Most people hope to live long lives with the individuals that they love and to do the activities that they enjoy for as long as possible. With good health and financial planning, many New York residents are able to fulfill their dreams and have positive life experiences as they age. However, not everyone sets themselves up to enjoy their later years of life, and the failure to plan for the future can leave some older individuals struggling to get by.
An estate plan is an important set of documents and instructions that can provide security and peace of mind to a White Plains resident. That is because an estate plan may include the testamentary documents that explain how the creator's possessions should be distributed when they die, who may be in charge of their affairs if they are incapacitated, and how guardianship of their dependents may be managed if needed.
We do not often like to think to far in the future. This means that we are older, our children grow up, careers may come and go and health issues may come up. However, like any adult in New York and elsewhere, it is important to be prepared to deal with the issues that life may bring. Therefore, it is imperative to consider what would happen if we become ill and are no longer to care for ourselves in our old age or incapacitated state.
There are many what ifs in life. So, why not take steps to address some of these? No matter how much we want to deny it, we are all aging. And with age come certain health concerns and conditions. It is possible that a day will come when one can no longer care for him or herself. Whether that means getting in-home care or residing in a nursing home, it is important to have these details clear and in writing.
While it is not an easy matter to confront and accept, individuals in New York and elsewhere are aware that we cannot be around forever. One day, each of us will meet our demise. However, even with this reality in the back of our mind, individuals often think that they will be able to retain their physical and mental capacities throughout their entire life. While this is a very hopeful and optimistic viewpoint, the reality is that with old age, many may not be able to care for him or herself or even make health and financial decisions on their own.
For many residents in New York and elsewhere, it is difficult to think of a time one will no longer be able to care for him or herself or make their own decisions. Unfortunately, it is more and more likely that in our old age, we will require care and assistance. Because of that, long-term care planning has becoming an essential step to take.
Most Americans who are ready to move into a long-term care facility need help selecting an appropriate one. If you're reading this article, you're probably one of the "helpers." You might be a son or daughter, who is trying to select the best facility for an aged parent. Maybe you're a parent, choosing a facility for an incapacitated son or daughter.
When recommending the purchase of long-term care insurance ("LTCI") to my clients, the most often heard response has historically been, "I don't want to have to pay the premiums for the rest of my life." For many 55 to 70 year olds, a potentially lengthy premium payment period is a psychological obstacle they are unable to overcome in making the decision to purchase LTCI.