Newsletter

A word from John McGlothlin, III

The financial implications of Parkinson’s Disease are often all too obvious. Treatments, doctor visits, and medications can be expensive. PD can also lower household income by forcing wage earners to leave their job due to a PD diagnosis, or because they must serve as a care provider for a family member or friend.

One bright spot: organizations like CAPS can provide financial assistance to those suffering hardships due to PD.

While managing finances can understandably take center stage in discussions about PD, it is equally important to dedicate time and thought to estate management in light of a PD diagnosis. Put simply, estate planning is the process of ensuring that an individual’s wishes and needs are met throughout their life and after their passing.

A handful of documents paired with a few honest conversations form the cornerstone of an effective estate plan. Along with a last will and testament—which will determine how most assets will pass on to heirs—an estate plan for someone with PD, or someone caring for an individual with PD, should include:

1. A power of attorney. When you give someone a POA, they can sign contracts, pay bills, and generally conduct business in your name. A POA is therefore particularly important for those with PD who may go on to experience severe cognitive impairment. Similarly, a medical power of attorney allows someone to make medical decisions on your behalf.
   
   Texas has adopted the Uniform Power of Attorney Act (UPOAA) provisions meaning a POA document drawn up in Texas will be accepted in many other states without issue. The same may not be true for other estate documents; keep this in mind if you’re considering relocating to another state.
   
   
2. A living will/advanced medical directive. This document specifies what medical treatments you do or do not want to receive in the event that you are unconscious or cannot communicate with care providers. Drawing up a living will can prompt important conversations with loved ones about your wishes for medical care.
   
   
3. Long-term care planning. It is vital to ask “who, what, where, and how” questions about the provision of care over long periods. Such questions might include:
   
   
1. If a family member will provide unpaid care, what will they forgo (time at work, time with family) and what will they take on (emotional labor, physical labor)?
   
   
2. At what point will any unpaid caregiver need physical, emotional, or financial assistance?
   
   
3. If we need or prefer to pay for care, what facilities or services do we want to use? What resources will we use to cover costs? Don’t forget that Medicare does not pay for long-term care, while Medicaid typically does. Those who need long-term care may include not only those with PD, but also their spouses as well as family members who serve as care partners.


Documents like a power of attorney and living will should be drawn up by a qualified estate attorney. But you don’t have to be a legal expert to lead a valuable conversation with your loved ones about providing care, medical treatment, or other forms of assistance

For more information, check out our videos on advanced care planning, featuring Garrick Colwell with Kitchen table Conversations. You can view part one here and part two here.



John McGlothlin, III, CFP
Financial Planner, Southwest Retirement Planners
Treasurer, CAPS