Arlington, TX - September 8, 2022 —
Taking a proactive approach to planning for the long-term care as people enter old age could prevent them from potentially committing several mistakes, Texas Senior Attorney Guy B. Garner said this week.
For more information please visit https://www.haimanhogue.com
At Arlington’s Haiman Hogue, PLLC, Garner outlined critical errors he has witnessed by people who have been resistant to any planning, leaving themselves, their assets and future long-term care in jeopardy.
He said too many people often assume they won’t require long-term care or that their children will look after them. They may well be in for a shock.
Long-term care is critical, as residential care costs can quickly eat into assets, with the average put at approximately $8,000 a month. Although people now live longer and may well live healthier than their parents, three-quarters of the senior population will still need care in the long term.
Hoping or assuming a spouse or child will look after them in old age is fast becoming outmoded simply because caregiving is an extremely tough job. It should not be taken lightly by anyone considering it.
He said: “Caring by a spouse can be physically, emotionally and financially draining if they have to look after their partner 24/7. Will the spouse be expected to physically lift them as they age together, such as into a bath?”
Long-term care at home often means the need for adaptations to the home and buying new equipment, which are either out of reach money-wise or impractical for some couples. “Giving over their lives to caring for their spouse can be exhausting and leaves little time for their own life, let alone running the home and caring for chores.”
Assuming your children will step in and look after your care can border on the naive as they may have their own lives, families and jobs. Garner commented: “Before making assumptions, there is a time and place for a conversation about your long-term care and support.’’
“Several options need to be looked at, even the potential that you may outlast a child if they die suddenly. While a child or spouse looking after you appears appealing, the reality may be quite the opposite.”
One option to consider is in-home care that can be paid for, but at least a person will remain comfortable in their surroundings. This type of care can become very expensive also.
He revealed that another mistake is either ignorance of the planning detail or waiting until it’s too late to react. “Waiting too long to plan for long-term care can be just as bad as not making any plans at all,” he reflected.
If people react too late, they could be paying a premium price for their care. If they wait too long to put documents in place, they may find themselves having to go through a very expensive Guardianship process. They are best advised to consult an experienced Elder Law attorney to discover more about living trusts, long-term insurance, wills, Medicare and V.A. Benefits Planning and general estate planning, said Garner.
He added that learning more about the options open to you for later life is a must. Receiving the right advice from professionals is better than taking wrong guidance from family and friends.
“Too many times, people rely on the advice of others rather than the professional advice of lawyers who can best offer the widest options to them and help protect their assets. Advice from friends not educated in the law can seriously backfire,” he warned.
Garner pressed the matter home by stating that an attorney can help draw up options that may not even be known to a potential client. “They can offer ways to protect assets and ensure a nest-egg saved for years is not decimated in months due to the demands of residential care.”
For example, you could gift assets to your children or other loved ones as long as it is done five years before you require care. Garner concluded: “The earlier you begin to plan for the long-term, the better it will be, so please don’t wait until it’s too late.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Guy B. Garner
Email: Send Email
Organization: Haiman Hogue, PLLC. - Arlington, TX
Address: 690 E Lamar Blvd #115, Arlington, TX 76011
Phone: 817-261-5222
Website: https://www.haimanhogue.com
Release ID: 89081191
If you detect any issues, problems, or errors in this press release content, kindly contact error@releasecontact.com to notify us. We will respond and rectify the situation in the next 8 hours.
