Elder law planning in Texas is a critically important process that goes hand-in-hand with estate planning. In elder law planning, the concern is more focused on the care of the elderly loved one during those late years when incapacitation may become an issue. The majority of persons will unfortunately face the fact that they will need either institutionalized care or that they will need to pay for in-home care.
Elder law planning can achieve substantial assets protection
Insurance may be a vital part of long-term care plan
Long-term care insurance may be more of a necessity than some people think. The statistics say that almost 75 percent of senior citizens in this country, including in Texas, will need some form of long-term care prior to death. The cost of the insurance and the care itself are continuing upwards. However, there are a variety of products on the market that may make the choices easier for those wanting to devise a long-term care plan via partial or complete insurance funding.
VA pushing estate planning penalties on some veterans pensions
In Texas and nationwide, many persons in private industry had to make adjustments to their estate planning over recent years as their pension plans took a hit from the recession and other economic pitfalls. The problem is now surfacing with respect to some veterans and their military pensions. VA benefits may be denied or discontinued under new rules, thereby making it imperative for some veterans to revise their estate planning strategies accordingly.
Early family discussions can make estate planning less stressful
Family members will greatly benefit from discussing how they may handle future caregiving issues regarding an aging parent. This is best done prior to any problems occurring, and may result in cutting down on stress, lost time and money in future years when health problems do begin to occur. Planning out the role of each family member if future long-term care needs arise is a part of the estate planning process, both in Texas and elsewhere.
Divorce should prompt estate planning changes
When a Texas couple goes through a divorce, a number of tasks must be accomplished in the transition from one household into two. Estate planning is one of those items, and one that should rank near the top of any post-divorce to-do list. Newly divorced spouses will want to set aside the time to sit down and ensure that their estate planning documents are in line with their current wants and needs.
