Retirement brings with it many changes. Your income may be reduced, and your lifestyle may evolve as well. The big house where you raised kids may no longer fit your needs or your budget.
As a result of illness, old age or incapacity, what may happen when you can no longer handle your own decision-making, handle your own money or make your own health care choices? Who can step in to help and how are they empowered?
Cindy, a widow in her early 60s, was undergoing physical therapy for an injury to her foot, making it difficult for her to get around. In addition, she was suffering depression brought on by the immobility and pain, resulting in her neglecting to pay bills and taking care of other financial affairs.
The availability of long-term care insurance policies is continuing to decline, even as the need for such care is growing, an interagency task force led by the Treasury Department has said.
Forty-one percent of participants in a new survey said they don’t trust assisted living communities and nursing homes to keep older adults safe amid the coronavirus pandemic.
Build your own medical emergency packet.
There tends to be a lot of excitement in the air as one approaches retirement. Contemplating how to spend one’s golden years represents the culmination of decades of hard work and the ability to enjoy the fruits of one’s labor. While the enthusiasm is warranted, it’s also crucial to make some important financial planning decisions before the fun begins.
Finding and elder law attorney is as easy as googling, “elder law attorney near me.” Anyone can find an elderly law attorney but finding the right one is where things get a tad difficult. If you want your elder law case to be in the right hands, then you might have to do a bit of digging.
If you feel that your child will be incapable of making adult decisions on their own behalf, you can pursue a legal guardianship, so that you will retain the rights to make those decisions for them.
A revocable trust is great for many reasons, but it does NOT protect assets from nursing home expenses.
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