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Posts tagged "long term care planning"

Costs of long term care

Americans, as a whole, are getting older. Many Michigan residents need to begin to plan for their retirement and beyond. While people hope to be healthy in their older years, many people will face health challenges as they age. These challenges can make it difficult for individuals to live alone or to live without significant medical interventions.

Advanced planning can be essential in protecting your assets

Michigan residents may understand the importance of creating documents that protect their assets once they pass away. These documents, such as the person's will, allow the probate court to make determinations on what to do with a person's property once the individual has passed. However, individuals should also recognize that there may be other times when they need to protect their personal property before they pass away.

How will you pay for nursing care as you age?

Americans, as a group, are aging quickly across the country. More baby boomers are reaching retirement age every year. As adults reach these advance ages, many need to begin to think about long-term care planning. It is an unfortunate reality that many individuals will end up needing nursing care as they age. People will develop complex medical conditions that will require around-the-clock care.

Helping loved ones make long-term planning decisions

Estate planning is not an easy undertaking for many Michigan residents. People do not like thinking about their deaths and often put off the issue in order to avoid the topic. However, it becomes important for individuals to assess these topics throughout their lifetimes. Even younger individuals can find that they have become incapacitated due to a variety of situations. No one is immune from a sudden accident or injury that requires the use of legal estate planning tools.

Consider all your options when planning for the future

Every year more and more baby boomers are reaching retirement age. As this happens, the need to consider estate planning options becomes more and more real. Many may not realize it, but estate planning goes far beyond trying to figure out how assets should be distributed after a person's passing. In fact, part of estate planning and elder law is making plans for situations that affect a person while he or she is alive.

What is the Medicare Savings Program?

When Michigan residents are struggling to make ends meet, it can be easy to let certain expenses fall to the wayside. In many cases in which people choose to stop seeking routine medical care as a way to save money. However, people need to be aware that they may qualify for government benefits in these situations. Long-term planning is often needed to ensure that people can take advantage of benefit programs well into the future.

Same-sex marriage ruling has huge effect on estate planning

For decades, same-sex couples have struggled to string together legal protections that could work for them in times of emergencies. People had to struggle to make sure their partners had some legal rights should they become incapacitated or die. In some states where same-sex marriage was allowed, this was easier than in other states. In states where same-sex marriage was banned,however, gay couples were left with legal uncertainties if their partner fell ill or passed away. Long term planning issues, therefore, were much more complex.

Use long-term planning to save money for when you age

There is no doubt that Americans are living long lives. It is not uncommon to read a local Michigan story about an individual reaching the 100-year-old mark and still enjoying life. Whereas the life expectancy of the average person was relatively low only a few generations ago, now many people comfortably survive into their eighties and nineties.

70 percent of 65-year-olds will need long-term care in the future

Many people spend tons of time preparing and planning for some things--like a wedding or a vacation--and virtually no time on other important issues--such as long-term care. The problem is that many Michigan residents do not like to think about a time when they may become partially or fully incapacitated or need to rely on the care of others. Long term planning is crucial, however, for those who want to protect their interests and their families and ensure that their wishes are carried.

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