As a caregiver, you spend much of your time, money, and energy taking care of the needs of others. Those who have taken on the role of caregivers for ill or disabled spouses, aging parents, children, or other loved ones with special needs are typically selfless and giving individuals who may not stop to consider their own needs, or their own mortality. As a caregiver, it is important to not only take time to care for yourself, but also to ensure that those that rely upon you will be well taken care of if you can no longer care for them.
CARE FOR YOURSELF AND YOUR LOVED ONES BY CREATING AN ESTATE PLAN
As estate planning attorneys, we hope to be a resource you can look to for support and answers. If you are caring for aging parents or other family members with disabilities, it is essential to ensure that you not only address your own emotional and financial health, but that you have an estate plan in place that addresses both your needs and the needs of those you care for. We can provide you with the peace of mind that comes from knowing not only that a plan is in place for your future, but also the future of the loved one under your care. Knowing that your loved one will continue to receive loving care, even if something happens to prevent you from continuing to act in the role of caregiver, will help ease any concerns you have about your loved one’s care.
NAME A GUARDIAN
If you are a parent who is acting as a caregiver for a special needs child, you should nominate a guardian—and more than one alternative—in your will to serve in the role of physical caregiver if you pass away or are no longer able to care for your child. Otherwise, the decision about who will act as a guardian will be left to the court, which may not reflect your wishes.
If the care recipient is an adult, you must ask a court to name you as your loved one’s conservator to be able to make decisions about their health care, living arrangements, and finances if they have not put the necessary incapacity planning documents in place. If you are providing day-to-day care, you may want another trusted person who can handle your care recipient’s financial matters to act as conservator. What happens if you are no longer able to act in the role of conservator or caregiver for your adult care recipient? The options vary depending upon the current legal relationship and capacity of the individuals involved. We can help you determine the best course available if you are a caregiver for an adult.
CREATE A CARE PLAN
A care plan is a valuable tool that summarizes the needs of an individual requiring care, including health care diagnoses, treatment plans and other important needs. The Centers for Disease Control and Prevention has many resources for developing a care plan, including a Care Plan Form that can be completed with the caregiver, the care recipient if they are able, as well as other family members, advisors, and health care professionals. This form allows the caregiver to document vital information about the individual that they are caring for so that care can continue even if they are unavailable. Even if it is never needed, having it available “just in case” can provide considerable peace of mind.
CREATE A LETTER OF INTENT
If you are caring for a child with special needs or a minor child, create a Letter of Intent for future caregivers, trustees, conservators or guardians. No one knows what a parent knows about their child, but the Letter of Intent is your opportunity to share important details about how to care for your child and about all that you have accomplished with your child. The Letter of Intent is not a legally binding document, but it is invaluable in providing insight that only a parent can have.
In addition to the basic logistical, financial and medical information, the Letter of Intent includes your vision for your child; ideal living arrangements; personality traits; information about personal care, habits, triggers and hygiene; details about your routine; educational and vocational information; and tips about favorite friends, family, recreational activities, colors, clothing sizes and preferences. Ultimately, what is included is up to you. The Letter of Intent is invaluable to a child’s future care team and should be reviewed and updated from time to time.
CONSIDER A SPECIAL NEEDS TRUST
A will alone is unlikely to adequately address the needs of your care recipient. If you leave money outright to the person for whom you are caring or to another caregiver, it could be spent in a way that is contrary to your wishes, and will now be vulnerable to creditors of the recipient. In addition, it could make your loved one ineligible for government benefits or aid such as Medi-Cal, SSI or IHSS.
A special or supplemental needs trust is an estate planning tool that may be very beneficial for your care recipient. A special needs trust can help preserve the beneficiary’s eligibility for government benefits, name a well-qualified trustee to manage the trust funds, designate a care manager, and preserve your loved one’s quality of life. Along with your financial advisor, we can help determine which of your resources can be used to fund the special needs trust or if a life insurance policy may be needed to ensure that there are sufficient funds available to provide for the beneficiary’s care. We can help you create a trust that sets aside, protects, effectively manages, and distributes assets for your care recipient’s lifetime, and equally important, designates a trusted individual to act as an advocate for your loved one if you cannot.
WE ARE HERE FOR YOU
It is important not only to recognize your own emotional needs and develop the skills needed to deal with the stresses of caregiving, but also to reach out for help when you need it. As a caregiver, it is crucial to ensure not only that your own future is secure, but to also create plans that provide for your family and care recipient if something should happen to you. Take the time to create an estate plan, or if you have a plan in place, to reevaluate it at regular intervals to address changing life circumstances and laws.
If you have questions about how to protect those that you care for in the event you are unable to do so yourself, please contact one of our knowledgeable attorneys.