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Long Term Care Planning Archives

It is important to understand options for long-term care

Growing old is an inevitable part of life for Texas residents and others across the country. However, many do not spend a lot of time preparing for something in the future, especially when one must consider the possibility of becoming ill or incapacitated. It is important to address the issue of long-term care planning when someone is still capable of decision-making.

Asset protection vital in long-term care planning

Many Texas residents and others across the country have trusts established that eliminate the need for probate in the event of death or incapacity. However, these traditional trusts do not provide protection for an estate against creditors either when someone is living or deceased. Some investors are now considering the use of an irrevocable trust to protect themselves and their heirs against high long\-term care costs. This type of trust can also prevent loss of non-liquid assets.

Experts stress importance of long-term care plan

Many Texas residents and those elsewhere around the country make plans for their retirement years and invest currently so that financial provisions will later be available. However, most do not consider their health or physical capabilities in making these decisions. Yet, long-term care needs could greatly affect someone's financial position should an illness occur.

Long-term care important part of retirement planning

Many individuals in Texas and throughout the nation are retiring with expectations of living at least 20 to 30 more years. While this is positive news, it does require many people to consider how they will support themselves financially in the future when their physical abilities have diminished. The country's Department of Health and Human Services reported that those citizens over age 65 will likely need some type of long\-term care during their lifetimes.

Long-term care issues should be addresed early

A university professor specializing in aging recently offered insights on how to best plan for medical care and other services as people enter into retirement years. Many Texas residents in this demographic have limited financial resources, making the provision of long\-term care difficult. He views long-term care as any service offered to someone who cannot provide self-care or management.

Long-term care issues important to investors

As the average age of the population in the nation continues to increase, many Texas residents are concerned about what will happen to them in their retirement years. Plans for having sufficient income when someone retires is a major consideration. Another topic frequently discussed is the availability and cost of long-term care. A recent survey conducted by financial advisors reveal that this topic was of great concern to affluent investors. However, experts acknowledge the topic is important to everyone.

Willy Wonka and long-term care lessons learned

There are many issues for Texas residents to consider when planning for retirement. Although they are expensive, long\-term care policies are valid options for individuals to consider in investment portfolios. A tax professor who also advises on retirement and estate planning recently shared his thoughts on how a scene from a popular children's book/movie confirmed the importance of long-term care insurance policies. He shared the details of a scene from "Charlie and the Chocolate Factory" (or the original, "Willy Wonka and the Chocolate Factory") involving Charlie and his grandparents.

Consider many factors in long-term care planning

Many Texas residents believe they have invested wisely for the future and that they are prepared to handle any medical expenses they may incur in their retirement years. However, a certified care resource specialist, who has recently studied America's aging demographic, believes that many in the elder population will be ill-equipped to handle their financial burdens. He suggests a careful evaluation of long-term care issues and their effects on the elderly.

Long-term care planning can protect more assets of a spouse

Medicaid is generally recognized in Texas and all other states as the publicly-funded program that is available to help pay for the escalating costs of nursing home and other residential care in a person's old age. Medicaid exists on a combination of funding from federal and state sources. For a person to be qualified to receive Medicaid assistance for home care or nursing home costs, there are certain qualifying rules to meet. These rules and other considerations may be the subject of a beneficial long\-term care plan that a person or married couple may obtain through consultation with their elder law attorney.

Tips for considering long-term care planning

Considering end-of-life issues can be distressing to many Texas residents. After all, who wants to spend a great deal of time thinking about declining health, decreasing mental acuity and long\-term care planning? It is important to take the time to address these matters, however, and to do so while one's health is still at an optimal level.

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