Many Texas residents and others around the nation are part of the so-called sandwich generation. That is, they not only have the responsibility of raising their children, they have also assumed responsibility of caring for their aging parents. Statistics show that over half of the people in the baby boomer generation are in this situation. While some of those individuals may have considered the costs of long-term care for themselves, most have not thought about the financial impact of providing this care for others.
Boomers consider long-term care for themselves, loved ones
Estate planning is important process to consider
Most individuals in Texas or anywhere around the nation avoid thinking about a time in the future when they are no longer around or are unable to take care of themselves. Yet, that is a topic that should be addressed when someone is still able to make decisions about how things should be handled when that time comes. It is important to discuss the issues as part of one's estate planning process.
Estate planning should be an ongoing process
Statistics from the AARP reveal that almost 60 percent of people from Texas and elsewhere around the country do not have a will in place. Given a will's importance, the omission of one is often considered to be the biggest mistake made in estate planning. However, having just a will alone is likely not enough. It is imperative to routinely review and revise estate planning documents at several crucial times.
Planning for long-term care can relieve stress of getting older
Aging is a fact of life. Many people are living longer and healthier lives as a result of improved diets and exercise. But no matter how hard one fights it, the aging process will likely catch up with a person in the end. As people are living longer, the need for long term care becomes more likely. However, many people are not planning for their own long-term care needs in Texas.
