Over the holidays, many Massachusetts families might have had difficult conversations with their elderly parents regarding whether they are prepared for a time when their parents may become incapacitated or pass away. Now that those conversations have occurred, it might be possible to help them find the assistance they will need with estate planning. Depending on the circumstances, the elderly parents might need several different documents in order to protect themselves, their heirs and their estates.
Many Massachusetts residents contemplate a retirement in which they can travel, indulge a hobby, or enjoy being home and spending time with family. Unfortunately, many fail to consider that a debilitating condition could change those plans forever. Therefore, they also fail to consider long-term health care planning, which could be costly later in life.
Many Massachusetts readers are already aware that the average age of the country's population is rising. People are living longer, which increases the odds that they will need some level of assistance toward the end of their lives. Accordingly, estate and health care planning take on more significance.
The unfortunate truth is that not everyone will spend their "golden years" being able to care for themselves. Therefore, it is essential that part of every Massachusetts resident's estate plan provides for long term care. Any plan for long term care should include durable powers of attorney.
It can be easy for Massachusetts residents to forget that estate planning is not just about transferring property to family and friends upon death. Some documents are executed that put plans into place in case you are unable to make decisions and/or care for yourself during life. Powers of attorney are important for any adult since none of us knows when an accident or illness may strike.
Every Massachusetts family has different needs and dynamics when it comes to financial, emotional and health issues. No one can accurately predict what will happen in the future, and it is advisable to be prepared for any eventuality. Estate planning options are available that can help in just about every circumstance.
It is easier to pass on some of a Massachusetts resident's assets than others. Some property requires extra steps during estate planning in order to properly distribute them after death. Two of these items are pets and airline miles.
Estate planning is about preparing for the future, and the sooner that Massachusetts adults create and execute a plan, the better off they and their families may be. Once the documents are executed, many people put them in a safe place and forget about them. The only problem is that estate planning does not end when the documents are signed since one of the few constants in life is that things are going to change.
The average cost of nursing home care across the nation is $80,000. Here in Massachusetts, it the average is $129,000. Therefore, residents may want to consider including long-term care in their estate planning.
Most Massachusetts residents are already aware of the benefits they receive by creating an estate plan. The benefits are not only for the person doing the estate planning but also for that person's family members. The more comprehensive the plan, the less work family members may have to do if a relative becomes incapacitated or passes away.