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The Debt Ceiling and Seniors
Where To Get Unbiased Information
The news is full of dire predictions about what might happen to Social Security, Medicare, Medicaid, and other government programs that support older people if the debt ceiling is not raised by next week. Others believe the consequences won't be as bad as predicted. So what will happen? Because the government has never defaulted on its debts, no one knows.
There are some excellent, unbiased sources of information about this and other federal policy issues affecting seniors. These include:
The National Association of States United for Aging and Disabilities (NASUAD), which has recently released a brief Q&A memorandum on the debt ceiling and how it may affect seniors.
The Washington Post published an article on July 12 on what a budget deal could mean for Social Security, Medicare, and other senior programs.
There is an excellent article on the Reuters website about the effect of not raising the debt ceiling on Social Security payments. |
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Guardianship vs. Durable Power of Attorney
How Are They Different & Which Do You Need?
A durable power of attorney is a document signed by a person when he or she has sufficient mental capacity to make decisions. It gives someone else the authority to take action on behalf of the person signing the document. However, the person signing the power of attorney still has the right to make decisions and can revoke the document anytime.
A guardianship, on the other hand, is a court procedure in which a person is declared by a judge to be unable to make decisions. The judge appoints a guardian to handle the incapacitated person's affairs. The person under the guardianship (called the ward) loses the right to make decisions. A durable power of attorney is much easier to complete because it does not require court involvement. There is also no oversight by the judge and no loss of rights. A guardianship is more difficult and expensive, results in the loss of fundamental rights, and involves ongoing court supervision. For example, guardians are required to file annual reports.
If a person still has capacity and wants to plan for possible incapacity or voluntarily allow a caregiver to help with finances or medical matters, the durable power of attorney is a good option (assuming the person appointed is trustworthy, of course). Guardianship is used if a person is no longer able to appoint someone to act on his or her behalf and needs help managing his or her affairs. For more information on durable powers of attorney and guardianship, go to our on-line resource center at www.senior-law.org or call us at (405) 528-0858. |
About the Senior Law Resource Center
The Senior Law Resource Center is a 501(c)3 non-profit organization dedicated to empowering Oklahomans to age with independence, dignity, and security by providing high-quality, affordable legal information and services.
Senior Law Resource Center
600 N.W. 23rd Street, Ste. 106
Oklahoma City, Oklahoma 73103
(405) 528-0858
FAX: (405) 601-2134 info@senior-law.org www.senior-law.org |
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Affordable Legal Services Available
Our attorneys provide free information and affordable assistance with basic estate and incapacity planning, probate, adult guardianship, and other elder law issues. We have no income or age requirements.
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Support the Senior Law Resource Center
If you value the information and services provided by the Senior Law Resource Center, please consider making a tax-deductible donation.
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Free Materials Available
The Senior Law Resource Center offers a variety of educational materials, including:
-Your Right To Decide: Oklahoma's Advance Directive & Other Health Care Planning Tools -Who Decides? Caring for Patients with Diminished Capacity -Striking a Balance: A Guide to Adult Guardianship for Guardians and Wards -Grandparenting in Oklahoma: Law & Resources for Grandparents & Other Relatives -Advance Directives & End-Of-Life Guidance in Oklahoma (video) All of our materials are free and available online at www.senior-law.org.
To order printed copies, or for more information, email info@senior-law.org or call (405) 528-0858.
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SLRC Highlighted as an OKC Community Foundation "Great Grant"
Our project to help people complete advance directives was spotlighted in a postcard mailed out by the Oklahoma City Community Foundation. The project is funded by the Hospice Foundation of Oklahoma Affiliated Fund. |
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