What if you were to suffer a massive stroke, and then lose a significant amount of physical mobility and mental capacity? What would your family do? Sadly, this is not an uncommon situation. This happened to two of our clients about a year ago, one was a 75-year-old male, and the other was a 60-year-old female.
This is the typical timeline for what will happen next:
(1) Patient receives initial care at the hospital, family is in shock and distraught;
(2) Patient is moved to a Rehabilitation Facility, family is now wondering: how long will it be for, can he/she come home, how would we pay for this care, who can access the patient’s retirement accounts and savings accounts, who can make medical decisions for the patient?
(3) Social Worker at the Rehab talks to the family about 2 months in, asking what they want to do with Patient. Options are: go home (hire 24 hour care), or find a skilled nursing facility. Family looks into the cost of the 2nd option and finds out it’s about 10K per month. Family looks into the 24 hour caregiver option, and finds out it’s about $7K-$9K per month. Family is now in a panic.
An estate planning lawyer in Palatine, IL knows it is very difficult to assist the family when they are in this crisis mode. The options are very limited. If the patient is truly incapacitated mentally, an attorney can open a Guardianship court case, which can be a nightmare. The cost is about $8K-$10K to start and will have an ongoing yearly cost of $2K-$3K. Plus the family must take time to go to the courthouse once a year.
As for the cost of
The consequences of the major health event of a debilitating stroke are often disastrous. The family will have many challenges, emotionally, physically and financially.
There are ways to minimize some of the challenges. It’s called proper Estate Planning. The Guardianship can be avoided just by creating current Powers of Attorney for
Before this type of horrific event surprises you or your family members, make sure that you get your estate plan done. You will have peace of mind and will reduce the financial and emotional distress placed on the entire family in the event of a sudden incapacity.
Thanks to Bott & Associates, Ltd. for their insight into estate planning and preparing for sudden incapacity.