Even if you save prudently for your retirement years, these funds can be wiped out in a matter of only a few years if you require nursing home care because of a stroke or another unforeseen medical problem. One way to prevent this from happening is through effective Medicaid planning.
In previous decades, most U.S. residents made the decision to marry. In fact, according to the Pew Research Center, in 1960, 72 percent of U.S. adults age 18 and older were married. Fast forward to 2011 and the Bureau of Labor Statistics reported that, at 50.2 percent, the majority of U.S. adults were unmarried.
Depending on your stage in life, estate planning can mean very different things. For example, a couple welcoming their first child into the world is likely to be mainly concerned about naming a guardian for the child while an individual nearing retirement may worry about planning for long-term care costs.