Most Michigan resident are accustomed to the idea of planning for the risk of loss in certain situations. For example, people purchase car and home insurance to protect themselves financially if they are involved in a serious accident or experience severe damage to their home. However, many people fail to engage in long term planning, even though the need is quite significant.
Many of our Michigan readers may think that all of their estate planning needs will be met once they have a will, a trust and the appropriate power of attorney forms. While these instruments are vital to a good, comprehensive estate plan, there is another aspect that needs to be considered - long-term planning for care in advanced age or poor health.
The holidays have long been considered the season of giving. People give to charitable organizations that they believe need their funds. However, between 80 and 90 percent of people who give to charitable organizations during their lifetime, fail to leave a legacy to any charitable organization after they pass. However, with the right long term planning, Michigan residents will be able to secure the future of their families and the charities they have supported during their lifetime.
The end of one year and the beginning of another probably has many of our Michigan readers thinking of what options are best for them when it comes to financial decisions. As our nation's leaders spend the beginning of the year working toward trying to figure out how much each of us should be paying in taxes, they are also working on changes to some government benefits, which could include Medicaid and Medicare. When the dust finally settles on these issues, our Michigan readers will probably want to make some tweaks to their long term planning, and one recent article has suggested that it may be time for many to consider long-term care insurance.
There's no doubt about it: when it comes to health care, the older we get, the more complex--and expensive--health care can get. Long-term nursing home care is perhaps one of the most expensive forms of health care, and one that many Americans will need in their later years. The good news is this: with some careful planning, the transition to long-term nursing home care doesn't have to be as much of a strain on Detroit residents' bank accounts.