Long-term care is an essential part of estate planning for those who are no longer able to care for themselves or suffer from serious health issues.
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.
Long-term care is an essential part of estate planning for those who are no longer able to care for themselves or suffer from serious health issues. Long-term care can be provided in many ways, and there are numerous options available when planning for the future of you and your loved ones.
Protecting your assets is a fundamental goal of estate planning. It ensures that assets are managed and distributed appropriately based on your preferences. Irrevocable trusts are just one of many tools used in estate planning. They reduce the tax burden of your estate and allow you to transfer its value to loved ones. But there are many other benefits of an irrevocable trust.
One of the most remarkable changes from the electronic age has been the introduction of online accounts and cloud storage. Whether or not you intentionally store your photos, stories, blog posts, and email correspondence on a cloud-based storage platform, you're probably using the cloud. Much of what you write, photograph and value is probably online on a social media platform like Facebook or Instagram.
Having "the talk" with your parents about long-term care may seem like a conversation you never want to have. It not only forces you face their mortality, it also forces you to face your own.
There are a lot of reasons why you might consider creating a trust for your assets. Perhaps you have a large estate, and you want to prevent tax issues. Maybe you're concerned about the financial habits of a child or grandchild. Sometimes, people want to protect assets for minor children until they are adults. There's also the issue of the high rate of divorce in modern families. A large inheritance could inspire a spouse to file for divorce to obtain some of your assets after you pass.
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.
As you age, you may soon realize that your estate plan is no longer exactly what you want it to be.
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.