Our Estate Planning Blog
Healthcare can be a daunting prospect for seniors, namely because health issues can creep up as people age, and because Medicare comes with a lot of hidden costs that seniors aren’t well-prepared for. However, if there’s one health-related expense that can really catch retirees off-guard, it’s none other than long-term care.
For couples over 50, living together has a lot of appeal and is on the rise. In fact, the number of unmarried couples who are 50+ shot up 75% between 2007 and 2016, according to the U.S. Census Bureau.
After you have narrowed your search down to those facilities, you should visit each one with the person who will be living there.
Imagine that tomorrow you suddenly become severely ill or incapacitated. Who would take care of your finances? How would they do it? If you don’t have a durable power of attorney, others, including your spouse, may not be able to conduct all your financial affairs on your behalf.
You should have a candid discussion with your parents about the point at which monitoring would feel intrusive.
If you and your close relatives are opinionated and speak your minds, caring for your aging adults might be a challenge.