A person’s own circumstances are not the only things that can impact what sorts of estate planning devices and approaches would be best for them. Another such thing are the circumstances of their family and other loved ones.
One thing a person may have great concerns about as they get older is their health. A senior’s health can have impacts on many things, including what their quality of life is like in their elderly years, what sorts of things they can do during their retirement and what medical and health care costs they end up being exposed to.
Among the things that can impact what kind of estate planning issues can be key ones for a person is what they do for a living. Different fields/professions have different types of estate planning concerns that can typically arise for individuals in that field/profession. Today, we will discuss some of the special estate planning issues that can come up for individuals working in the field of education.
Long-term care does not necessarily mean care at a facility. Depending on their particular circumstances, an elderly individual may be able to get their long-term care needs met in their own home, such as through home care services.
One of the needs individuals can have as they grow older are long-term care needs. Federal estimates predict that, currently, the likelihood of needing some sort of such care at some point in the future is about 70 percent for individuals turning 65.
One of the great hopes a person typically has when it comes to retirement is that they will have enough saved up to properly cover their retirement. Thus, one retirement-related thing a person may put a good deal of focus on is how much in retirement savings they have. However, there are things beyond just the amount they have saved up that can impact how likely a person is to be in financially solid shape during their retirement years.
As a person gets older, their financial situation can shift greatly. One of the big financial changes people generally experience as they go into their elderly years is the entry into retirement, and the major shift in income situation that goes along with this.
Dementia can impact all kinds of things in a person's life and can cause a person to have considerable long-term care needs. Given this, a trend that a recent study indicates is occurring is an encouraging one. This trend is a fall in dementia rates.
As a person gets older, they may become increasingly vulnerable to financial abuse. Elder financial abuse perpetrators come in all shapes and sizes. They could be family members, friends, neighbors, people who work with or around an elderly individual or strangers.
After years of working hard to build up their assets, an elderly individual may care greatly about keeping their assets safe. Unfortunately, there are a variety of things that could create serious asset depletion risks for seniors.