Remember, having a Plan in place Before a Crisis, will mean you can manage the situation more calmly – with professionals alongside to help guide you.
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As parents grow older, a health crisis can often highlight the need for family members to become involved in making elder care decisions for a loved one. According to the Caregiving in the U.S. Report, 66% of family caregivers report having significant decision-making authority on behalf of their care recipient. For elderly parents to receive the care they need several factors need to be considered, starting with establishing an accurate picture of their care needs.
When it comes to a parent or spouse’s healthcare, the law can be strict about who can receive status updates, participate in conversations with medical professionals and make medical decisions. These policies are meant to protect our sensitive information, but they can also pose serious problems for family caregivers.
Cities are reopening. Lockdowns are lifting. And some people are starting to feel they can glimpse a return, however slow and partial, to “normal.”
However, the surprise is that many of us have realized there are some things about quarantine life that may be worth preserving. Many are questioning the very fundamentals of the “normal” we knew and accepted — and many are realizing they don’t want to go back to the way it was before the pandemic rocked our world.
There is little doubt that estate planning can be a difficult and complex endeavor, which is why people put off creating an estate plan for many reasons. Some do so because they don’t want to face their own mortality while others simply find the prospect intimidating and confusing. Unfortunately, a recent Caring.com study shows that even fewer people are engaging in estate planning than were a few short years ago.
Many baby boomers may hesitate to discuss money with their children, but the reality is that a massive amount of wealth will be transferred in the upcoming decades.
Some $68 trillion will move between generations in the next two decades, reports U.S. News & World Report in the article “Discuss Your Estate Plan With Your Children.” Having this conversation with your adult children, especially if they are members of Generation X, could have a profound impact on the quality of your relationship and your legacy.
A couple should create an appropriate estate plan. If they truly want inheritance rights, they need to execute testamentary documents, such as wills.
For unmarried couples, having an estate plan might be even more important than for married couples, especially if there are children in the family. The unmarried couple does not enjoy the legal protection afforded by marriage, but many of these protections can be had through a well-prepared estate plan.