When you are healthy and young, it can be easy to put estate planning and long-term care to the side. However, as we age - or our parents age - careful planning becomes necessary. If you, your spouse or a parent has health issues, this type of planning may become vitally important.
Estate Planning Archives
As a caregiver, you are not alone. There are millions of individuals across the U.S. who provide care for spouses, parents and loved ones. However, the level of care needed to look after a loved one with Alzheimer's, dementia and similar incapacitating conditions can take its toll on your own health.
When there are significant life events and changes in the law, it may be time to revisit your estate plan. But how do you know that it's time? What do you need to change? How soon should you make changes?
When you have a power of attorney over an aging parent, it gives you the ability to make financial decisions in your parent's place. It does not give you absolute authority and power, however. If you take action without understanding your rights and responsibilities, you could put your own finances and your parent's estate at risk.
As your parents age, it may be become difficult for them to make decisions on their own. This can happen for a variety of reasons. Your mom or dad may develop dementia, Alzheimer's, aphasia or another type of neurological disorder. Your parent may be injured or develop an illness where they may not be able make financial or medical decisions.
When you are raising young children, your life is busy. And when you are busy, it can be easy to focus only on the present and forget to consider the future. To protect your children, however, it is essential that you take the time to create an estate plan that outlines your wishes.
After a serious accident or illness, you may not be able to care for your loved one on your own. It may become necessary to move your loved one into a nursing home. However, the cost of nursing home care in Massachusetts can be substantial.
A trust can help you to protect your assets and provide for your loved ones. But it can be hard to know when you need a trust. Trusts are not always necessary, and there may be other, simpler solutions to help you meet your goals.
Nursing homes, long-term care facilities and in-home care can be expensive. According to a survey conducted by Genworth Financial, the average cost of a nursing home in Massachusetts is $353. That is approximately $128,845 per year. With these high costs, it is can be difficult for a family to know where to turn.