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When it comes to elderly parents i.e. who are above 65, it is really difficult for the children to take care of them in the long term and to arrange money for it. After this age, their mental and physical health starts deteriorating and they may require more time, care and resources. It is a fact that none of us would want our assets to be lost due to the expensive long term health care costs. Many times, such costs could be adequate and can lose a good sum of amount from savings. Thus, in order to avoid such situations, it is advised to have elderly estate planning. The elderly estate planning is required as at some point of time,
Life brings the most unexpected when you least expect it which can put you and your family in such a situation that you yourself won’t be able to make decisions that will significantly affect you and your family. Though you had verbally authorized someone to make life decisions on your behalf, however, it is never considered legal. You must put up these responsibilities and the concerned responsible person for them on paper so that there won’t be any issues later like disagreement, dispute, court intervention, etc. Estate Planning- The legal document defining these responsibilities and the authorized person to do that is called the power of attorney. It is especially required for the time when you yourself are not capable
Introduction Ever wondered the fate of your assets when you pass on or when you become incapacitated? The truth is that you like most folks never entertain this kind of thought. After all, the subject of death is not something you want to imagine. Nevertheless, the benefit of prior planning is an arsenal you shouldn’t underestimate. For this reason, you need to play your cards well. After several years of hard work, should your assets fall into unauthorized hands? I bet you wouldn’t wish that for yourself. So, what’s the perfect solution? You need to consider estate planning. When it’s done in the right way and by the right professionals, it can save you a tad both while you’re around