Are Caregiving Agreements a Viable Estate Planning Consideration?

The way we look at estate planning continues to change and evolve.  A recent article in the money section at USNews.com explained the “5 Steps to a Family Caregiving Agreement” (link to article below) in easy-to-understand details that made me think of ways to incorporate such an agreement into the Estate planning process.

While it would still be difficult to determine at an earlier age, when I suggest people begin addressing needs such as a Will, Health Care Directives, Trusts and Durable Powers of Attorney, long-term care, much of which is managed and supported by family, has become more the norm.

It makes perfect sense that we should consider the costs associated with long-term care, especially those that are currently handled by family members who are uncompensated.  Establishing such an agreement, in writing, will assist in managing estate funds by developing such a financial plan.

The most difficult part will be in creating generalized verbiage to protect both parties, and maintain the best possible care for however long care is needed.

What do you think about creating a Family Caregiving Agreement?  Will this be a viable addition to your estate planning documents?  I value your insights and contributions to the discussion.  Please submit your questions and responses below on this important topic.

Read the USNews Article here:   http://money.usnews.com/money/blogs/the-best-life/2011/09/06/5-steps-to-a-family-caregiving-agreement

Patricia Annino is a sought after speaker and nationally recognized authority on women and estate planning.  She educates and empowers women to value themselves and their contributions in order to ACCOMPLISH GREAT THINGS in the world – and in so doing PROTECT THEMSELVES, those they love, and the organizations they care about.  Annino recently announced the release of an updated version of her successful book, Women and Money: A Practical Guide to Estate Planning to include recent changes in the laws that govern how we protect our assets during and beyond our lifetime.  Annino’s book is an exhortation, resource and trusted companion for women in all facets of life.  To purchase the book visit:  http://amzn.to/hOHuEV or for more about Annino, visit: www.patriciaannino.com

 

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