Planning an Elder Law Estate for a Female

There are several special issues that women may face as they get older that an estate planning attorney should be aware of. Long-term care, financial security, health, and a place to live are among the most common topics on these people's minds.

In part, this is due to the fact that women live longer and are more frequently the primary caretakers. As a result, they may have to rely on other family members in their later years to take care of them if they are unable to care for themselves.

With the help of an asset protection attorney in Los Angeles, women may ensure that their latter years are filled with joy rather than anxiety by completing a few crucial estate planning procedures.

The Importance of Estate Planning for Women

There is a six to eight year difference in life expectancy between men and women. Because these extra years of life are often spent in poor health, the group points out that these additional years of life are not necessarily the best of times.

For the sake of their financial security and quality of life in their golden years, women must plan ahead. Before a crisis occurs, it is hardy to take care of these documents. We do not know what the future holds. When faced with an unexpected death, a divorce, or a health crisis, putting up an estate plan might seem daunting at the best of times.

Women make up 66% of all carers, according to a recent study. Caregiving for elderly parents or other relatives is a common role for these female caregivers. Several people are looking after their grandchildren because their own parents are unable to do so.

When a caregiver dies, it's critical to have an estate plan in place to ensure that the loved one's care will continue. To ensure that the grandchildren are cared for financially, emotionally, and physically in the event of the grandparent's death, a successor guardian and a trust should be established in advance.

Long-term care and the effects of caregiving are also important considerations. Long-term care and Medi–Cal eligibility may be in jeopardy in the event that parents hire their children to act as caregivers.

Care in the Long Term

In both helped living facilities and nursing homes, more than 75% of residents are women. It is possible to save tens of thousands of dollars in long-term care costs by consulting with a Los Angeles estate planning attorney.

The average monthly cost of an helped living facility room is $4,500, and the average monthly cost of a nursing facility room is $8,800, according to Genworth's Cost of Care Survey. The average monthly fee of a nursing facility in California is $11,437, making it the most expensive state in the US.

A family's assets can be safeguarded with the aid of financial and estate planning instruments, which are available to the general public. One of these is available as Medi-Cal planning, which involves the preparation of an estate plan prior to the need for long-term care. "

Medi-Cal eligibility, cost sharing reductions, and asset protection are all possible outcomes if the procedure is followed correctly. Consult with a Los Angeles long-term care asset protection lawyer to understand about the various nuances involved.

Prior to needing assisted living, a woman might have been looked after by a family member and paid them for their services. Medi-Cal may view that as a gift that could affect her eligibility for the program. Instead, a Caregiver's Agreement may have been prepared by an elder law practitioner.

As you can see, the most important thing is to begin planning early.

Informed Consent

In the event of your incapacitation and inability to speak for yourself, an advance directive is a legal document that outlines your preferences. It is more potential that you will receive the end-of-life care you desire if you have made explicit directives or stated preferences, according to the National Institute on Aging

A living will frequently contains these directives, which express your preferences for emergency treatments including ventilators, tube feedings, CPR, and artificial hydration, as well as under what circumstances they should be used. Pain medication and other methods can be used to alleviate discomfort in the form of "comfort care."

You should revisit these documents every few years because your directives on how to deal with certain scenarios change as you become older.

In the occasion of your incapacity, a durable power of attorney appoints a representative who can legally act on your behalf.

Asset Preserving and Transferring

Many women live longer lives than their husbands, which is a sad fact of life. Only 12 percent of men over the age of 64 are widowed, according to the U.S. Census Bureau. This figure jumps to 34% for women. 72 percent of women are widowed by the time they reach the age of 85.

Nearly half of women over the age of 74 live alone, and one out of every nine needs help with everyday tasks. [*]

It is evident that women need to begin planning early. Get together with your loved ones and begin preparing for the possibility of a long life.

In the past, women keep had a lower degree of influence or control over financial concerns than men. In spite of these facts, many women will be in charge of the final distribution of family money and assets, as the data reveal.

Find a financial and estate planning advisor you can rely on. Prior to a crisis, it's best to have established this relationship and drafted an estate plan.

It's never too premature to start preparing for your future.

McKenzie Legal & Financial, a living trust attorney Orange County, can assist you in creating an estate plan that meets your requirements and those of your loved ones far into your old age.

The founder of the firm, Thomas McKenzie, is a licensed financial consultant and a member of the NAELA - National Academy of Elder Law Attorneys, so he and his firm are uniquely qualified to aid you with all of your financial, investment, and legal concerns. At McKenzie Legal & Financial, we offer free consultations to all potential clients.