Guest Article, By Henry Montag CFP, CLTC
Adult children may be considering their parents' long-term care
Many children think the world of their parents. As they grow older, they may come to realize that their parents are not as invincible as they once thought, however. In fact, there may come a time when a parent needs long-term care, and New York residents may need to make decisions regarding the best way to obtain and pay for that care.
Consider long-term care planning sooner rather than later
It is common for people to avoid things that make them uncomfortable or that they do not like for one reason or another. Unfortunately, many New York residents may find themselves avoiding long-term care planning simply because they do not want to fully consider the possibility that they may one day lose the ability to care for themselves. However, this type of situation will affect most everyone.
A living will could prevent confusion, complications and conflict
It can often prove difficult to bring up sensitive topics with loved ones. When it comes to talking about potentially needing long-term care or what to do in the event of incapacitation, some family members may feel uncomfortable. However, taking the time to have these conversations and to create a living will could help New York residents prevent certain complications.
Are you skeptical about needing a living will?
You may have considered yourself a skeptic for most of your life. Whenever someone brought up a topic that supposedly had beneficial applications, you may have found yourself questioning whether those benefits or the topic at hand were even worth considering. As a result, you may often try to do your research before moving forward with any actions.
Trusts may help preserve assets in New York
Many New York residents may feel that leaving assets to their loved ones will give them a sense of presence and purpose in their family members' lives even after death. While wills can be used to distribute property, directly bequeathing assets may not be the best route. Because individuals can face difficult financial situations, trusts could help protect assets.
