Many Texas residents and others around the country have spent a lot of time planning for their retirement years. While some may intend to travel. others might be looking forward to starting a completely different career or devoting time to a hobby. Most people don't like to think about how life might be for them should they become incapacitated and are unable to care for themselves. While not necessarily a welcome topic to discuss, long-term care planning can alleviate many potential concerns in the future.
Consider the need for long-term care plan
Estate planning: Who can amend a trust?
Many Texas residents and others around the country are nearing retirement age or caring for older parents who have already reached that milestone. Effective estate planning can help give individuals peace of mind when considering their financial futures. However, even with an established estate plan in place, questions can still arise. Financial advisers recently discussed how changes to a trust should be made.
Handling new found wealth in an inheritance
Those who receive considerable assets from generous loved ones who passed away are usually appreciative but sometimes don't know what to do with their new-found wealth. Such situations can be overwhelming to beneficiaries, and concerns quickly surface about how much will be owed to the IRS. Residents of Texas and elsewhere may have mixed emotions about an inheritance and the tax burdens associated with it.
Plan carefully to cover long-term care costs
Recent statistics show healthy, retired couples over the age of 65 could pay $275,000 for healthcare during their retirement years. Residents of Texas and elsewhere can expect to pay an additional $97,000 a year for long-term care services in a private room in a nursing home. Studies show the cost of long-term care has increased three times faster than inflation since 2004.
