As we age, planning for our estate and end-of-life care becomes an increasingly important way to ensure that your wishes are known, and you and your loved ones are prepared for the changes in your life. Planning may include considering the possibility of becoming incapacitated and requiring someone else to make important decisions regarding our health or assets. One way to prepare for that possibility includes granting a trusted person powers of attorney. This is a powerful designation, and requires careful consideration.
As we age, we may need to live in an assisted living care facility. It is often part of growing older, so it is important to understand the best ways to pay for assisted living and get the best deal possible.
When it comes to assisted living, it is a good idea to choose a facility that best fits the resident’s current level of care, but can also accommodate any changes that happen over time. For instance, progressive diseases such as Parkinson’s or Alzheimer’s may require different types of care down the line. It may be better to choose an assisted living facility that can changes in need, as opposed to having to move into a second care facility. It is a good idea to have a transition plan in place to accommodate changes in health and the support necessary to receive the best care possible.
The death of a loved one is difficult in more ways than one. Aside from the grieving that comes with death, disputes over a person’s estate can sour relationships and lead to more stress on a family. Such disputes can cause the destruction of the loved one’s intended asset distribution plan. For this reason, careful, intentional estate planning is advised to ensure your assets are going where you intended them to go.
Figuring out which property does and does not go through probate when a person dies can be quite confusing, especially when the person had a lot of assets. While it makes sense that a person’s estate would go through the probate process, assuming there isn’t a trust set up, what happens to things like their IRAs or life insurance policies? Are they included in the probate process?
As we grow older and start to think about what life will look like in the future, there are many decisions that need to be made, especially if we want to do the best we can for our families. Most people know about preparing a will, but what happens if you get sick? Who makes decisions for you? This can be handled using advance directives.
Trusts are an essential tool in estate planning, as well as a fantastic way to ensure that you are protecting your assets from probate while still honoring your needs and wishes. There are several types of trusts and many reasons why you would use one to protect your assets and ensure they go to the right entity. Irrevocable trusts and living trusts all serve a specific purpose, depending on your needs. No matter which type of trust you decide on, however, there are some common mistakes to avoid.
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.