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Posts tagged "Long-Term Care Planning"

LGBT community facing long-term care fears

Financing and obtaining long-term nursing home care and medical treatment is concerning for people who are planning for their old age. A recent survey also indicates that lesbians, gay, bisexual or trans Americans are worried that the now-accepted LGBT label still presents obstacles for finding long-term care when they are over 65 years old.

Consolidating finances

Almost everyone may face the possibility that they become unable to make financial decisions or take care of their daily needs. Experts claim that the ability to make financial decisions generally peak when a person becomes 53 and further decrease after 60. Long-term care planning should include jettisoning and consolidating finances, oddly referred to as death cleaning, which can help guard against financial scams, poor judgment and unethical financial advisors.

Avoiding long-term care dilemma

There are many financial uncertainties in the future but there is one thing that most people know will happen. They will become old and ultimately need health care or assistance with performing their activities of daily living. While polls show that 64 percent of adults do not have a will, individuals should engage in long-term planning to finance their medical expenses and other future necessities.

Pack up estate planning with move

Michigan residents who move to and even visit other states should not overlook updating their long-term planning and reviewing their estate planning documents. Other states will respect the validity of these documents and plans if they are legal in those states. However, there are important exceptions.

A long-term care plan needs a financial plan

Planning for the future is not an easy feat. But because there are so many what "ifs," it is imperative that Michigan residents take this process seriously. Additionally, it is also crucial to begin the process sooner rather than later. No one can predict when he or she can no longer care for him or herself or make their own decisions, and, while this is typically when we are elderly, this could unfortunately occur much sooner in life than one expects.

The importance of long-term planning when you are young

Planning for your future tends to initiate thoughts of fun and goal-oriented events. However, future-planning should also entail considering what might happen if you fall ill and what will happen during your old age when you can no longer care for yourself. Thus, individuals in Michigan need to consider long-term care planning when addressing their estate planning needs. This is an excellent way to ensure your finances are in order and you can afford the care you seek to receive as you age.

What options do you have for long-term care planning?

While estate plans and long-term care plans seem like something an elderly person should worry about, taking care of these processes sooner rather than later could help individuals in Michigan and elsewhere prevent risks and unintended consequences to financial plans.

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