Here at the Meurer Law Offices in Denver, we know that helping aging parents with estate planning can be difficult. Today, we would like to provide you with helpful information to make the estate planning process easier and get you started on the right foot. For further assistance, you’re more than welcome to contact us for personalized planning.
Create a Living Trust
Many people understand that they should have a will but often, a number of people do not understand that a living trust can be helpful. Living trusts designate which beneficiaries will inherit a person’s assets. A properly executed trust can keep assets from going through probate, which can be tedious, very time-consuming and all records are made public.
Additionally, a living trust can outline who will be responsible for the assets should your parents become incapacitated. This can be especially helpful if the trust is put together before your parents suffer from any cognitive issues or mental decline. A living trust can be more expensive to set up but can be well worth it to avoid the administrative hassle that can be created when there is not one in place.
Plan for Long-Term Care
When helping aging parents with estate planning, it’s important to note that there is a very high probability that those over the age of 65 will require time in long-term care. According to some sources, a number of seniors end up needing more than 5 years in a long-term care facility. It can be useful to address nursing home planning at a long-term care facility. Reviewing the types of options available, the cost, long-term care insurance, as well as the kind of care that may be needed can help you prepare a plan and a budget.
Consider Housing Options
Even before the need for a nursing home, there are a variety of issues that may come up as your parents age. If your parents are unable to get around their home without assistance or struggle to maintain the home, they may need to find a different living situation while using a trust to ensure their home is passed on according to their wishes. There are options for all different stages of aging, so multiple plans for different situations may be beneficial.
If your parents are experiencing difficulty with some day-to-day tasks, you may need to examine whether driving themselves is still a good idea. It may be beneficial to have some options in the estate planning documents that address this issue. Even if your parents are healthy and able, you could find out if they may be eligible for insurance discounts which are offered for seniors driving fewer miles or taking a driving class.
Communicating is Important
Regardless of what issues your parents may be facing, good, consistent communication can be useful to everyone. Some of these topics can be difficult and avoiding them can only make them harder. Whatever you can do to help plan for your parents’ futures may save you additional trouble in difficult times.
If you need assistance with helping aging parents with estate planning, contact us here at the Meurer Law Offices in Denver. We can help create an appropriate living trust