As you get older, it is necessary to undertake some estate planning responsibilities. When you think of an estate plan, you probably think of a will, trust or beneficiary designations on your life insurance or retirement accounts. However, a crucial aspect of your estate plan you should not overlook is a health care directive.
One of the last things you would want to happen to an aging parent is for them to be targets of a scammer or unscrupulous person in a position of trust. Unfortunately, this scenario is all too common for senior citizens in Ohio and elsewhere.
If your spouse has been diagnosed with dementia, you are likely wondering how it affects your estate planning. Is long-term care in the future? If so, how will you pay for it? Can you update your estate plan?
Medicaid can be extremely helpful for covering your nursing home costs. But getting coverage to pay for your long-term care is not always simple. It can be difficult to understand the rules, especially with a lot of misinformation out there about the program.
You may be putting off getting your divorce because of the horror stories you have heard from well-meaning family and friends. You may think that divorce always involves a long and combative court dispute. Or that getting a divorce will be bankruptcy-inducingly expensive. It will be hard for your children to see their parents embroiled in a conflict.
If you get a rejection for your Medicaid application, you may feel disappointment and discouragement. Do not despair. You may be able to qualify for benefits with some strategic planning.
If your child is among the more than 56 million Americans currently living with a disability, there are certain unique considerations that go into creating your estate plan that differ from those faced traditionally. Odds are, you have concerns about who is to care for your disabled child and how, once you are no longer able to provide such care yourself. A comprehensive estate plan can help you answer these and other questions while giving you peace of mind that your child will receive the care he or she needs in your absence.
Time marches on, and you may suddenly find yourself at or near your long-awaited retirement. If so, and you still do not have an estate plan in place, now is the time to protect your loved ones through a comprehensive estate plan.
Recently, President Donald Trump signed the Tax Cuts and Jobs Act into law after it passed both houses of Congress. The bill is expected to have a major impact on many aspects of the U.S. economy. It will also touch other aspects of American life. In fact, the tax bill brings a major change to alimony, also known as spousal support.
The sad truth is that most people, living on savings and retirement income, can’t afford a place to live when they need care. They don’t have long term care insurance, and nursing home care in Ohio is costly, averaging more than $200 a day.