Protect the Dignity of Loved Ones’ Lives
No one likes to think about one’s illness and death. However, eldercare planning can help your family avoid unnecessary complications, delay, and expense. An understanding of how Medicare and Medicaid benefits can work with your assets to help provide for both spouses is important. The desire for control of assets and the need to protect against spousal impoverishment from chronic illness and custodial care costs needs to be considered to ensure both goals.
Eldercare planning has come into greater focus for families as demographics have shifted towards an aging population. The costs associated with continuous care from chronic illness are not paid for by Medicare which can leave an individual on a path towards spend down of the nest egg for themselves and their spouse. Eldercare planning requires the efforts of all those family members affected, along with an elder law attorney. This specialized area of legal practice has fostered “life” planning which provides methods for managing the uncertainties of aging through some of the following eldercare planning tools and techniques:
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Many clients are under great illusion that they can delay decisions concerning their mortality. Some decisions are taken out of our hands if we become incapacitated mentally or physically which they will regret. During a time when people should be contemplating a life well-lived, some will have decisions thrust upon them by those who can no longer take care of themselves.
With guidance from a True North Financial Advisor and your team of advisors you can:
- Develop a Comprehensive Plan;
- Control of Assets; in balance with
- Protection Against Spousal Impoverishment; and
- Help Communicate to Family Members.
