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Importance of long-term financial planning

One of the biggest fears that some New York residents have is being a burden to their children as they age. Another common fear is the prospect of living in a nursing home. However, only 39 percent of those surveyed by UBS Wealth Management say that they have talked with their children about who will provide care in their old age. Furthermore, only half have accounted for health care costs in their overall financial plan.

Failing to plan for health care needs or who will actually provide care can make it more likely that older folks are cared for by their children. Therefore, it may be beneficial for individuals to purchase a long-term care policy to ease any potential burden on their children. This is an issue that more people will need to consider as time goes on. According to the Census Bureau, more than 80 million Americans will be 65 or older by 2050.

Thorough estate planning may also help parents ease the burden of their children caring for them. Having a will or living trust may clarify for adult children how their parents wish to be cared for if they cannot make their own decisions. Furthermore, it is important for parents to tell their children that these documents exist and where they are to ensure that they can act on those wishes.

Good planning can make it easier for older folks to plan for their future while they are still of sound mind. If they do become mentally incapacitated, their children or other dedicated caregiver knows how to provide care and how it will be paid for. An attorney can be of assistance in drafting estate planning documents that take these matters into account.

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