When it comes to the end of our lives, most people will be consumed with two major ideas: retirement planning and estate planning. These are two very important elements that need to be well thought out, there’s no doubt about that. But in between these two factors will come an equally crucial time in a person’s life: that period of time where your body and mind deteriorate to the point that you can’t take care of yourself anymore.
This will eventually happen to all of us, and rather than thinking of it as an unfortunate time in our lives, it’s better to plan for it (along with your retirement and estate plan) so that you are in the best situation possible when this time of your life rolls around.
There are a lot of thing to consider here. What type of care will you receive? Will it be Medicaid or medicare, or something else? If it is “something else” how will you pay for it and what services will be provided? If you are going for Medicare or Medicaid, are you prepared to qualify for such systems? And what about where you live? Are you going to live in a nursing home, or will you have a different living situation?
Organization and preparation are crucial to your end-of-life goals, and they affect every area of life care planning, estate planning and retirement planning. If you are having issues in any of these areas, then you need to consult with an attorney that knows the rules, regulations and laws that pertain to you and your situation.
Source: benzinga, “Between Retirement And Estate Planning, Don’t Forget This Potential Pothole,” Rebecca Sheppard, Feb. 9, 2015