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.
Planning for your financial future is essential to avoiding common elder law issues. Having the right legal and financial resources is the first step to achieving long-term wellbeing.
Older adults face many challenges when making decisions related to Medicare and other health care needs.
The New York Times recently ran an in-depth story about one victim of financial exploitation by a companion-caregiver who was acting as guardian to an elderly gentleman. Initially, the woman contacted her companion's family saying that she was no longer able to care for the gentleman, who had dementia and other health issues.
It can be hard to talk to our parents and loved ones about what would happen in a health crisis, or about end-of-life decision-making. Emotions can run high. If you're having trouble talking to your parents about planning for the future, consider using another person's situation as a springboard.
Second marriages result in a unique set of needs when planning for your estate's future. In most cases, two families are brought together, which makes the process of allocating and distributing assets a bit more complex. Planning for the financial wellbeing of your entire family requires you to have the right tools and resources to protect your assets, minimize estate planning costs, and ensure that all of your wishes are carried out. Establishing your estate planning goals, communicating them clearly, and using the right planning strategies makes it easy to accomplish all of these objectives.
There are many issues that affect the aging population. Healthcare, personal finance, and guardianship are just some of the areas that can be addressed by having the right legal resources to support the goals of you and your family.
Nobody expects to end up needing long-term care. But an accident or unexpected illness can sometimes result in catastrophic changes that leave you unable to take care of the basics: feeding, bathing and grooming yourself. In some circumstances, you may find that you are completely incapacitated. You need help--around the clock.
After avoiding the issue for years, a 67 year old man knew it was time. He admitted his parents to a nursing home. According to him, the paperwork was simply "a little more than a formality."