Your estate plan needs to address a wide range of issues related to your personal assets, long-term care, and the wellbeing of the loved ones you leave behind.
Older adults have unique personal, health, and financial needs. Addressing those needs is essential to maintaining the quality of life for you or your loved ones.
Caring for your aging parents is often complicated. Your parents may resent any attempts to curtail their rights or freedoms, such as restrictions on their ability to drive a vehicle. As an adult caring for adults, you have to carefully balance their realistic needs with their emotional health. You want to do what is right for your loved ones and support them, but you also want assurance that you can manage the situation in the future.
Older adults can become increasingly dependent on others to meet their personal needs. But when it comes to financial planning, many of them overlook the steps that prevent common issues while helping them achieve a more secure financial future.
Many Americans spend years accruing assets and building an estate. Typically, as they age, adults start to think about how those assets will support their loved ones, including children and grandchildren. Assets that represent a life's work can be a source of pride and allow older adults to leave behind a lasting legacy for their families.
Far too many people pass over trusts when beginning the estate planning process. They may think that trusts are too complicated or will cause more problems than they solve. In reality, however, trusts offer a host of benefits, especially for those with substantial assets or special family situations. A trust can protect your estate from massive estate tax obligations. They also are a buffer between your heirs and income tax obligations after you pass. Taxes aren't the only factor to consider, either.
If you have a child with special needs, your job as a parent is much different from that of most others. The average parent spends about two decades providing for a child and a few more offering love and guidance. They can pass on in peace, knowing their children have their own family, as well as adequate social and financial support.
Watching your parents grow older can be a painful experience, and there may come a time when you realize that they would be living the most fulfilling life within the safety of a nursing home.
Financial and estate planning helps older adults maintain their quality of life and meet their needs as they age. But many people overlook the essentials of planning their financial future, resulting in issues that impact them and their families.
Facing the realities of aging parents is rarely a simple matter. Not only must you come to terms with how taking on more responsibilities for your parents may change your relationship, you must also address a number of issues that your parents may not want to discuss. Depending on the current nature of your relationship with your parents, you may face a number of difficulties in your efforts to help them plan for aging and end of life issues.