As baby boomers reach an age at which they might need care in a nursing home or an assisted living facility, it is important, in terms of estate planning, to know which government programs might be available to help with the financial cost. Incorporating these concerns into a comprehensive estate plan may involve options such as Medicaid, Supplemental Security Income, veterans' benefits or the creation of a special needs trust.
Considering Medicaid and nursing home care in a Texas estate plan
The basics of estate planning in Texas
When planning your estate, it is possible for you to refine exactly how you want your assets to be used during your life and after you're gone. But, to speak metaphorically, if you want to finely tune the song of your estate, you have to understand the basic instruments.
Options for protecting a Texas IRA inheritance
Say your retirement account is or will be filled to the brim. Each year you've contributed the maximum allowed, and you're comfortable in the knowledge that your children will inherit a sizable chunk of your wealth. That's all you need to know, right?
The importance of a health care proxy in Texas estate planning
What are the benefits of estate planning? Security, clarity, peace of mind -- in short, estate planning can offer the knowledge that you don't have to worry about your loved ones' financial future or your long-term care. For many people, simply getting a foundational plan in writing frees up their minds in ways they never could have imagined.
