More than 53 million Americans are unpaid caregivers for family members. The majority are women—often, an adult daughter who lives closest to an aging parent starts out helping with daily activities. As the parent/care recipient requires more assistance, the daughter cuts back on work hours– risking her own financial security.
Early in 2021, you should communicate with your advisers and review several items about your 2020 planning, if that planning is to have any likelihood of succeeding.
Few retirees have all of these documents that are crucial to their golden years — especially during a pandemic.
Like a lot of estate planning vehicles, irrevocable trusts work very well for some purposes—particularly for tax avoidance and asset protection—and not so well for other purposes.
A majority of retirees—53%—have a last will and testament. However, most lack six other crucial legal documents.
When you envision your “golden years,” what do you see? Are you living independently, being active and enjoying life? Or do you worry that you’ll struggle with declining health and physical limitations? For many seniors, reality falls somewhere in between. Perhaps you see that in your own aging parents.
An applicable multi-beneficiary trust can solve some–but not all–of the challenges that the new act presents.
A last will and testament is a straightforward estate planning tool, used to determine the beneficiaries of your assets when you die, and, if you have minor children, nominating a guardian who will raise your children. Wills can be very specific but can’t enforce all of your wishes.
While it may take a while for production to ramp up to the point where a vaccine is readily available to the general public, health experts say there is one thing that’s critical for people to understand before they roll up their sleeves for the shots: The vaccines may cause side effects.
Many people transitioning into an elderly life start to require assistance in their everyday lives, especially if they suffer from a chronic or end-of-life medical condition. They need help for tasks, including bathing and eating.
Holiday season is often a time when out-of-town children visit their parents for the first time in a while and notice that one of their parents has declined since they last saw them.
Even those with thorough estate plans might have neglected to discuss details with potential heirs.
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