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.
Some Massachusetts residents are under the impression that if they have a will, they have done what they can to protect themselves and their families. However, there is more to estate planning than just wills. Other documents are needed to protect people in the event that they become incapacitated.
The chance of a Massachusetts resident age 65 or older needing to move into a nursing home is 50 percent. Even so, long-term health care planning is not something that enough people think about. Without it, a person's retirement and other assets could be drained quickly.
Many Massachusetts residents have executed the necessary documentation to provide for their families after they pass away. They might believe that their job is done once the documents are signed. However, estate planning that is done at a particular time in a person's life might need to be modified as the years pass and circumstances change.
Estate planning is more than just providing for the distribution of property after death. Powers of attorney are an integral part of an estate plan since they determine who will act on a Massachusetts resident's behalf if he or she becomes incapacitated. Choosing the right people to make these decisions is crucial.