As you get older, one of the things you need to think about is estate planning. Estate plans help make sure your wishes are known following your death. If you haven't planned yet, there's no good excuse not to get started.
Medicaid has it's place, and it helps the elderly get the medication and care they need as they age. Patients have only three choices when it comes to paying for extended care. They can use their own money and pay privately, use Medicaid or use long-term care insurance. Medicaid is a means-tested program, which means that you aren't allowed to own much property or many assets if you want to qualify.
A lot of issues can come up as adult children watch their parents get older. For example, you may notice that your parents are no longer able to drive safely or that they need assistance in daily living activities. It can be a struggle to get parents to understand or accept what is going on, and some never do.
As you get older, you begin to understand the importance of estate planning. As soon as your first child is born, you realize that a will is necessary. A trust could protect your child's future inheritance, and pointing out guardianship in the case of your death becomes more than a passing thought.
When you write your will, you expect it to be carried out the way you planned. Unfortunately, that doesn't always happen. If your will has errors or was changed very close to your death, people may choose to contest it.