This World is but an Entry Hall to the World to Come. Prepare Yourself in the Entry Hall so that You Might Enter the Banquet Hall. When people come to the end of the end of their days, they need to wrap up their affairs in this world, and prepare themselves for the next. Proper estate planning, and ElderCare/HealthCare Planning can help them leave an orderly financial legacy for their families when they move on.
All transitions are difficult, and none is more difficult to face than the passing of a generation. It is only natural that many people avoid any type of planning. In middle age the prospects of death are remote and unreal, and greater challenges take precedence. In early retirement years, families often don’t want to face the idea of eventual mortality. In later years, as health fails, the prospect of passing becomes all too real, and way too frightening to face. With the decay of physical, and often mental, health it becomes difficult to plan a rational and economical transfer of family wealth and assets to the next generation. Ongoing health care costs can wipe out a lifetime of savings quickly. Often leaving a a couple little to pass on to their children and grandchildren. Medicare, Medicaid and other government funded programs available to those aged 65 and above c be useful for conserving family assets, but only if the family has structured its assets to qualify.
Long term care coverage provides tools to manage the healthcare costs of a long, ongoing deterioration of physical and mental health. It is never too soon for families to discuss their wishes and dreams for their later years, and their goals for passing on both their accumulated wisdom and assets. It is also critical to plan early to ensure the possibility of those plans coming to pass. If the conversation never takes place, and planning is ignored, then the issues of age will be handled in a haphazard, crisis management approach. The parents hard earned assets can slip away, neither able to provide for the parents nor pass on to the children. Those assets that remain, can waste away in probate, and squabbles amongst children. Precious heirlooms won’t get handed on to the heirs that will most appreciate them, and often animosity and strife looms over the loss and mourning of a parent’s death. Age, declining health, and eventually death are transitions that all families must make, but having in place proper planning can help see a family through the transition with pain for the loss but without the agony of strife.