When planning to help out one’s family members, a person may be so generous as to ignore some basic needs of his or her own. However, one should not be so generous in gifting to one’s children and grandchildren that it depletes what the person needs to survive in the future. Thus, the estate planning process in Texas or elsewhere should not ignore the elder law planning needs that must be incorporated into any strong and effective plan.
Although a grandparent naturally wants in particular to help his or her grandchildren to have all the opportunities and benefits of a good life, large or lavish gifting can interfere with basic elder law concerns. The first concern, then, is to set up the basics of long-term care planning for the individual prior to deciding what gifts to give to one’s grandchildren or other family. The huge expenses involved in long-term care in assisted living quarters or in a nursing home should not be ignored.