Recent surveys show that only 14 percent of Americans have discussed future plans with a professional advisor. Experts from several financial services stress the importance of the financial planning for long\-term care. In Texas and other states, there is a wide misconception about the need for long-term care in retirement.
Make long-term care part of the retirement plan
Americans procrastinate about wills, estate plans and money
Preparing and maintaining an updated will is one of the best things a person can do for his or her family. People who have assets and want to have them distributed in a specific manner after their death will need to layout their requests in a will. In Texas and elsewhere, over 30 percent of adults procrastinate about creating a will or any sort of estate plan.
Long-term care planning for elderly parents
Many Americans are struggling with the financial reality of caring for a senior parent. With nursing home costs of more than $7000 monthly, most families feel they have no other recourse than to care for mom and dad at home. In Texas, more families are investing in long\-term care insurance to help offset the cost of care for their loved ones.
Financial and tax options for an IRA inheritance
What happens when a person passes away and leaves an IRA to someone other than a spouse? A spouse who receives an IRA inheritance has the most flexibility and can treat the account as his or her own. Others will find that their options are limited, and making the wrong decision can have expensive financial consequences. In Texas and other states, four options are available for the beneficiaries of inherited IRA accounts.
