Being able to sit back and enjoy life at retirement should be easy. For some, planning for retirement can be a major cause of stress in their lives because they have been misled about how much money to put away for retirement. In Texas, savings plans that will cover long\-term care should be in place long before the paychecks stop. It is important to be informed and to make informed choices.
Planning ahead for long-term care
Critical mistakes with your inheritance and the IRS
One of the greatest gifts in the world can also be the most costly in terms of taxes and the IRS. If one is the heir of a baby boomer in Texas, chances are his or her benefactor may have been saving a bundle in IRAs and employer sponsored accounts toward an inheritance. Over a lifetime, baby boomers reduced their tax bills using these plans, and an estimated $30 trillion in wealth will be handed down over the next 30 to 40 years.
Assisted living: Making the right choice for long-term care
When a loved one reaches a point in his life that he can no longer live alone, assisted living arrangements may be the next option. Studies show that the average age for seniors moving into assisted living is 84-years old and is usually the result of a medical emergency. In 2016, the cost to rent a one-bedroom apartment in a Texas assisted living community was $42,180 or about $3515 per month for long\-term care.
Choosing a trustee important part of estate planning
A living trust, or revocable trust, typically names the person who established it as the trustee. Should one spouse pass away, the surviving spouse would then become the sole trustee, in most cases. Since living trusts are often a component of the estate planning process for many Texas residents, it would be worthwhile to identify a successor trustee for when the surviving spouse also passes away. Financial experts say that children, other family members, friends or financial institutions are commonly named as successor trustees.
Long-term care planning critical for women, men alike
National statistics show that women in Texas and all around the country have a longer life expectancy than men. Women are likely to live until age 81, while the life span for men is 76. Since women are often the primary caregivers when family members become unable to provide personal care, there is a valid concern regarding who will care for them in the future when they are in need. Long-term care planning is an important issue to address as the population in the country ages.
