While the sudden caregiver has no preparation, no warning signs or slow changing of circumstance, the long-term caregiver certainly experiences situations of crisis.
Several types of special income trusts and other strategies can be helpful, when trying to protect your family’s assets from the devastating costs of long-term care.
For parents who have a child with special needs, planning for their loved one’s life after they themselves are gone can be overwhelming. Breaking the process down into manageable parts and working with specialized professionals and companies can help.
The costs of long-term care for older adults can be significant. Federal Medicare health insurance benefits do not cover most of these costs. Most people who incur costs for long-term care cover them with a combination of personal savings, long-term care insurance and Medicaid, among other sources.
A commonly used type of over-the-counter medication can worsen hypertension.
Estate planning is a key piece of a comprehensive retirement plan.
Many people are under the impression that since they have a trust, they don’t need to do anything else. That’s not true. The trust you created years ago may not be appropriate for you now.
For some, retirement means ‘where will we play today’s round of golf?’ For others, it could mean, ‘do I pay for my meds or my rent?’ In either case, a few concerns touch every retiree. The topic of long-term care is one of them, at least subconsciously. The question that causes more than a few sleepless nights is, ‘What happens when I can’t take care of myself anymore?’
Even those who have saved and invested well may not be sharing their financial information with a spouse or loved one. It’s time to do that now.
Have you thought about how you’d like your family to continue after you’re gone? Having an estate plan isn’t just for the ultra-wealthy.
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