Taking Care of One's Estate as an Elder

Even while both men and women typically have similar objectives in mind when meeting with an estate planning attorney, there are certain specific problems that women may face as they grow older. Typically, these concerns concentrate around issues such as long-term care, financial security, health, and housing.

As a result of their higher life expectancy and their role as primary carers, these issues are heightened for women. Thus, they are placed in a position where they must care for themselves or rely on other family members later in life.

Examine how women can make their older years more enjoyable rather than stressful by completing a few crucial estate planning tasks with the assistance of an asset protection attorney in Los Angeles, as demonstrated below.

Considering Estate Planning Is Important for Women

Generally speaking, according to the World Health Organization, women tend to live for six to eight years longer than males. Although the organization acknowledges that these additional years of life are not necessarily spent in the best of health, it also points out that this is not always true.

Women must plan for their latter years in order to secure their possessions and way of life. It is critical to safeguard these records in advance of an emergency because we cannot predict what may occur in the future. If you're haggling with the stress of a sudden death, divorce, or health issue, putting together an estate plan might seem difficult, if not downright impossible.

The majority of caretakers, according to statistics, are women (66 percent). An overwhelming majority are caring for aging parents or other relatives in need of assistance. Parents who are unavailable for one reason or another may be responsible for the care of their grandchildren, as in the case of some of them.

First and foremost, it is critical to create an estate plan that will ensure the continuation of care in the event of the caregiver's death or disability. It is recommended that in the latter instance, a successor guardian be named and a trust be established to ensure that the grandchildren continue to receive financial, emotional, and physical care in the event of the grandparent's death.

Caregiving for the elderly and the consequences of this role are also important considerations. As an example, if a parent pays a child who is functioning as a caretaker, the child's long-term care and eligibility for Medi-Cal benefits can be jeopardized.

LTC (Long-Term Care) is a type of care that is provided to those who are elderly or disabled.

Women account for more than 75% of residents in assisted living facilities and more than 70 percent of people in nursing institutions. Taking steps to prepare ahead of time and consulting with an estate planning attorney in Los Angeles regarding long-term care can save hundreds of thousands, if not millions of dollars.

A room in an helped living facility costs an average of $4,500 per month, according to the Cost of Care Survey conducted by Genworth Financial. A room in a nursing home costs an average of $8,800 per month. With an average monthly price at nursing homes of $11,437, California's nursing home charges are among the highest in the nation.

Fortunately, there are financial and estate planning instruments available that can assist in the preservation of a family's financial and personal assets. Another option is Medi-Cal planning, which entails creating an estate plan prior to the need for long-term care.

It is possible to qualify for Medi-Cal through this approach, minimize the share of expense, and safeguard assets from Medi-Cal recovery if the process is carried out appropriately. If you want to know more about the numerous intricate details involved in long-term care asset protection, speak with a Los Angeles asset protection attorney.

Consider the following scenario: a woman was being cared for by a family member prior to requiring assisted living services, and she reimbursed them for their services as caregivers. In such circumstance, Medi-Cal may consider that to be a gift, so reducing her chances of receiving Medi-Cal benefits in that situation. Alternatives to a Caregiver's Agreement could have been crafted by an elder law practitioner.

As you can see, the key is to begin planning as soon as possible once the event takes place.

Directives in Advance

An advance directive is a legally binding document that expresses your preferences in the event that you become incapacitated and unable to speak on your own behalf. Per the National Institute on Aging, directives or stated preferences are more likely to result in receiving the type of end-of-life care you choose if made in advance.

Advance directives are typically stated in a living will and include your wishes regarding the use of emergency treatments to maintain life, such as a ventilator, tube feeding, cardiopulmonary resuscitation, and artificial hydration, as well as under what circumstances these treatments should be used. Comfort care is the process of alleviating suffering by the administration of pain medication and other procedures, among other measures.

It goes without saying that your directives on how to handle certain scenarios vary as you grow older, which makes it extremely necessary to examine these types of documents on a regular basis.

When a person becomes incompetent, they can select a representative who will be legally able to make these types of choices on their behalf if they are unable to do so for themselves.

Assets are preserved and transferred.

The majority of women live longer lives than their spouses. Approximately 12% of men over the age of 64 in the United States are widowed, according to the U.S. Census Bureau. This figure jumps to 34% in the case of females. After reaching the age of 85, 72 percent of women find themselves in the position of widow or divorced mother.

Furthermore, nearly half of all women over the age of 74 live alone, with one in every nine of these women requiring assistance with everyday activities (source: National Council on Aging).

It is evident from these figures that women must begin planning their families as soon as possible. Talk to your spouse or other family members about your plans for a long life and begin planning with the mindset that you will live a long life.

Female financial decision-making and participation have traditionally been limited. Despite this, as the statistics demonstrate, many women will find themselves in charge of the ultimate disposition of their family's wealth and property.

Find someone you can rely on and who you can communicate with about your financial and estate planning needs. It is preferable to have established this relationship and put in place an estate plan before the need arises unexpectedly, as opposed to after.

A wide range of services is available at McKenzie Legal & Financial to help you move forward with confidence. Our financial and estate planning services assist you in making the most of your life's work and increasing your retirement savings. As a licensed Los Angeles Estate Planning Attorney and a qualified Financial Consultant, Thomas L. McKenzie ensures that your ultimate wishes are carried out in the manner you choose.