People in Texas often want to plan for the future, including through estate planning. While in the past, this often primarily included the creation of wills and trusts to determine the distribution of assets upon their death, that goal has shifted so that it now also encompasses matters of planning for long-term care. This includes issues related to elder law.
Over the last several decades, the composition of families in Texas and across the country has shifted somewhat. For instance, it is not unusual to find a couple that is not married. While estate planning is important for everyone, additional elder law consideration may be appropriate when a couple over the age of 50 are co-habitating but unmarried.
Depending on a person's age and physical and financial well-being, his or her legal needs will likely differ. This is especially true for the elderly in Texas and across the country. As such, there are attorneys who specialize in elder law, ensuring that the needs of the elderly and their families are adequately met.
Planning for financial security later in life is important, and many people in Texas understand this. However, people do not always anticipate that there may come a point when they might not be able to handle their own finances. Financial powers of attorney can help address this issue and are an important part of elder law. However, having a power of attorney for a loved one can be difficult, so here are a few things to keep in mind.
Many Texas residents and others around the nation often worry about the time in their lives when they are no longer able to care for themselves. With studies showing that most senior adults over the age of 65 will need assistance to eat, dress or take a bath, these concerns are warranted. Long-term care costs can be exorbitant, and it is recommended by financial experts that everyone should have a plan to address this future need.
According to a report from the Department of Health and Human Services' Administration on Aging, adults from Texas and all across the country over the age of 65 will eventually need some assistance with basic life tasks. On average, women will need help for over 3.5 years with bathing, dressing and eating, while men will require just over two years of assistance. While this need for long-term care is evident, the cost of the care is prohibitive for many.
Many Texas residents and others across the country are blessed to still have their parents involved in their lives. However, as parents age, a host of questions arise regarding their futures. Some individuals may ask their parents about their retirement funds, wills or long-term care plans out of concern. However, those same individuals may not have considered that the answers to those questions may have a significant impact on their lives as well.
Many in the Baby Boomer generation in Texas and elsewhere around the country are getting ready for their retirement years. With retirement planning, some individuals have also made steps to plan for how life will carry on after they pass away. They put funeral plans in place or make arrangements to care for loved ones after they are gone. However, a recent study showed that these consumers have not given the same consideration to what might happen to them if they live a very long life. Reports show that fewer people have long-term care plans in place.
Many residents in Texas and elsewhere around the county have had to care for their aging parents, whether in-home or at some type of facility. They have seen first-hand the difficulties in securing proper long-term care for loved ones as well as the exorbitant costs associated with it. Yet those same individuals quite often have not made long-term plans for themselves, according to financial experts. However, those experts strongly suggest putting a plan in place for the future should this type of care become needed.
When loved ones become unable to continue caring for themselves, many Texas residents and others around the country are faced with the decision of determining how that care will be provided. This process can often spur caregivers to consider their own future needs. In fact, a person should consider their own long-term care while still able to make competent decisions.