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FAMILY Lifestyle
By: Justin S. Elrod, Certified Elder Law Attorney, The Elrod Firm
Even Santa had a contingency
plan. We know because The Santa
Clause showed us the well-planned
steps Santa took to prepare for
unexpected tragedy. In the 1994 film
starring Tim Allen, Santa’s sleigh
landed on the roof of Scott Calvin’s
house. Scott’s son, Charlie, heard
the commotion and woke his father,
who ran outside to see what was the
matter. Scott startled Santa, who fell
from the roof and apparently died.
In the pocket of Santa’s suit,
Scott discovered a card that read,
“If something should happen to
me, put on my suit; the reindeer
will know what to do.” When Scott
complied with the instruction on the
card, he was magically transported
around town to finish Santa’s
deliveries. When the night’s work
was finished, the sleigh returned to
the North Pole—with Scott and
Charlie in tow. Scott was met by
the head elf, who pointed out the
fine print (legally speaking, the
Santa clause) which required Scott
to permanently take over as Santa
since he had put on the suit.
You might have assumed that the
seemingly-immortal Santa, endowed
with magical powers, would not have
needed to plan for the potential of an
untimely demise. Clearly that’s not
the way he thought about things, and
it’s a good thing, too. If Santa needed
a plan, how much truer is that of you
and me? We all face three probable
events for which we must have a plan.
The first contingency for which you
must have a plan is the possibility that
you won’t always be able to manage
your own business the way you used
to. Sometimes it’s just age that catches
up with you gradually. Sometimes
it’s a more sudden injury or illness.
But no matter the cause, if you need
help managing financial or healthcare
matters, you must have financial
and healthcare powers of attorney.
The alternative is guardianship
court, where the judge makes a
determination of incapacity. Nobody
wants to go to court if they don’t
have to, and nobody wants to face
a legal determination of incapacity.
Good power of attorney documents
can usually circumvent all of that.
The second contingency for which
you must plan is the possibility
that you may need long-term care
as you get older. Statistics tell us
that nearly three-quarters of those
who reach the age of 65 need some
form of long-term care during their
lifetimes. Whether that involves
nursing home care, assisted living,
or caregivers coming into the home,
facing that scenario without a plan
can be financially devastating.
Your family’s financial security
hinges on your facing this contingency
armed with the right knowledge and
information, not rumors and halftruths.
Do your homework in advance
or, if the need is already here, don’t
try to face it alone. At The Elrod
Firm, we have helped many families
plan in advance for the future need
for long-term care—but keep in
mind, you can’t wait until the need
arrives if advance planning is your
goal. But in the past ten years, we’ve
also helped over 2,000 families make
the transition to long-term care even
when there wasn’t time to plan in
advance. Never assume it’s too late to
do something to improve what could
otherwise be a very difficult situation.
The third contingency for which
you must plan is not just a possibility;
it’s a certainty. You must, from a legal
and financial perspective, plan for
your death. Santa’s plan—instructing
your survivors to put on your suit
and, according to the fine print, take
over your life—isn’t going to cut it in
your case. Without proper planning,
probate court will be in your future.
42 • Saline County Lifestyles