As retirees live longer, many worry about outliving their savings. However, many older Americans haven’t planned for a looming expense: the cost of long-term care.
When there is a large inheritance at stake (or even when there isn’t), it is a great idea to get everyone on the same page. A family meeting can make that happen, and it can even be enjoyable.
A power of attorney is an important document. It is, nevertheless, frequently disregarded in estate planning. People usually concentrate their efforts on their wills and trusts, naming a power of attorney at the last minute.
Alzheimer’s disease is among the fastest-growing and most deadly diseases. What’s worse, there are currently no effective treatments or therapies to stop or reverse it and it’s commonly thought that cognitive function inevitably declines as we grow older.
Children may have moved away or lost touch. Old contacts may have died or become disabled. You cannot trust everyone and criminal cases based on misuse of a power of attorney do exist.
If you are admitted to a hospital for even minor procedures, there is a good chance you will be asked to read and consider signing a do-not-resuscitate order.
Guardianship is a legal action where the court deems an adult an incapacitated person and appoints someone, the guardian, to make decisions about the care and finances of the individual.
If you think saving for retirement is complicated, try figuring out how to withdraw retirement funds while minimizing taxes.
If you get your health insurance through the public marketplace and are nearing age 65, don’t forget about Medicare.
Whatever the reason, whether your life is a bed of roses or a getting-worse-nightmare, there are things you can do now to insure what you leave will go to who you want. And when. And in what portion or portions.
