At least 70 percent of retirees will likely need long-term care at some time in their lives. Preparing for this need requires long-term care planning and dealing with some new realities.
The basics about powers of attorney
Prudent estate planning incudes drafting documents and planning for unexpected events besides distribution of property after a person dies. A power of attorney is recommended for the time when a person cannot make financial or medical decisions for themselves. Knowing what this document can do, however, is an important part of this planning.
What estate administrators should know about undue influence
As an administrator of an estate, you have a lot of responsibilities. One of your duties is to represent and protect the estate and decedent against legal challenges. It is important for you to be aware of and prepared for claims of undue influence.
Estate planning for second lives
Estate documents are usually utilized for assuring the proper distribution of funds after a person dies or dealing with issues near the end of their lives. But, there is also reassuring news for those who plan to have their body scientifically frozen for future revival. Estate planning may cover this process, known as cryonics, through the creation of a future income trust, which allows access to assets until a person is ultimately revived and keeps the trust's contents from melting away.
Dealing with rising care costs
Many people should include financing for living in a nursing home in their long-term plans, because 56 percent of Americans between the ages of 57 and 61 will reside in a nursing home during their lives. The rising costs of nursing homes necessitates long term planning.
