Facing Facts
 continued from Home Page ...
Long-Term Care
The number one fear of many Americans, particularly retirees, is running out of money before they die. This is understandable, given the volatile economy and the specter of nursing home
costs. Although you cannot control the economy, you can protect your hard-earned assets from the cost of round-the-clock care in a long-term care facility.
In fact, you may insure the option to have your long-term care provided in your own home, but only if you obtain such coverage through a proper long-term care insurance contract
while you are insurable. If you wait too long, your options may be very limited. In a worst case scenario, you could end up depleting your assets and be forced to resort to Medicaid, a
program designed for the indigent. The choice is yours.
End-Of-Life Decisions
For many people, the line between preserving life and dying naturally is quite fine. In the end, according to the United States Supreme Court, every person has the right to define that
fine line for him or herself. Where is that line for you?
Only by executing proper legal instruments can you determine the course of your health care treatment as you approach that fine line. Depending on your unique personal circumstances,
you should consult your loved ones and your legal, medical and spiritual advisors regarding your wishes. Otherwise, your failure to address this ultimate end-of-life issue in your estate
plan can potentially lead to family strife and poisoned relationships for generations. Again, the choice is yours.
Testamentary Transfers
You will never see a hearse pulling a U-Haul trailer. In short, you cannot take your worldly possessions with you beyond this life. What will be your legacy for a lifetime of work? Will
the inheritance you leave be used wisely or dissipated by your heirs through squandering, divorces, lawsuits or bankruptcies? Have you considered protecting the inheritance through
long-term discretionary trusts?
Will your lifetime of work be lost unnecessarily to the IRS? Each taxpayer may exempt up to $2 million from federal estate taxation under current law.* However, with proper
planning, a married couple may protect up to $4 million. Single persons whose estates exceed $2 million may need to employ advanced legal strategies to preserve their assets from loss to
estate taxes.
Conclusion
The process of preparing your estate plan is an extremely personal experience. To a large extent, it is not something you do for yourself. Rather, you do it for the people you love.
* The future of this tax exemption is uncertain, at best.
Take Our Online Quiz & Ask Yourself These Questions About Facing Facts...
|
