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Solo agers may approach long-term care planning a bit differently

May 10, 2018 | Trust Administration

A solo ager is a person who does not have children. Typically, a person will rely on one’s children for assistance with managing personal affairs as he or she ages. In the event that a person in Florida does not have a child who can help, that individual may wish to take another approach toward long-term care planning. 

When it is time for estate planning, many people will consider power of attorney documents and health care directives to plan for illnesses or the possibility of becoming incapacitated. With power of attorney and health care directives in place, a person can predetermine how his or her personal affairs are to be handled. The individual appointed will carry out those wishes and handle the tasks he or she was selected to manage. 

For individuals without children who enter long-term care planning, the natural first choice will be a spouse or partner. Advisors will often urge people to select a second and even third person in the event that the first choice dies first or is otherwise not able to serve. Other people, who have surveyed their family and friends and did not find any person fit for the task, can choose a professional paid guardian or fiduciary who specializes in this type of management. 

If a professional is selected, the person granting the power will want to carefully review the individuals’ qualifications and recommendations. Choosing the right agent to manage one’s affairs in these circumstances can be an important decision, since this individual will have the right to act on one’s behalf. A consultation with an estate planning attorney in Florida may prove fruitful for people curious about long-term care planning for solo agers. 

Source: Forbes, “Estate And Long-Term Care Planning Help For Solo Agers“, Sara Zeff Geber, April 23, 2018