Providing Clarity Before a Crisis

First responders and combat soldiers are trained to handle a life-threatening situation. They rehearse responses. They know how to communicate with team members. Generally, families don't do that. When a crisis strikes, loved ones have to wing it midst stress and confusion. We know that "life happens" and serious accidents and life threatening illnesses can strike. Should we not communicate with our loved ones, our potential caregivers, what our wishes are—before a crisis?  

Atlanta Journal-Constitution reporter Gracie Bonds Staples interviewed Toni Miles, director of the Institute of Gerontology, University of Georgia College of Public Health. The focus was the emotional and physical strain experienced by caregivers and survivors after the death of a loved one. ("Loved one's death takes a toll," 6/26/2013). Head of the Mortality Project, Miles noted, "We are now in a new period where demography influences mortality. As the Baby Boomer age wave rolls on, "almost 80 percent of all deaths in any given year are people age 40 and older."

 Amy Florian is a thanotologist in Chicago, Illinois. From the Greek word thanatos, meaning "death," Amy is an expert on death, dying, and grieving. Said she, "We had a Baby Boom. We're going to have a death boom." That sounds grim but it is reality. Noted the Atlanta paper, almost 2 out of 10 Georgians, roughly 1.1million people, experienced the death of a close relative in 2012. Three out of 10 Georgians, 400,000 people, lost two or more family members last year. "Miles believes grief and especially multiple losses drive many of the nation's public health issues, including obesity, depression, and heart disease."

 The impact of the end-of-life process is difficult for all concerned. Caregivers and survivors pay a price, physically and financially. Given odds at 100% that we will exit Planet Earth, shouldn't we have a conversation about that with those we love? Shouldn't they have instructions as to how to respond? Do they know what you want and what you expect of them?

 Start with an up-to-date Power of Attorney for assets and health care. Who would step in to manage your financial and business affairs?  Who can access  funds to finance your care? Where will the money come from? Have you worked with a financial advisor to establish a plan? Are you realistic when it comes to costs? Does your designated agent know where all of your accounts are? Passwords? Do you have an alternate if your primary designee cannot act?

 Who would make medical decisions if you could not?  Does he or she know your wishes regarding end-of-life decisions? Does your agent have a copy of your Power of Attorney for Health Care, and your Advanced Directive? Have you considered religious factors? How do you feel about use of machines, feeding, and hydration?

 What would happen if you had to go to a rehab facility or care home for an extended period? How would expenses be covered? Medicare has limited benefits, if any. What if you have to go to a nursing home? Who would care for your spouse or significant other? Suppose you cannot live in your current residence any longer? What do you want to happen to your house or other real estate? If you were disabled, would you remodel your home? How much would that cost?  If you cannot drive, how will you get around? Who will provide or arrange transportation? Who will coordinate doctor's appointments? Administer medications?

 When you pass away, what funeral arrangements do you want?  Where will you be buried? Cremation? Scatter ashes? Do you want a traditional funeral or a celebration of life service? Do you have Veteran's benefits? Are you entitled to military honors? Does your caregiver know where your military papers are, such as DD Form 214, your Certificate of Discharge From Active Duty?

 There are many more questions that should be pondered as we merely have scratched the surface. Consider a family meeting, perhaps bringing in your trusted financial advisor as a facilitator. Clarity as to your wishes is a gift of love!

Lewis Walker is President of Walker Capital Management LLC. and Walker Capital Advisory Services, Inc., a Registered Investment Advisor (R.I.A.) Securities and certain advisory services offered through The Strategic Financial Alliance, Inc. (SFA).  Lewis Walker is a registered representative of SFA which is otherwise unaffiliated with the Walker Capital Companies. ▪ 3930 East Jones Bridge Road ▪ Suite 150 ▪ Peachtree Corners, GA 30092  ▪ 770-441-2603 ▪ lewisw@theinvestmentcoach.com