When someone has a severe medical crisis, their loved ones get a crash course in the convergence of financial, medical and legal issues. In this six-part series, our weekly newsletter will focus on the step-by-step process to deal with these emergency issues. First is the immediate assessment and prognosis. If the health event is serious enough that it is expected that there will be long-term repercussions, you first must assess what is the short-term solution. If the loved one has done their estate planning and organized their affairs, the process is relatively simple. Find their powers of attorney and other legal and financial documents, and promptly visit an attorney as to the next step.
Unfortunately, most people have not done their planning, and the crisis hits the family hard. Two things will trigger an immediate and necessary trip to the attorney’s office.
First, can care expense be paid without accessing the loved one’s finances? Second, are the health care providers allowing access to medical information and is there someone to whose direction they are following in provide health care?
If the answer is ‘no’ to either of these questions, you need to consult an attorney about a temporary guardianship (emergency guardianship). See a full explanation of temporary guardianships at this blog post. Temporary guardianships are truly for emergencies, and if there is a way to bridge the gap over these tough issues that is preferable.
If the finances and healthcare decisions can be handled in some manner during the first week to two weeks after the initial crisis, the family can then focus on properly assessing the person’s care and determining their prognosis. What to do from that point will be addressed next week.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, specific tax, legal or accounting advice. We can only give specific advice upon consulting directly with you and reviewing your exact situation.
