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Marriage is a blending of two lives, and while this is true on both a spiritual and physical level, it Your newlywed planning will likely include how to finance large purchases such as a home or vehicle. Along those same lines, it is a good idea to create a living will with your spouse so he or she is aware

The need for this care can be because of a sudden event like a fall, or it can develop gradually. someone reaches the point where total personal care is required for his or her activities of daily living Beyond an individual’s personal savings, long-term care insurance is available with many options and LTC insurance will typically cover care not covered by health insurance, Medicare, or Medicaid. LTC insurance can also eliminate the burden on family members who would be providing this care.

reasons for establishing a guardianship include the failure to execute alternatives to guardianship like attorneys, trust or other alternative decision making tools, or the inability of supports and services like increasing number of guardianships in Texas, many can be avoided by doing essential estate planning tools like wills, power of attorneys, and living wills. court assesses their ability to execute alternatives to guardianship and whether supports and services like

of aches and pains, decreasing mobility, and often some cognitive impairment, some seniors are more likely Money problems are more common among the elderly than we may realize; a great many people live beyond Serious injuries, particularly those resulting from falls, can become deadly to older people who live Generalized neglect Older people who live alone often become increasingly unaware and forgetful. conditions, and end-of-life preparations.

They don’t realize that insurance premiums and even co-pays can change over time, and they typically people, in years where they have a large income, will often be victims of the “donut hole” of Medicare insurance Grandparents don’t feel like their kids had it like they did when jobs were easier to find. that could end up costing you big time in the long run. 3: Inflation and Increases in Basic Costs of Living The price of just about everything is rising, and we’re living longer on average.

If you want to purchase individual health insurance on the federal and state health exchanges, January January 31: This is the deadline to enroll in individual health insurance or change plans on the exchanges Remember, if you don’t have health insurance for 2016, you are subject to a penalty. That way each beneficiary can use his or her own life expectancy for required withdrawals. If not, then the withdrawals will be based on the oldest beneficiary’s life expectancy.

The question to ask is whether you should simply leave it to your kids like the Vanderbilt family, or should you be more deliberate like the Rockefellers? Talk with a qualified estate planning attorney so that your estate endures more like the Rockefellers

with warmer climates while keeping their actual residency in the state they have spent most of their lives seniors often own property in the state where they spend their winters, whether it is real property like a vacation home or timeshare, or even tangible property like a car, boat, or financial account. While the fees may still be higher than usual because the probate is out-of-state, it will still most likely If you are need help with an out-of-state probate or would like to plan to avoid out-of-state probate

If the parent is the custodian, the plan will most likely be deemed an asset of the parent, and this If the child is likely to get financial aid, she could make gifts for other purposes like a down payment

In addition, there are some important “first time” decisions to be made, like naming a guardian. Determine the important values you would like the chosen guardian to have such as moral and social standards want your guardian to take his or her responsibilities seriously, you also want to look at qualities like

This milestone may have you thinking about this next stage of life and asking these questions: When will Where will we live in retirement? How will we afford it? Just like many boomers, they didn’t save enough for retirement. Their late-life dating made for a lot of laughs and some tears. Lesson #5: Real life isn’t a sitcom. Life wasn’t always golden for “The Golden Girls.”

Medicare covers discrete medical services like office visits and acute care, including hospitalization Those patients usually don’t need full-time home or nursing home care until the very end of their life When dementia patients are sick enough for a nursing home, the cost is not covered by health insurance