Getting older is different for each person. Some Texas residents may live until they are 100 or close to it without suffering any major ill health effects. Of course, it is more common for individuals to experience physical and mental health decline as they reach their elder years, which is why it important to consider long-term care planning options.
After the age of 65, 70% of individuals will need some type of long-term care. Because of the substantial likelihood of this taking place, individuals may want to ensure that their estate plans address this possibility. Too often, parties think that estate plans are only needed to address property distribution and other post-death matters. However, it is a mistake not to include care instructions in such a plan.
The costs for long-term care can reach or even exceed $100,000 each year, depending on the type of care arrangement. Because these costs can be difficult to cover, individuals can plan ahead and set aside funds for this specific purpose. Additionally, it can be difficult for loved ones to make decisions about a loved one’s care, but an estate plan can detail the person’s wishes for certain health-related scenarios.
No one wants to leave their families in difficult predicaments when plans could have been made to lessen their strain. As a result, Texas residents may want to review their estate plans and determine whether they have taken measures to address the possibility of needing long-term care. If not, they may wish to discuss their planning options with experienced attorneys.