14 Mar Estate Plans for Aging Parents
Within my own family, I have recently experienced first-hand the need for proper planning for aging parents and family members. I found this especially true as it relates to health care and housing. If proper plans aren’t established early on, it can complicate the process and cost far more than anticipated or necessary.
I strongly suggest every adult have a will and estate plan established by a reputable estate planning attorney. The cost to establish a plan is minimal compared to the price of wishing one was in place after it is needed. If you need a referral, please reach out to me. I’ll make sure your estate planning needs are in the hands of a capable professional.
Key areas that should be considered early on:
- Vesting of home, assets and other items of value
- Long-term care needs, costs and insurance
- When to begin taking Social Security distributions
- Ensuring adequate health insurance coverage (beyond Medicare)
- How to handle life insurance policies
- Medical directive, power of attorney, guardianship and conservatorship
- After life plans