Long-term care can be ridiculously expensive. Nursing home facilities cost thousands of dollars a month, potentially more depending on the needs of the resident. Even the most wealthy individuals may struggle to cover that degree of expense at a time in their life when they no longer have a steady stream of income.
Thanks in large part to advances in science and the benefits of modern medicine, Americans are living longer lives than they have in generations past. While these extra years can be wonderful for lengthening the time that grandparents have with their grandkids and allowing seniors to try new experiences and adventures, it also means that more and more adults are living to ages where they cannot take care of themselves.
Many New York residents feel the most comfortable when they are in their own homes. Though they may enjoy traveling to see new places, visit friends and family and experience new cultures, many reach the ends of their excursions with a longing to be in their own spaces. Out of a similar desire to be comfortable and confident in one's surroundings, nursing home residents may also desire to stay in their houses rather than move into new residential communities.
A will is an important document that directs the distribution of a decedent's end of life assets. It is through a will that a New York resident may stipulate how much money, if anything, they want to leave to their kids and grandchildren, whether they will bequeath property to relatives or charities and if they will recognize friends and other family members with distributions of wealth. When a person dies without having a will in place, their estate may be subject to the intestacy laws of the state.
Most New Yorkers are familiar with some of the most basic estate planning tools. They may know that wills are important because they give information on how decedents want their assets distributed. They may also be familiar with trusts as devices that may protect decedents' wealth and help facilitate the transfer of assets to their loved ones. They may not know, though, of the importance of powers of attorney to their long-term care planning needs.
Financial planning for older Americans can be a challenge. Many think that they will rely on programs like Medicare or Medicaid to help them cover costly medical care needs as they age. What these individuals don't realize is that there are strict limitations to what these programs do cover.
Throughout people's lives in New York, many things can happen to one's body. People may suffer injuries or develop diseases and illnesses. In these situations, people may require trips to the doctor and the use of other healthcare professionals. As people get older though, they tend to experience more of these complications and require more extensive long-term medical care. People have options, though, depending on their needs.