When a loved one is struck with the unthinkable, such as a diagnosis of impending Alzheimer's disease or another type of dementia, planning should start immediately if it's not already in place. Unfortunately, both in Texas and throughout the country, the stress and shock of coping with such an overpowering disease is combined with extraordinary medical expenses that few can afford. Therefore, long-term care planning for dementia can bring about substantial benefits, both economically and emotionally.
Diagnosis of dementia calls for long-term care plan
Estate planning is critical for asset control and peace of mind
The federal estate tax does not kick in unless a person's estate is worth more than $5,340,000. Most people do not have to worry too much about the federal estate tax, therefore, when they do their estate planning. However, some states have an inheritance or death tax that applies to estates of a far lower value. Texas currently does not have an inheritance or estate tax, but there is always a possibility of change, so that it is advisable to check with an estate attorney to find out of whether there is an inheritance tax in the state.
Elderly planning can take on a personal face during holidays
Many different groups have holiday celebrations coming up in the next few months. We all know that the holidays can sometimes bring on the blues or temporary feelings of depression. Past memories and present loneliness may cause an older person to take on symptoms of depression. In Texas as well as everywhere else, it's up to the person's loving family members to step up and do some elderly planning to get the loved one through the holidays, the New Year and beyond.
Rival interests highlight importance of long-term care planning
There appears to be a competition between retirement planning and the need for long-term care funding. Add to that, the view shared by many observers in Texas and nationwide that Americans are in denial about the prospective need for long-term care, and a real problem seems to be emerging. The picture is not made brighter by the projected inability of Medicare and other government sources to fund the costs of long-term care into the future.
Elder law planning extends quality of life in one???s last years
If you're one of the millions of baby boomers hitting retirement age, it is an ideal time to set up an elder law plan under Texas law. It will provide for long-term care if it becomes necessary. The fact is that becoming immobile and/or infirm in old age does not have to be the end of a useful and enjoyable life. However, the ability to function may be exacerbated by pressing financial and family strife caused by a lack of elder law planning for such a time.
