March 31, 2012 marked the seventh anniversary of the death of Terri Schiavo, the 41-year-old who succumbed after her feeding tube was removed as part of a very public legal battle between her husband and parents.
As you may recall, Terri Schiavo was in a coma for nearly 15 years after she suffered cardiac arrest and sustained a brain injury. Her husband, Michael Schiavo, alleged that his wife would not want to live in her incapacitated state; she had no written instructions in place.
Continue reading Advance Directives/Living Wills are a Critical Component of Estate Planning
Many wartime veterans and their surviving spouses are currently receiving long-term care or will need some type of long-term care in the near future. The Veterans Administration has funds that are available to help pay for this care, yet many families are not even aware that these benefits exist.
Continue reading VA Benefits For Long-Term Care of Veterans and Their Surviving Spouses
If you are part of the baby boomer generation (born between 1946 and 1964), you may also find that you are a member of the sandwich generation, with responsibilities to both your parents (now or in the future) and your children. This should change the way you think about estate planning—instead of the traditional approach of how to leave assets to your children and future generations, you may also need to include providing for the previous generation (your parents).
Continue reading Providing for Your Parents in Your Estate Plan
Your Funding Options
The first part of planning for long-term care is realizing that, a) most of us will need this kind of care for at least some time before we die and b) the cost of this care can be financially devastating for a family if it is not planned for in advance. This was covered in Long-Term Care Planning, Part 1.
Continue reading Long-Term Care Planning, Part 2
A Central Requirement
Health care has been the topic of discussion lately, but the greatest threat to your financial health is long-term care. This is the kind of care you need if you are not able to perform normal daily activities (such as eating, dressing, bathing and toileting) without help, and it is expected that you will need this help for an extended period of time, often for the rest of your life.
Continue reading Long-Term Care Planning, Part 1