decreased energy?  No interest in the things that normally brought them joy? Are they acting differently toward family and friends? Their outlook is worth examining. Disarray at home:  When you visit, are you surprised to find clutter and mess? Laundry piles and dirty dishes are a clue that your loved one is struggling with household tasks. Check for expired food and neglected house projects like overgrown lawns, which are signs that they may be feeling overwhelmed. Bills that arent being paid on time:  A change in financial responsibility is another sign that things are in crisis.  Late payment notices or bounced checks can reveal an issue with keeping up with the monthly responsibilities. Medication issues: Is your loved one running out of prescribed medication before the end of their script? Or are there lots of pills left in the bottle? If so, they may be encountering challenges with metering out medication dosages. Having a conversation about senior care with an older loved one may feel difficult to approach, but it can result in relief for them as well as peace of mind for you and your family.  Working with a CarePatrol Senior Care Advisor is an effective strategy to help your loved one stay safe. We can help you pinpoint the amount of care they need and recommend the best care solutions based on preferences, health requirements, and budget. Our discovery process and network of over 20,000 pre-screened communities will help you make the right informed decision for your loved one. Our advisory services are available to your family at no cost. Reach out today for peace of mind tomorrow. 

If remaining independent as you age is a goal, or you have a loved one who wants to continue living independently, there are several essential skills to consider. From managing money to doing your own laundry, activities of daily living (ADLs) matter when determining if it is safe to live on your own as an older adult. In 2020, approximately 14.7 million older adults lived alone, or 28% of the population; many of them were lonely or in poor health. While it is not always easy to control those factors, there are things you can do to help age better and more comfortably. By being prepared, you will reduce some of your health risks and may be able to stay independent and content with life well into your later years. Here are nine critical, independent living skills you will need and valuable information on when assisted living or a similar care option may be a better choice. Money Management  One of the most important independent living skills is money management. Anyone, from young adults to seniors, who want to live independently should be able to manage their funds. This can include the ability to pay bills, go grocery shopping, and handle personal care purchases regularly. Nutrition and Cooking  Many seniors who struggle to live independently do not eat well, which can lead to increased health problems and medical care costs. With the right preparation, you can have the knowledge and ability to prepare healthier meals.Fitness and Movement Ability  Staying active is another essential independent living skill. Staying active, whether or not you have disabilities to work around, is vital and can reduce your risk of injury. Strength training and movement practice, such as yoga, will help maintain strength, keeping you from losing balance and falling. Willingness and Ability to Adapt  Families need to help aging members where possible, but not everyone has family nearby to teach them about technology updates or other helpful improvements. Being willing to adapt and learn will help with any new transitions that occur in the future.  For example, you may want a part-time job or return to school to keep your mind sharp and stay active and engaged in your community. Effective Communication  Communicating effectively is vital in every stage of life, and as a senior, you need to not be afraid to speak up for yourself. Whether you need help with your budget, have a problem with your teeth, or recognize that you are having trouble doing something you used to do easily, you must be able to communicate well so others can help you when you need it.  Self-Advocacy for Security  Along with good general communication, its valuable for you to be your own advocate. You know your body best, so work with your doctor if you notice a change and take advantage of any resources offered to you. When you prepare for aging and focus on the transition, you can often develop independent living skills more quickly.  Stress Management and Regulation  Controlling stress is a valuable skill at any age because stress can hurt your health. Older adults who struggle the most with independent living tend not to have ways of regulating their stress and emotions. If you have a job you like, hobbies to enjoy, or other ways to keep stress at bay, it will go a long way to keep you happy and healthy.   Self-Esteem or Contentment  Feeling content in life or comfortable with yourself matters, too, because independent living requires good mental health. If you are anxious or depressed, it can be a lot harder to get through the day all by yourself. Personal care may suffer, tasks will not get done, and your budget could suffer, too.   Transportation Skills  Whether you drive a car or use public transportation, the goal is to ensure you have access to the people and services you need to get around. If you start to notice differences in your vision and cannot drive anymore, for example, you want to make sure you have other people or agencies you can contact to help you get around. Top 3 Reasons to Consider Caregivers or Assisted Living If you or a loved one lacks the independent living skills needed to age-in-place, or remain safely and independently at home, it may be time to consider help. This could include ongoing assistance with specific tasks, options to manage medical care, and even help with laundry, hygiene, or picking out and putting on clothes. When older adults struggle with food, basic activities of daily living, or other issues, it is essential to identify the problem and find the right ways to treat it. Whether that is someone who comes into your home and provides in-home care or you are considering a move to an assisted living community, making the right choice can improve your quality of life. Here are three reasons to consider an alternate option to independent living: Falling or Frequent Injuries  Falling can cause significant injuries, and that is especially true in seniors. If you are starting to fall frequently or have other injuries that happen often, it may be time to find additional help and someone who can perform various tasks, such as making meals and keeping your home clean. Falls and injuries could also mean the need to transition to assisted living, so you do not have to worry about taking care of your house.   Challenges With Hygiene, Food, and Care  Eating, showering, and cleaning are essential ADLs, and when you start facing many difficulties in one or more of these areas, it is time for some help. Fortunately, there are resources for older adults who may need a service to come in, so you are getting healthy food and staying clean.  Memory or Financial Concerns  If you begin having trouble remembering things and struggling to manage bills, it may be time to reach out for support. Many seniors are also vulnerable to financial scams, which can cause serious problems for future security. Its not always easy to see your needs in these areasor admit the needbut assessing your life routinely and looking for areas that might put you at risk is essential.  The Support You Need for Living Independently If you or a loved one wants to continue living independently but may need a little extra help, CarePatrol offers senior care advisory services at no cost to you.  We provide senior care solutions to help you find the right community from the option to maintain independent living to the need for additional services at home or in a care community, were here to give you the information and support you need. Reach out to a local senior care advisor today.