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.
When someone dies without having a will or trust in place, it can lead to confusion over what happens to the person’s estate. In Florida, situations where a will or trust have not been established, the estate is distributed by the terms set-forth in Florida’s law of intestate succession. Essentially, this means the law decides what is a fair distribution of the assets amongst heirs. As can sometimes be the case in these instances, not everyone will always agree to the fairness of the decisions made regarding an estate.
If you have been exploring estate planning, chances are that you have come across both revocable and irrevocable trusts. It is important to understand their differences so you know which one might be right for you. They both offer advantages and disadvantages. How you use them depends on your personal needs, and the needs of your family.
Parents spend most of their life caring for their children and trying to make sure they’re doing well. As we age, however, those roles can reverse, and the child may have to take care of their parents, and make sure they’re doing well. Talking about these kinds of things can be uncomfortable, and the reason a lot of people avoid the conversation altogether. They’re important conversations to have, though, and there are ways to get through them. Here are a few ideas on how to talk to your children about end-of-life care.
It is not all that uncommon to be concerned that the assets or property in a trust will be misused by children. A trust can offer protection for the child and the assets. If you are thinking of placing property into a trust for children, there are some things to consider.