Many people in Texas and throughout the United States avoid conversations that have to do aging and mortality. While one needn't spend an exorbitant amount of time focusing on these topics, both are part of the natural progression of life and are often part of discussions regarding estate planning. Data suggests that executing a plan while one is still younger in age and of sound mind often helps prevent confusion and dissension among family members later.
Careful estate planning now may prevent problems later
Long-term care planning is a critically important family benefit
Everyone faces the issue of aging and dying at one time or another. When one reaches that age in life where the retirement and post-retirement cycles are coming into focus, it is time to take some serious action to prepare under Texas law for future eventualities. One of the recommended procedures is for the elderly parents to join their grown adult children in discussing how their later years will be handled, including charting out a framework for their long\-term care.
Estate planning provides extra benefits for special needs child
Parents of a child with special needs residing in Texas can establish a number of protections for the care of the child in the event that the parents die first. One of the initial estate planning considerations will be to have a will that appoints a guardian that is thoroughly informed on the child's needs. The parents will also write a letter of instructions that details all aspects of the child's condition, special treatment considerations, the child's special preferences and a list of medical providers.
Some may use insurance as a key strategy for long-term care
One constant debate that occurs in Texas and elsewhere with respect to elderly planning is whether to purchase long\-term care insurance (LTCI). There are pros and cons on the issue. The answer for any particular person and family will depend on the particular circumstances regarding the need for long-term care that exists, and the resources available to resolve that need.
