Most people learn which topics of conversation are impolite -- including money -- at a relatively young age. This can make it hard for some people to approach the topic of money and financial security with their parents. For adults in Florida who need to talk with their parents about money, estate planning and long-term care, here are a few tips for getting started.
Managing finances can be difficult even in the best of situations. Some elderly Florida residents find that keeping track of money, bills, income and more gets harder with age. For these and other reasons, a person might choose to name a trusted loved one or close friend in a financial power of attorney. This is often done during long-term estate planning. These individuals have a significant responsibility to manage those finances in a responsible manner.
Money is an uncomfortable topic of discussion. Most people would prefer to keep information regarding their income, debts and expenses private, perhaps partly because many were raised to believe that talking about money was not appropriate. This thought prevents Florida parents and their adult children from having important conversations about money, long-term care and estate planning. It could also leave some of those adult children in a financial bind.
Knowing how much something will cost is important for making informed decisions of all kinds. For example, before purchasing a car or taking out a mortgage, people in Florida should understand both the monthly and long-term costs. Anticipating future costs becomes a little less clear when dealing with long-term care, but here are a few things individuals can do to make the process more transparent and easier.
Growing older is a privilege that most people hope to have, but few actually plan for. The reality is that most adults who live past retirement will need specialized services at some point in time, and those services can be extremely expensive. Rather than ignoring this side of things and hoping to figure it out later on, adults living in Florida can use long-term care planning to make sure their future needs are taken care of.
Even for adult children, it is hard to imagine a life in which parents have specialized medical needs or where they are not around anymore at all. Unfortunately, these types of issues are an unavoidable fact of life. Avoiding opportunities to talk about end-of-life issues will not make these things magically disappear. Instead, talking about estate planning with parents can help Florida families better handle these difficult matters as they arise.
Aging is something that is not afforded to everyone, but that does not always make dealing with issues unique to aging an easy process. Long-term care needs are often confusing and difficult to navigate. Many people in Florida feel ill-equipped to handle these matters or are operating under false notions of what will and will not be covered in their future. Here are a few things everyone should understand about long-term care planning.
Planning for the future can be stressful. That's especially true for those in Florida who are considering their long term care needs. Many families are uncertain what level of care their loved one might need in the years ahead, making it difficult to know which path to pursue. For those who believe they might need to rely on Medicaid benefits to cover some of the costs of long term care, researching irrevocable trusts is a good place to begin.
Rising standards of living and life expectancies mean that you can probably expect to live significantly longer than past generations. While enjoying more years with loved ones is invaluable, the actual cost of care during later years can be paralyzing. Long-term estate planning can help ensure that you have access to much-needed Medicaid coverage.
End-of-life care is something that everyone should be able to access with dignity. Unfortunately, the cost of residential facilities often exceeds what anyone is able to pay and is particularly impossible for elders who are on fixed incomes. With the cost of Florida nursing homes seemingly out of reach, you may be able to help your loved one qualify for Medicaid to help cover costs.