Purchasing long-term care insurance is certainly a big investment that many Americans feel is out of their financial reach. There's also the chance that purchasing long-term care insurance will be a waste of money if the progression of your life determines that you never require such care.
Care planning has been an integral part of individuals' lives for decades. However, 50 years ago, it was much easier to figure out how to pay for long-term care if the need arose. One reason why it has become more difficult is because people are living longer. Although Americans are, on average, living longer, the length of time that many individuals require for long-term care has not diminished, which can mean that they accumulate extensive expenses.
Finding the time, energy and motivation to create an estate plan is small feat. Yet, successful creation of one of these plans is just the start of the asset distribution process. In fact, an estate administrator plays a significant role in this process, as he or she has a number of duties that must be carried out carefully to ensure that the estate's integrity is protected.
On various occasions, this blog has discussed nursing home abuse and how damaging it can be to those who are victimized. Oftentimes, discussions of nursing home abuse are couched in terms of physical harm. Although physical injuries are more common than many people think and can cause extensive pain and suffering, physical abuse is not the only type of abuse to which a nursing home resident can be subjected.
Gathering the courage and motivation to engage in estate planning can be quite an ordeal in and of itself. However, the process can be much more difficult to tackle if you have unique circumstances that must be addressed. One such issue is when an heir is one who has special needs. Typically, this person is a child of an estate planner, so those engaging in estate planning want to make sure they are taking the proper steps to ensure their child is adequately cared for once they pass.
It's uncomfortable to think about the limitations we may face when our bodies age. Yet, doing so is imperative because a significant number of us will face health that declines to the point that we will likely need assisted care. This care can take on many forms and can be provided by many different people and providers. Regardless of the type of care one receives, it can be quite costly, especially if it is long-term in nature. By planning for long-term care, New Yorkers can better ensure that they will be able to obtain the care they need and desire without placing their loved ones in a dire financial position.
Estate planning should be a part of every individual's life. However, many people choose to put off estate planning for far too long. Some never wind up engaging in it. There are a variety of reasons for the hesitation and procrastination. More often than not, people are afraid to confront their own mortality. They believe estate planning is only meant for the wealthy, or they feel overwhelmed by the process. None of these concerns are valid. This week we will look at how New Yorkers can simplify the estate planning process so that it doesn't seem so overwhelming.
No one knows when tragedy will strike, and no one expects to become disabled or incapacitated. However, if something like this happens to you or your spouse -- and long-term care is required -- you will want to be financially prepared. One way that couples prepare for needing long-term care is to purchase insurance that will cover the cost of a nursing home.