Dallas Estate Planning Law Blog

With comprehensive medical advances, most Texas residents and others around the world are living longer. Life expectancies have continued to increase over the years. While this is certainly excellent news, there are still some challenges that come with an aging population. A major concern for older adults is long-term care and how their daily needs will be met in the future. A financial expert has offered some insight on one of the ways many people choose to fund their long-term care needs.

Long-term care insurance is likely the main source of funding most consumers consider when thinking about these future needs. However, it is important to remember that it is not available to everyone. Put simply, a policy would need to be obtained when someone is younger and in good health. The likelihood of being approved for a policy goes down alarmingly as one ages.

Stan Lee, a respected writer and creator of several iconic comic book characters, was revered by many Texas residents and others around the nation and the world. He recently passed away at the age of 95, with reports stating that he left an estate of over $50 million. Unfortunately, it was suspected that his estate had been targeted by some individuals who allegedly wanted control of his finances. As with many senior citizens, Lee's faculties had become impaired over the years. While his estate planning presumably focused on how his assets would be distributed after his passing, little direction was likely given on how to handle his decision-making if he had become unable to do so.

To avoid situations like this, one should consider reducing the number of accounts where assets are held. It could be confusing for investors of any age to maintain assets at a large number of institutions. Another suggestion is to consider creating a revocable trust to provide safeguards against abuse. A trust of this type can specify how finances would be handled should someone become incapacitated.

Most Texas residents and others around the nation avoid thinking about the possibility of being physically or mentally incapable of caring for themselves one day. Unfortunately, this situation is the reality for many individuals, especially as they become older. While some people have made plans for future long-term care, the majority have not. Considering the different options and understanding the differences among the facilities available can be a worthwhile process.

Hopefully, many senior adults can continue living in their own residences and begin receiving in-home medical care. This may start with assistance with personal care activities or ensuring that medications are taken properly. When care at home is no longer feasible, there are many different options available.

Many Texas residents and others around the country have various charitable organizations they are passionate about. They regularly contribute money or routinely donate their time to causes important to them. Certain people may have the desire to somehow continue to support these causes, even after they have passed away. They may choose to incorporate this philanthropic desire into their estate planning process so that their support may continue for many years.

Whether the reason is purely philanthropic or based on tax purposes, financial advisers recommend that charitable giving should be a part of developing an estate plan. They first suggest to decide how many organizations can be supported on an ongoing basis, particularly if someone has contributed to several causes. The decision must be made whether to spread future donations among several charities or give it all to one. Then, following personal goals or priorities, select the organization to receive the donations.