Ten Questions to Ask Yourself Before You Move to Assisted or Skilled Care

Posted on

Jun 19, 2013

Book/Edition

Colorado - Western Slope

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Moving to an assisted or skilled living facility is a challenging task requiring forethought. We know, because we help clients with their transition. From our experience, here is a checklist of questions you need to ask yourself before moving day. If you answer any question No then you have some work to do before making your move. Seek professional advice if you need help with any of the items listed below.
1. Are my advance directives up-to-date? Make sure you have the correct person(s) named to assist you in your medical and financial powers of attorney.
2. Does my will name the person I want to administer my estate after I am dead? If not, then you will need to make a change to your will.
3. Have I determined how I will pay for this move? The average cost of skilled care in Colorado is $7,023 per month.
4. Is my will and/or trust up-to-date? Make sure the heirs set out in your will are the ones you want to inherit your estate.
5. Have I carefully read through the admissions contract to make sure I understand it? The admissions contract is binding, so make sure you understand the terms.
6. If I have a revocable trust estate plan, are all of my assets titled in the name of my trust? You must coordinate the titles and beneficiary designations of retirement accounts and insurance policies with your trust.
7. If I have a will estate plan, are my assets titled properly? If you are titling assets in joint tenancy even if it is just to provide assistance in bill paying you may defeat the terms of your will. Be careful!
8. Have I consolidated my investment accounts, making it is easier for my agent to manage them?
9. Is my stuff in order? Use a personal property memorandum to identify the heir to receive specific items of personal property.
10. Have I reviewed my plans with my attorney, accountant and investment advisors to make sure everything is coordinated and my wishes are reflected?
If you are able to answer the above questions with Yes, then you have covered most, if not all, of the legal questions to ask yourself to ensure your move is as worry-free as possible.
Editors Note: This article was submitted by Baird B. Brown, Esq. Baird is an attorney with Brown & Brown, P.C. and may be reached at 970-243-8250 or by email at baird@brownandbrownpc.com

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