Federal estate tax exemptions have gone up in the past several years, and now most Massachusetts residents do not have to worry about the issue. However, estate tax laws could always change, and some people want to plan for the potential for lower exemptions and higher estate taxes in the future.
There are many reasons why a person may want their home to stay in the family after they have passed away or are no longer able to use it themselves. For example, they may want their spouse or another family member to not have to worry about where they are going to live or how they are going to afford housing. Also, a family home can carry a lot of memories with it, so a person may have a desire to pass on such a home to future generations of their family to help with preserving these memories and to give these generations the opportunity to enjoy to home and its connection to family tradition.
There are various methods individuals could turn to for trying to address the possibility of having high long-term care expenses in the future. For some, setting up certain kinds of trusts could be of help when it comes to their goals on this front. Another planning strategy some use is getting long-term care insurance.
Suffering a stroke can be a very terrifying experience for an elderly individual. It is also an experience that can have effects long into the future. Among the things a stroke can impact for a senior is what their care needs are moving forward. A recent study points to stroke survivors tending to have significantly greater care needs than elderly individuals who have not suffered a stroke.
Individuals vary considerably in what their care needs are in their elderly years. Some elderly individuals need the skilled nursing care that nursing homes can provide. Others, while not needing skilled nursing care, still have personal care needs that exceed their abilities to handle them on their own.
A nursing home stay is something that is in many people’s future. What happens in regards to nursing home care during a person’s elderly years can be very impactful. Now, a person doesn’t have to wait until they are in their elderly years or until they are sure they will in fact need nursing home care to make preparations regarding impactful nursing-home-care-related issues. Rather, they can engage in advanced planning on these issues, and such planning can prove very beneficial.
Trusts can be used for a range of different things in an estate plan. Whatever goal a trust is being aimed at, when setting up a trust, it can be critical to exercise proper care when picking who to name as trustee. The trustee administers the trust and manages the property put in it, and thus can play a very big role in how the trust ends up going and how well it serves its intended purposes.
One thing many seniors care about greatly is ensuring their grandchildren have a good future. So, this is among the goals that a person may have for their estate plan as they get older.
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.