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Elder Planning Isn't Just For The Elderly

October 2017 Archives

The potential need for long-term care is high

Although nursing homes exist in almost every community across the United States, most of us fail to recognize that we may need long-term care as we age. This is troubling for two reasons. First, a significant portion of the population will end up in a nursing home. While some studies indicate that an individual who is age 65 runs a 35 percent chance of staying in a nursing home at some point in their life, other studies find that the risk is much higher.

What is an irrevocable life insurance trust?

An irrevocable life insurance trust (ILIT) is a special trust designed to counteract a lot of problems that can arise relating to life insurance. One of those problems relates to a large life insurance policy that triggers unplanned estate tax consequences. Another problem relates to the large quantity of cash that a life insurance payout could involve.

Many cases of nursing home abuse going unreported

Deciding how to care for an aging loved one can be excruciatingly difficult. For many, though, the only option they have is to place their loved one in a nursing home. There is nothing wrong with this decision, and, in fact, most nursing homes provide competent and compassionate care to their residents. Yet, not all is as it seems. Sadly, many individuals are subjected to nursing home abuse and neglect.

How to put assets into a living trust

Creating a trust can be a great way to engage in estate planning that protects a family's assets. It can not only provide financial security for an individual and his or her beneficiaries, but it can also provide peace of mind. In order to create a valid trust, though, an individual must be careful and adhere to the law. Failing to do so could result in unintended consequences that can threaten the financial health of the estate. Yet, even once a trust is created, additional issues may arise that require close attention.

What "magic words" are needed to create a special needs trust?

If you have a child with special needs - one who cannot care for himself or herself without adult assistance - what will happen when you're no longer around to help? Perhaps a relative will be available to help your child. Or, maybe no one will be able to fulfill your role.

How expensive is long-term care?

When it comes to saving money, we all often think we have more time than we really do. This is true with both estate and care planning. The costs associated with long-term care can be staggering, which means that the time to start saving is now. Those who fail to take action to prepare themselves for potentially needing long-term care could wind up leaving themselves and their loved ones in a dire financial predicament.

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