Do you have a loved one who will likely need long-term care in the years to come? Many Texas residents end up in this position, but they often lack the funds they need to pay for this type of care -- which can cost thousands a month. The state offers something called a Ladybird deed, which may help those needing LTC to afford it.
Making decisions for oneself is important for one's own sense of personal autonomy, but unfortunately it is not always possible. This is why long-term care plans should always include durable powers of attorney. Although some people in Texas might feel hesitant about giving giving others the right to make medical decisions, failing to do so could lead to undesirable outcomes.
Though most people hope that they will maintain their good health and senses until their dying day, that is not what happens for a significant number of individuals in Texas and across the country. Needing care in a nursing facility is common for people over the age of 65, and though necessary, it can be costly. As a result, some people look into Medicaid planning early in hopes of obtaining assistance.
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.