As the weather warms and spring blooms, it is a great time to help seniors get their paperwork in order. Ensuring that important documents are up-to-date and properly stored can bring peace of mind to both the elderly individual and their family members.
Here is a guide to the essential paperwork needed for seniors:
Tax Returns
If you’ve waited to the last minute, there’s still some time to file your senior’s tax return for 2022.
For additional help with any questions you may have check out the IRS website here and for some helpful tips regarding your senior’s tax return click here for more information.
Power of Attorney (POA)
POA documents create a legal relationship between two people, usually family members. Through POA, one person is granted the ability to act on behalf of the other in financial and/or medical matters.
POA documents can be incredibly helpful, especially when healthcare and financial decisions need to be made. They are legally binding documents that make sure your wishes are respected should you become unable to make decisions on your own.
To obtain one, you’ll need an attorney to help create it as well as two witnesses who can sign the document.
Financial Power of Attorney
A Financial Power of Attorney (FPOA) document gives an appointed individual or “agent” the authority to handle financial matters on behalf of a senior.
This could include making deposits and withdrawals from bank accounts, filing taxes, and managing investments.
To obtain a financial POA, you’ll need to consult with an attorney who specializes in estate planning and obtain two witnesses to sign the document.
Healthcare Power of Attorney (DPOA): A Durable Power of Attorney for Healthcare (DPOA) appoints an individual or agent to make healthcare decisions on the behalf of a senior.
This document is also sometimes referred to as a Medical Proxy.
Again, to obtain a Healthcare Power of Attorney (DPOA), you’ll need to consult with an attorney who specializes in healthcare or estate planning and obtain two witnesses to sign the document.
Healthcare Power of Attorney (DPOA)
A Durable Power of Attorney for Healthcare (DPOA) appoints an individual or agent to make healthcare decisions on the behalf of a senior.
This document is also sometimes referred to as a Medical Proxy.
Again, to obtain a Healthcare Power of Attorney (DPOA), you’ll need to consult with an attorney who specializes in healthcare or estate planning and obtain two witnesses to sign the document.
Advance Healthcare Directives
Advance healthcare directives are an important part of ensuring that a senior’s wishes are respected and followed in the event they become unable to make decisions or express desires themselves.
These documents should include detailed instructions on how medical decisions should be made. A DNR (Do Not Resuscitate) order may also be included in this document, as well as a HIPAA release form which enables access to medical information and files.
To obtain Advance Healthcare Directives, you’ll need to consult with an attorney who specializes in healthcare or estate planning and sign the document with two witnesses present.
HIPAA Release
A HIPAA release is important for seniors because it makes sure that their protected health information can be shared with those they designate. Having this document in place allows healthcare providers to share vital information with family and friends, should the senior no longer be able to make decisions for themselves.
To obtain a HIPAA release, you’ll need an attorney who specializes in healthcare law or estate planning. It should also include the name of the designated individual who will have access to the information.
Last Will & Testament
A Last Will & Testament should be created or updated by seniors who wish to outline their plans for distribution of assets and other instructions upon death.
It is important for seniors to have a last will & testament in place to ensure that their final wishes are honored. To obtain one, they should consult with an attorney who specializes in estate planning.
The attorney can help them draft the document and advise on how to properly execute it with witnesses present. This document can provide peace of mind knowing that their wishes for their assets will be carried out according to their desires.
This spring, help seniors get their paperwork in order! For more information about documents required for Medicaid specifically, check out our previous blog post here. With the right documents in place, they can have peace of mind knowing that their wishes will be respected and honored.
If you are looking to apply for Medicaid be sure to get your paperwork in order so that the process is simplified. If you need help with applying, reach out to Metro Eldercare Agency today!
Working with a team of experts that truly care, can make all the difference when advocating for yourself and what you need. For more info on the Medicaid deadlines check out our informational blog here.
If you have any questions or need help with applying for Medicaid, Estate Planning or Long Term Care, the professionals at Metro Eldercare Agency are here for you.
Remember if you or a loved one has questions about Medicaid Planning, we can help! Do not miss this opportunity to call and schedule a consultation with our knowledgeable team. Call today to find out how to protect your assets at 516-797-0601.