If you haven’t prepared and organized your financial information for when you are no longer capable, then it may burden your loved ones in the future. If you are prepared, then it will ensure proper management of your financial situation and afford control over your end of life and legacy.
Although elder abuse events are significantly underreported, elder abuse is a prevalent issue in our country and it manifests itself in many different ways. The National Council on Aging estimates a range as high as five million older adults experience abuse every year, which is about one in ten seniors.
Probate is the legal process for authenticating a deceased person's will, reviewing their assets, paying their outstanding debts and taxes, and distributing what remains to their inheritors. After an asset-holder dies, the court will appoint a valid will's executor to administer the probate process. In the absence of a will, the court will appoint a state administrator to handle probate. Probate law varies by state, but there are steps in the process that are common.
Only available to individuals who meet certain asset requirements, Medicaid is a joint federal and state program that help them pay for long-term care (LTC) costs. Long-term care often creates devastating financial impacts on Americans, particularly the elderly, and for those family members who lose hours of income (and more) while providing care for their loved ones. The Medicaid system is still one of the best options to afford long-term care. Medicaid crisis planning is a strategy that can help you qualify for Medicaid without experiencing financial ruin.
If your estate plan is all set, it should take care of your home, savings, and investments, making sure that your family will get those valuable estate items fairly and efficiently. Your plan will also protect your legacy from your children’s potential divorces or bankruptcies. What could go wrong?