Proper estate planning is known to be vital for married couples. However, what about unmarried couples? Is it important for them, as well? The answer is yes. Estate planning for unmarried couples is as important as estate planning for married couples. In fact, it may be even more important for couples who live together but are unmarried. Without an estate plan, unmarried couples will not be able to make end-of-life decisions or inherit from each other.
We start to think about what our life will look like as we age. There are many decisions to be made, especially if we want to do the best we can for the people we care about. Planning for this includes preparing a will and other estate planning tools. But what happens if you get sick? Who makes decisions for you then? One way to handle that is through the use of advance directives.
Though most people do not like to think about it, there may come a time in life when we are unable to make financial decisions for ourselves due to medical issues or not having the ability to keep up on things. A power of attorney can ease the burden of those situations by assigning someone as your agent or attorney-in-fact. It is essentially a legal document that allocates the right to make certain decisions on another’s behalf. The principal, or grantor, still retains the right to make decisions on their own.
Aging is a part of life, and it may result in our loved ones needing long-term care in a nursing home. Whether it’s caring for a specific cognitive illness, like Alzheimer’s disease, or any number of physical ailments that leave our family members unable to care for themselves, going into nursing home care requires us to examine many issues. The costs of this care can be enormous and, at times, be an overwhelming burden on families. However, there are ways to be there for your loved one, especially during the current coronavirus pandemic, and make sure their lives are as meaningful as possible.
Aging is a part of life and may lead to needing long-term care. Going into nursing home care requires us to examine a host of issues, including how we should protect our assets, including our homes. Long-term care lasts from 2.5 years for women, to 1.5 years for men, on average. Nearly 14 percent of people who enter a nursing home will be there over five years. That is to say; we should have a plan in place for our homes before it’s time to enter a nursing home.
Covid-19 has altered many facets of our lives, from wearing masks in public to being mindful of things like social-distancing. The pandemic has changed things we don’t usually think about, as well. Some of the changes made at the federal level were to Medicare regulations, to provide health care providers, Medicare Advantage plans, and Part D plans more resources to respond to the crisis created by the pandemic. The changes gave flexibility to providers and patients alike. It is important to be aware of the changes and how they might impact you.
Estate planning ensures that you have a say where your assets go after you die. For a lot of people, it is not something they begin thinking about until they get older. Thinking about our own deaths is not the most pleasant thing to think about, and we hardly do, especially when we are young. However, having a plan in place, no matter your age, is a sound idea and can help ensure loved ones are cared for when the time comes. You can set up a plan at any time and adjust it as you age.
If you have been planning for who you would like your assets to go to, you have probably run across trusts. There are several types of trusts and many reasons you would use one to protect your assets. Choosing the best type of trust is vital, as there are significant differences in how they operate.
Caring for someone suffering from dementia or Alzheimer’s disease can be difficult, stressful, and a drain on patience and resources. According to the Centers for Disease Control and Prevention, 14 million people may be living with Alzheimer’s Disease by 2060. Most people want their loved ones to be safe and well-cared for. It may come to a point where a person is no longer safe to live at home and may need to be placed into a long-term care facility. If this is the case, considering memory care may be the best option to ensure they are safe and receive care tailored to their needs.
As we age, planning our end of life care becomes more critical. Advanced planning can help protect assets and reduce the burden on family members when it comes time for end-of-life care. Part of this planning may include the possibility of being incapacitated and requiring someone else to make crucial decisions regarding your health or assets. There are, of course, options for this kind of thing. One way to manage this includes designating power of attorney. There are several kinds of power of attorney that can be granted depending on need and when the Principal would like the authorization to end or expire.