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Manchester New Hampshire Estate Planning Blog

Certain mistakes could cause problems with your estate plan

If you have an estate plan, you may think you have everything you need to be secure for the future. In fact, it's possible you haven't given your estate plan much thought since you originally drafted and signed everything. It is smart for everyone with an estate plan to make sure they are not committing certain mistakes that could affect them in the future.

Estate planning mistakes and missteps can derail a person's entire effort to have plans and protections in place. Whether you need a plan or need to review your plan, it can be helpful to learn more about common mistakes and what they could mean for you and your loved ones. This may help you see issues you need to address before it is too late. 

Alzheimer's diagnosis may present need for estate planning

Receiving a difficult medical diagnosis is not easy for any New Hampshire resident. In some cases, individuals could learn that they have Alzheimer's disease or another form of dementia that puts their futures in precarious situations. For you, this diagnosis may have you wanting to get your affairs in order.

Having the desire to manage your affairs after such a diagnosis is wise. If caught early, you may still retain a considerable amount of your cognitive abilities, and as a result, you can play an active role in making decisions for your future care and who you want to help you in various capacities.

How estate planning can help you get long-term care

When most people make an estate plan, they think about how that plan can help take care of their spouse and future generations when they pass. But careful estate planning can also protect you from ruinous medical costs in the later years of your life.

In addition to arranging for the transfer of your assets after you’re gone, your estate plan can also help you qualify for long-term care programs such as Medicaid.

Tips on choosing the right nursing home for your loved one

Making the decision to place a loved one within a nursing home or assisted living facility is not always an easy one. There are many factors to consider when making this change. However, the best decision is a well-researched one.

Not only should you conduct thorough research into your options. But, never ignore what your gut feeling is telling you about a place. You don’t want to find out later that the facility is mistreating their residents or taking advantage of them in any way.

Two powers of attorney vital to an estate plan

A well drafted estate plan gives the owner a unique peace of mind as they make their way through life. The plan holder knows that they will not leave any questions for their friends and family regarding their affairs, their wishes and their assets. Trusts and wills are generally two of the first things individuals think of when they consider estate planning, but powers of attorney are equally as important.

In an earlier blog we discussed the value of health care directives in an estate plan. Here we will go over how power of attorney ties into that matter, though it does not have to, and how power of attorney can be used to manage your financial affairs.

More older Americans are filing for bankruptcy

A recent study found people aged 65 and older are filing for bankruptcy at three times the rate as they were in 1991. The New York Times states of the people from ages 65 to 74, 3.6 out of 1000 file for bankruptcy. The study suggests this increase is due to changes like moving from pensions to 401(k)s, more spending on health care and having to wait for full Social Security benefits.

Why Medicaid planning and eligibility is an important process

Medicaid planning for an elderly loved one includes first determining eligibility status for the many services they may need. The planning process will help pave the way for a tailored plan that meets the healthcare needs of the individual. The process may include gathering important documents, submitting required paperwork and financial information of the potential Medicaid recipient.

Family members of an elderly loved one are encouraged to participate in the Medicaid planning process. Long-term care is often too costly for families and Medicaid offers a more affordable alternative solution.

Long-term care in retirement planning

The facts can be quite sobering. It’s estimated that 70 percent of Americans will require long-term care of some kind in their lives. If you become part of that group, your long-term care cost could be roughly $138,000 over your lifetime. And if you’re like most people, you haven’t done any long-term care planning.

Planning for long-term care as part of your retirement planning can bring you peace of mind. No one wants to consider the possibility of having an injury or debilitating illness that would necessitate long-term care, but having a plan—just in case—can help ensure you will be well cared for.

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Fax: 603-782-3019
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