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Couples in their 60s or older may have already discussed healthcare directives with their children or

Older clients typically seek to protect money from expenses that can deplete funds such as arrangements

Growing older is a fact of life, and yet many families are not prepared to face the financial challenges

A nursing home is a facility that provides 24-hour healthcare, rehabilitation, and personal care services. Assisted living is an independent living facility that gives patients personal care and other personalized services. Adult day care services is a type of program that provides health and social support in a supervised setting during the daytime. In-home care is when a certified professional visits the home or lives there with the elderly person to provide services such as bathing, grooming, or physical therapy. They also assist with housework. Finally, home modifications can be made to adapt the senior’s home to allow for wheelchair ramps, railings, and grab bars. Paying and qualifying for a long-term care policy depends on a variety of factors, such as your age and health at the time of purchase. Many policies are less expensive if you buy them when you are younger and still in relatively good health. Most advisors recommend buying a policy in your 50s or early 60s. Another variable is the maximum amount you choose for your policy to pay per day, and the length of time it will pay. In addition, there are optional benefits you can select to add to a basic plan. Many policies offer different coverage options, so since it’s difficult to know what your long-term care needs will be, you might want to consider buying a policy with flexible options. You may not qualify if you’re in poor health or already receiving similar benefits through Medicaid. Likewise, if you have any preexisting conditions, you may be not eligible for long-term care insurance. There are certain conditions that must occur before you can start receiving long-term benefits. Benefits will begin when you need help with at least two activities of daily living, such as bathing, eating, dressing, or walking. Finally, the most important thing to know when choosing a policy is to select one that allows a cognitive impairment as a trigger—a senior suffering from Alzheimer’s may be able to do day-to-day physical activities, but still may need help to do them cognitively. Reference: Quicken (November 8, 2015) “What is Long-Term Care Insurance?” #PayingforaNursingHome #HoustonLongTermCareInsuranceEstatePlanning #HoustonEstatePlanning #ElderLaw #LongTermCarePlanning

The Des Moines Register’s article, “How to assist your aging parents with their finances,” points out another aspect of care giving: helping parents manage their finances. If that’s the case, then be sure to do the following: Understand your parents’ overall goals. When assisting your parents with their finances, helping them to reach their goals should be your main objective. Talk to them and see whether they have financial goals above just covering their day-to-day expenses. It’s important to understand what they want their money to do. Have this conversation more than once. That’s a biggie! The “getting-to-know-your-goals” talk shouldn’t be a “set it and forget it” one-time conversation. Speak to your parents frequently about their goals. Their plans may change over time, especially after important life events, like the birth of a grandchild or the death of a loved one. Know the sources of their income. If your parents have a regular income which is enough to pay their bills, then managing their assets may be just keeping track of what they already have and using the regular income to pay their monthly expenses. But if your parents don’t have this regular income, then managing their assets will become more challenging. Find all of the important legal documents. Before your parents can legally let you handle their financial matters, you need to be listed as their power of attorney. Without it, you may be in store for a lengthy court proceeding before being given permission to manage your parents’ assets in the event they become incapacitated. If your parents want you to also handle their medical decisions if they become incapacitated, make sure they have health care directives in place as well. Managing your parents’ or any relative’s finances can be extremely challenging. Talk with your estate planning attorney. He or she can help you make sure you have all the tools to do the job right. Reference: Des Moines Register (November 24, 2015) “How to assist your aging parents with their finances” #HealthCareDirective #HoustonAssetProtection #EstatePlanningLawyer #CaringforParents #ProbateAttorney #ParentsFinances #PlanningfortheFuture #PowerofAttorney #ElderLaw

If you’re older than that, you are grandfathered in and can still restrict an application when you reach

A conversion from a traditional to a Roth IRA doesn’t make sense if: You’re an older investor or business

If an older person needs a guardianship, the guardian is required to see the ward a minimum of once every

Estate planning is an important aspect to consider, not just for older adults, but for young adults,

For example, in some families, an older sibling or aunt may step in and act as a guardian if the disabled In order to make sure that people aren’t abusing the system and that this legal protection is reserved

there are other topics that you will need to discuss with your family members, particularly related to elder

attributes of a formal will include: Testator signs in the presence of two witnesses aged 14 years or older