When a crisis arises with respect to the health of an elderly loved one, there may be remedies available in Texas and elsewhere to help ease the financial strain on the individual's family members. Those remedies, however, may be smaller and fewer if sought in the 11th hour. Elder law planning is best achieved when the individual is still lucid and competent to handle his or her affairs, generally at the age of retirement or older, or at the onset of a disability even if that happens prior to retirement age.
Proactive attention assures more effective elder law planning
Estate planning may require sharing of financial information
When children have to confront a developing medical condition or other incapacity in an elderly parent, they should promptly try to have a frank conversation with that parent prior to a worsening of the situation. Unfortunately, human nature often makes parents unwilling to share their financial information. An aging person, whether located in Texas or another state, may be ultra-conscious about retaining a position of strength and may resent any attempts to suggest estate planning, elder law planning or even just the sharing of financial information.
Living will and power of attorney are strong planning steps
It is a natural inclination for someone who becomes incapacitated and in need of medical care to want to have a say in what happens. The appropriate way to set up that kind of assurance for an elderly family member is to have the forms drawn up and signed while the loved one is mentally competent and able to know the nature of the document being signed. In Texas, these forms are essentially comprised of two operative documents: an advance care directive, also called a living will, and a medical power of attorney.
Estate planning needed for the elderly single woman
The divorce rate for first marriages is hovering at almost 50 percent and that for second and third marriages even higher. Also considering that some women stay single by choice, some experts recommend that women should think in terms of estate planning and elder planning needs as though they will someday be single. The monetary funding of one's future needs in Texas and elsewhere is often the first and foremost challenge of the planning process.
Take advantage of smart steps for elder law planning
The amount of money a person will need to survive in old age is not something that can be precisely pinned down – indeed, determining age expectancy involves a bit of guess work. However, based on one's background, general health, genetic predispositions and current lifestyle, it may be possible to get a ball park figure that's fairly accurate. The amount needed will usually turn out to be significantly more than the individual had in mind. In Texas and other states, individuals will be best served by consulting with an elder law attorney and devising a long-term care plan as early in the game as possible.
