When a senior is thinking about the possibility of having to leave their home and move into an elder care facility, there are many worries they may have. They may be concerned about the emotions of leaving a long-time family home, how much independence they would lose by moving into a facility and what long-term financial implications them moving to an elder care facility would have on them and their family. Thus, most elderly individuals hope to stay in their own home, and out of a care facility, as long as possible.
When a person sets up an after-death gift of assets to a loved one, they generally want as much of that after-death gift to go to their loved one as possible. Thus, one thing they might be concerned about is the possibility of portions of the gift being directed away from their loved one towards others. An example of a type of such asset redirection that one might be worried about happening after their death is their loved one losing portions of the gifted assets through creditor actions or lawsuits.
There are many terms out there that have to do with seniors. One such term that our readers may have come across in recent times is "elderly orphan." A natural question one may have when encountering this term is: what exactly does it mean?
There are a wide range of things that an elderly individual may want to put the money they've saved up from years of hard work towards. One such thing is a good cause. Elderly individuals sometimes have the desire to give part of their nest egg to a favorite charity.
One thing that can have a major impact on a trust is how the trust is administered. The person in charge of administering a trust is the trust's trustee. Thus, the role of trustee can be a very impactful one.
There are many types of costs that a senior generally never wants to hear are going up. One such type are nursing home costs. Unfortunately, a recent report indicates that going up is exactly what nursing home costs are doing here in the United States.
There are all manner of different after-death gifts that a person can set up their estate plan to make. This can be seen in some news that has arisen regarding a recently-deceased famous college basketball coach. The coach arrayed part of his estate plan towards making a nice gesture towards his former players.
When an older individual is heading into retirement, one thing they often put a lot of pride in and care quite a bit about is the nest egg they have built up over the years. Such a nest egg can represent decades of hard work and a person's hopes of having the kind of retirement they deserve after all that hard work.
Everyone hopes that their elderly years will be relatively uneventful health-wise. Sadly though, it is not at all uncommon for a health crisis to strike a senior. Such a crisis can lead to an individual needing extensive home care or having to move into a nursing home.
A major concern that a person may have as they get older is: What will happen with my assets as I continue to age and after I pass away? One of the main aims of elder-law-related estate planning is to help address such concerns.