One of the main goals of estate planning clients is that they not become a burden on their children during their twilight years. Lifestyle independence is a primary objective for many of these clients. If they have to obtain the services of a caregiver at any time in the future, they much prefer that their children not be burdened with that job. Elderly planning in Texas thus involves adopting a financial plan that will prevent depletion of one's resources through long-term care costs and, ideally, still leave an inheritance for one's children.
Elderly planning includes setting future financial parameters
Online accounts and assets require treatment in one's last will
People in Texas and throughout the country are becoming increasingly aware of the need to provide for their online files and "assets" in their estate plan. At the least, many people want to assure that their personal representative has the legal authority to either maintain, modify or shut down their online pages and accounts. For some online matters, the testator will provide in his or her last will that the personal representative may take certain requested actions and make certain specified dispositions.
Single persons need a will or trust as much as married couples
When a single person dies without estate planning in Texas and elsewhere, the assets are generally divided among their children, and if there are none, then to the parents, siblings, and so on. The statutory order of asset division may vary slightly from state to state. If there are no blood heirs, the estate may pass to the state government of residence. The unwanted results caused by intestacy (having no will) can be avoided by drawing up an estate plan that includes a will and/or living trust.
Long-term care insurance requires a long-term commitment
There are pros and cons about buying long-term care insurance. Because the average annual cost for nursing home care nationwide and in Texas is up to $91,250, it is at least worth it for a person approaching retirement to consider whether it is the right move. One caveat: purchasing a long-term care insurance policy requires a confirmed commitment that if one defaults on the premiums, all of the money paid to date is forfeited.
