It isn't unusual for adult children to become confused or overwhelmed when they are faced with the possibility of taking over one or both parent's finances. Some Massachusetts residents may not be prepared for this possibility. Assigning a trusted individual with powers of attorney can help to solve many problems before they start.
Although people throughout the country and in Massachusetts view Medicare as a trusted program, it does not pay for all medical expenses that one may encounter after age 65. Services that were covered under employer-sponsored plans, such as vision, hearing and dental care are not covered. Long-term care coverage is also not covered, and Medicare has substantial deductibles and co-pays. That is why health care planning for one's retirement years is vital.
There are several legal instruments that the Massachusetts estates attorney will consider when evaluating an individual or married couple for planning purposes. These documents go beyond simple wills when one is charting a full estate plan. The fact is that estate planning does not just prepare for what happens after one dies. It also has a lot to do with taking care of the person's needs while still alive.
Getting to retirement age is often a time that many older individuals look forward to. However, some parties may feel concerned when it comes to the amount of money in their retirement accounts and other savings and what may happen if they face health-related concerns. In fact, even parties with a considerable amount of money saved for retirement feel insecure about their health care planning and the ability to meet their health-related needs.
Though many Massachusetts residents may utilize Medicare to address medical expenses, they may believe that they can rely on the program for assistance with extended care during their elderly years. In fact, a recent survey indicated a majority of older individuals have this mistaken belief. Unfortunately, without proper health care planning to address long-term care, parties could be left wanting.
A situation that results in an individual needing long-term care could happen to anyone. This type of incident could result from a serious illness, mental deterioration or serious injury that leads to a person losing the ability to properly care for him or herself. When faced with such circumstances, health care planning could help avoid unexpected costs associated with that care.
When planning for end-of-life arrangements, many decisions need to be addressed. Powers of attorney can play a significant role later in life, and therefore, Massachusetts residents may wish to appoint their agents as part of their estate plans. Appointing more than one agent may prove useful, as it spreads out the responsibilities as well as allows the agents to keep each other in check when it comes to decision making.
Many Massachusetts residents may not be aware that making end-of-life decisions can cover numerous aspects of a person's life. Rather than simply focusing on asset distribution, individuals may wish to find out how they could utilize estate planning to make plans in the event that they need long term care. Planning for such an event could help avoid unexpected costs and complications later on.
Whether it is something people want to think about or not, everyone gets older and, at some point, may need frequent or even daily medical care. If plans are not put in place, finding the right care and paying for it may be a significant burden to ones family members. For residents of Massachusetts, health care planning now can make things easier on loved ones in the future.
When it comes to estate planning, failing to create a plan for all conceivable situations can result in a lot of problems. For instance, in the event of one's incapacitation, who is going to make all of the important medical decisions? Having clear instructions and an assigned representative matters. For this reason, Massachusetts residents may want to consider having advance directives.