“Planning the future your family deserves”® involves a client-centered estate plan, including planning for your future care.
A last will and testament or trust are only two documents in a comprehensive estate plan. Other documents that should be discussed are medical and financial powers of attorneys, advanced directives/living will, and a declaration of guardian in case of later need. By having a comprehensive plan, you help your family to prepare for your future needs and to minimize any future unmet needs.
Having a plan in place can also help to minimize the burden on your family. “The cost of caregiving: When financial and emotional stress compound” discusses a recent study from Fidelity Investments that showed:
62% of caregivers report being occasionally overwhelmed with financial stress.
Of those who stepped back from their careers to focus on caregiving - whether for one’s kids, or for one’s elderly parents - the average time out of the workforce was 20 months, and 53% said the period turned out to be longer than expected.
Meanwhile, 37% said they earned less when they returned to work, taking a median 40% pay cut.
Thinking about what you (or your parents) will need after you can make those decisions is difficult for many people. But, if you do not have a plan in place, the alternative often means court intervention to appoint someone to manage the medical and financial needs of the incapacitated person. This can be a long and expensive process that might have been avoided with proper planning.
At J|G Law we encourage our clients to work with other professionals, such as a financial advisor or CPA, to adopt a comprehensive plan that will assist in the event of incapacity. A team based approach allows our clients to better prepare for the unknown, from planning for long term care or assisted living to ensuring that their family is able to best care for them.
As always, if you have questions, please contact our office at 832-702-9669 or admin@jglawtx.com.