Health

14 HE ALTH • Spring 2021 At UMass Memorial, we understand that seniors may often need specialized care. Look no further than the hospitals of UMass Memorial Health Care. We provide you with the latest treatments and procedures to help live life to the fullest – every single day! From geriatric services to expert care in cancer, diabetes, heart and vascular, orthopedic and surgical care, we are here for you in the communities where you live. The hospitals of UMass Memorial Health Care contract with many health insurance plans throughout the region. Always check with your insurer to learn if our doctors and hospitals participate in your plan. For an appointment today, call 855-UMASS-MD (855-862-7763). www.umassmemorialhealthcare.org YOU'VE GOT A LOT OF REASONS TO STAY HEALTHY... WE'LL HELP YOU STAY THAT WAY! S igning an estate plan (will, trust, durable power of attorney, health- care proxy, etc.) is a great feeling. It is one of life's most important "to do" items. However, like most things in life, your plan needs maintenance. Estate plans are not a one-and-done transaction. As you reach your retire- ment/senior years, revisiting your estate plan is an absolute must. Your existing estate plan might adequately address your familial circumstances and tax planning, but lack a long-term care/nursing home component. Even a few years can bring major changes. This is best discussed with a quali- fied attorney, but the following prelim- inary self-exam can help you start. 1. Who is your named decision maker? Most estate plan documents involve designating someone to act on your behalf during your life or to handle your assets upon your death. Your doc- uments may name a predeceased spouse or child as your primary decision maker. Your spouse may be living but have health complica- tions preventing him/her from ful- filling these roles. Your children might have been young when you signed your docu- ments, and now it is appropriate to name them in deci- sion making roles. 2. Who are your named beneficiaries? People are surprised by how outdat- ed their beneficiary information has become. Even if the identity of your beneficiaries has not changed, how your beneficiaries should receive their inheritance might have. Your kids might have been minors when you signed a will and the inheritance is directed to a trust no longer needed. Or perhaps you have an adult child whose inheritance will pass to them directly but now they are financially vulnerable due to a rocky marriage or disability, and the inheritance should be directed to a protective trust. The prevalence of blended families can result in inad- vertent omission of stepchildren or stepgrandchildren, if either you or your child have children/grand- children never legally adopted. You might presume these beloved members of the family would be treated as beneficiaries, but most wills and trusts use a default blood-or-adoption definition unless otherwise specified. 3. Who are the owners/named benefi- ciaries of your assets? Estate planning is not just legal doc- uments – it is also the ownership and beneficiary designations on your assets. Regardless of who is named in your will, assets will be inherited by the people who are designated. Check your account ownership and beneficiary designations on life insurance, retire- ment accounts and annuities. Keep in mind adding joint owners to your assets is not enough to protect them from long-term care expenses. If you own an asset, it is on the table for a nursing home spenddown. 4. If you are married, do you and your spouse direct assets to each other? As you get older, leaving assets directly to each other on the first spouse's death results in the surviving spouse being in a free-fall spenddown if he or she later goes into a nursing home. You have options to direct assets to each other but protect the surviving spouse from having to spend the assets down in a nursing home. Taking an inventory of your docu- ments and assets is the key starting point to ensuring your plan does its job to protect you and your loved ones. Brendan J. King is an attorney and partner at the Worcester law firm Estate Preservation Law Offices. Estate planning for your senior years By Brendan J. King SENIOR PLANNING GUIDE Estate plans are not a one-and- done transaction. Eventually, as you reach your retirement/senior years, revisiting your estate plan is an absolute must. H

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