Over the course of the next decade, more and more baby boomers will be leaving the workforce to spend their retirement with their significant others. However, before these boomer couples head to the golf course, beach or airport to start spending their hard-earned money, they may want to set aside some time to review their estate plan.
Long-term care insurance: the very words summon up a range of emotions in families trying to make intelligent choices to plan for future care. It's a product whose value is so unpredictable that it's rather like a riddle for all concerned. How could something be at once notoriously expensive, yet also potentially a useful part of a prudent estate plan?
Generational transfers of wealth do not only go one way. To be sure, the usual pattern is parents passing along assets to children and other heirs. This is done through wills, trusts, gifts and other estate planning devices.
Old age isn't for "sissies," warned the legendary actress Betty Davis years ago. The financial downturn since 2007 has made those words truer than ever. And they have made estate planning and elder law issues more and more important.
term care nursing facility. Inevitably, it is one of the most difficult decisions in any family's life, regardless of the specific elder law issues involved.
Role reversal in a parent-child relationship is never easy. For adult children who grew up in stable families, it can be a particularly tricky emotional change, having to give up the old image of parents who always take care of things.
Far too often, patients in care facilities do not receive the type of end-of-life care that they really want. The problem is not merely that so many patients have waited until they have serious health issues before seeking to give voice to their preferences regarding medical treatment. That delay in elder law planning is indeed a problem -but so is the lack of a format for expressing end-of-life care preferences in hospitals, nursing homes, and other care facilities.