Showing posts with label long term care. Show all posts
Showing posts with label long term care. Show all posts

Wednesday, October 7, 2020

Handling Finances: How to Plan For Your Estate




You don't need to own a lot of property or have a great deal of money to need an estate plan. In fact, if your possessions are limited but those you want to give to are in serious need, you'll want a plan that will disperse your assets quickly. Making a list of what you want to accomplish, what you have, and how you want things parsed out is critical.

What's Your End Goal?


Do you have a charity or family member that holds your heart? Then you have a reason to create an estate plan. Carefully consider the people to whom you want to leave your hard-earned possessions and ready cash. 

While making this list, pay special attention to your remaining dependents, including pets. You want to know that if something happens to you, others are covered.

Define Your Assets


To start, make a list of all your bank accounts. What funds do they have, and where will this money go? Then, make a list of your possessions of value. This can be a home, a car, art, or jewelry.

If you own any of these things jointly, sit down with your spouse or partner, and define how you want these possessions to track. If you're married, generally your surviving spouse and offspring will immediately receive the assets. 

If you're divorced, there will likely be legal limitations to be overcome before your asset dispersion can be securely defined.

Stay aware of the laws in your state. Consider a conversation with a Los Angeles estate law firm to protect your California home and assets, for example, from probate or other asset-draining stages in dispersal.

Proper Valuation


Bank balances, retirement accounts, and other monies, stocks, and bonds are fairly straightforward as far as determining their value. However, real estate values change over time. 

Additionally, if you own art that you purchased early in the career of an artist, it may be worth much more as that artist builds a following.




Proper valuation of your assets is particularly important if you're splitting your estate between heirs upon your death. Hire a professional to give you a valuation on anything that may be of fluid value in the future, and get it reappraised in the event of a sizable market change.

Covering Your Assets


If you know that you're leaving behind someone who will need what you intend to give them, it's critical that you invest in the insurance you need to avoid end of life costs. 

A basic long-term care policy, taken out while you're hearty and healthy, can be of manageable cost as you age and make it possible to pass on your legacy.

Additionally, it's important to remember that it's not only age that can lead to needing long-term care. If you have children, it's crucial that you have a plan in place in case you are incapacitated by illness or injury.

Speeding Up the Process


Create vehicles in which to place your assets for long term needs. If the person you want to give to has special needs, consider setting up a special needs trust. Work with an attorney so you can be sure that your assets go in the right vehicle.



For example, if you have a dependent child who will always need support, the right trust will allow them to receive disability insurance as well as your contribution. 

The wrong trust will block them from receiving any disability until the trust has been completely wound down. Each state is different, so do this right the first time to protect your loved one.

Avoiding Probate


If you only have a will, chances are extremely good that your goods and monies will have to go through probate. Depending on the state you live in, avoiding probate will take multiple steps unless you have a surviving spouse. If you are divorced or your spouse has passed on, probate is likely the next step.

Probate is time-consuming, frustrating, and sometimes costly. Don't rely on your will to protect your loved ones from this process, especially if they need those assets to thrive. Address this while you have the ability to make good decisions.

Nobody likes to think about estate planning, but it's an important part of your legacy that needs to be addressed. Do the right thing now to protect the people and causes you want to support in the future.





Wednesday, September 19, 2018

4 Financial Prep Tips for Elderly Home Care Support Services



If you require in-home or even long-term care, the costs can start to be astronomical. You have to be financially prepared in order to afford these additional care support expenses. Here are some of the tips that you should use in order to prepare for elderly home care support services.

Look into Long-Term Care Insurance


There are insurance plans that will offer a long-term care assistance package. It may cost of a little extra each month, but if you do end up requiring additional assistance, your insurance would help to cover the costs. 


Some plans will offer to pay a portion of the costs that may be associated with living in an assisted living facility. You may even be able to stay in your own home for longer if in-home health aid costs were covered.

Consider Disability Options


In some instances, disability may be the only recourse that you have when it comes to paying for the costs of care. Some companies, like Simply Helping, know that most insurance plans offer an optional disability portion on them. 




You could use this to help cover some of the elder care support agencies that would be willing to assist you. This would allow you to stay in your own for a longer period of time. Typically, in-home care aids will come to your house and do the tasks in which you need assistance.

Make Modifications to Reduce Assistance Needs


Another option is to make your home as accessible as possible. This could include things like adding grab bars in the bathroom to provide you with additional support. 


You also might want to consider having a step-in shower so that you don’t have to worry about stepping up and into the tub. Wider doorways and adding ramps for easier access into and out of your home is another thing that you might want to take into account.


Reduce Household Expenditures


Cut back on your budget so that you can put more money away just in case you need additional funds as you age. If you’re already at that point, there may be places in which you can cut back on your monthly expenses. 


There are programs that will assist you with reducing your energy bills by working with you to make your home more energy efficient. Another place to cut back is with volunteer organizations that will bring meals to your door.

There are lots of options that you can consider if you need help paying for in-home care assistance. Use these tips to get you started on the process of financially preparing for the costs of needing elderly home care support services.



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