This infographic created by the SCAN Foundation highlights the high costs of long term care – and the lack of confidence Americans have in their ability to pay for care. With statistics like this (and the fact that 70% of Americans over 65 will require care), it is surprising that many fail to consider long term care insurance. While no one enjoys thinking about the possibility of needing care, long term care insurance is most cost effective if purchased at a younger age. There are also more options than most realize, such as insurance hybrids that include long term care insurance and life insurance. These hybrid plans essentially guarantee that the coverage you pay for will be used during your life time, even if you are part of the 30% that won’t require care. Meet with an experienced elder law attorney to discuss if long term care insurance is right for you.
A durable power of attorney – where an agent is appointed to handle the financial affairs for someone who can no longer make such decisions for themselves (known as a principal) – has been used for decades. Years ago, these documents were rarely ever challenged or exploited. Unfortunately with the rise of elder abuse, banks […]
While we all love to save money and time, your estate plan is not a good place to cut corners. DIY estate planners often use inexpensive will templates and generic online legal advice to draft an estate plan on the cheap. A new Wall Street Journal article, gives a few reasons to reconsider this strategy.
78% of Americans under the age of 36 do not have a will or a trust in place. Frankly, most millennials show little interest in estate planning. This can create quite the mess if you are ever (God forbid) involved in a tragic accident. As discussed in a Wealth Management article, planning your estate is […]