Estate planning is critical, and it's far more than just making a will. You also need to think about things like long-term care planning, Medicare, Medicaid, Social Security and much more.
If your parent is suffering from dementia -- or you know an elderly person who is -- you might relate to the story that follows. A woman started looking for an assisted living facility for her mother, who was in an advanced state of dementia. Later, she discovered that her mother qualified for Veterans Administration (VA) benefits. The VA benefits were a great boon that could help pay for her mother's care.
Guardianship can be incredibly beneficial for someone who is aging and needs help with critical components of his or her life. Aging has a different impact on everyone, and it can come with both physical and cognitive drawbacks. The guardian helps the person -- called a ward in Texas -- live a healthy, happy life despite these potential issues.
These days, one thing is certain about nursing home care: it's expensive. Even if you own significant assets, the value of your estate could be greatly diminished by even a few months in a nursing home.
Parents are living longer now than ever before, and for many people between the ages of 40 and 65, that means simultaneously taking care of their parents and children.
As you lay the foundation for your elder care and prepare to leave your estate to beneficiaries, it is important to create a plan that works with Medicaid and other elder care subsidy benefits. These benefits vary from state to state, but in most cases, they are an essential part of how aging individuals stay healthy without completely exhausting their resources.