Planning for death is always a touchy topic, but it's best not to avoid it. Before you can finalize your estate plan, there are many things that have to happen. Valuing your assets is one of those things.
Choosing the right nursing home can be the difference between your loved one receiving good care or finding that he or she has been injured at a nursing home. It's hard to know which facility to choose; many are expensive, and some may seem better than others on the surface with no particular benefit over others. How can you make this important decision easier?
A health care proxy is also known as your health care power of attorney. This individual is someone who can make decisions your behalf if you're unable to do so yourself. It's vital to be certain the person you choose for your proxy understands your health conditions, medical history and symptoms.
There is no doubt that long-term medical care has become expensive. Even well-off people are not always able to pay for, say, 15 years' worth of nursing homes or in-home caregivers. Of course, government programs such as Medicaid can step in to help pay for most, if not all, expenses. However, those who apply for Medicaid must meet certain eligibility requirements, some of which are financial. One common concern is whether you will have to give up your home in order to qualify.
There are times when you may wish to contest a will. For instance, if you believe your siblings had undue influence on your mom or dad before his or her death, you may wish to contest the changes that were made to the will before your mother or father's passing.
As someone who may become a beneficiary, it's important that you understand the basics of receiving an inheritance. The last thing any family should have to go through is a feud to determine who receives which assets from a loved one's estate.