Though ‘estate planning’ may bring to mind visions of rich families squabbling over the ancestral silver, it isn't just for the wealthy or older people, financial planners say.
In an elder abuse horror story, a young woman spends $71,000 belonging to her uncle with dementia. Proper estate planning can safeguard your assets in the face of cognitive decline.
Seniors with mild cognitive impairment (MCI) can still make legal decisions. However, this may change. Early legal planning is essential to protect their autonomy as cognitive decline progresses.
A pet trust legally ensures that pets receive care if owners pass away or become incapacitated, providing structured instructions and funding for long-term pet welfare.
DIY wills may seem affordable. However, mistakes in witnessing or unclear instructions can lead to costly probate and disputes, leaving your loved ones burdened.
Taking legal steps early can bring clarity and peace of mind to everyone involved, ensuring that a loved one’s wishes are honored as they face Alzheimer’s.
Leaving an inheritance to estranged family members can create more harm than good. However, understanding your options can help you make a decision that brings peace.
How have you prepared for the future when it comes to long-term care? Have you considered future health and financial needs, and whether long-term care insurance may be a practical solution to avoid financial burden on your family?
