The statistics for Texas and the rest of the country say that seven out of 10 people over age 65 will need some level of nursing home care at some point. It is an unfriendly topic, one that most would prefer to file away in that special drawer called "procrastination," but the economic figures are so foreboding that it is a topic that needs to be discussed. The fact is that paying for long-term care is such an expensive proposition that many people may be well-advised to consider long-term care insurance.
Key part of elderly planning could be long-term care insurance
Power of attorney may be most effective if made earlier in life
It is prudent to take the steps to create an estate plan early on so that everything will be prepared in case some untimely health problem arises in one's later years. If a person becomes disabled and unable to care for his or her own financial affairs, there are critical estate planning tools here in Texas and in other jurisdictions that should be in place. Thus, for example, a power of attorney giving authority to the maker's chosen representative, if put in place early enough in life, will assure that the right person will be taking care of one's affairs.
Sibling rivalries don't mix in the elderly planning process
When siblings are called upon to take care of an elderly parent, the stage is set for conflict, especially where the siblings do not communicate freely and regularly on the problems and issues that may arise. A first issue in elderly planning that often arises in Texas and elsewhere is who will be the primary caregiver. Where one sibling resides close to the ailing parent, that will often be the deciding factor.
Estate planning can save substantial funds for one's family
One of the most compelling reasons to do estate planning is that it can save thousands of dollars prior to and after death. However, it's not something to do with some pumped-up forms on the Internet. A Texas resident will always do better by using experienced professional assistance in estate planning matters that involve the application of the law to one's personal and financial circumstances.
