A recent study completed by a large organization may be of interest to readers in Texas. Researchers polled more than 2,516 adults to find out how well-prepared they were for a potential medical illness that would leave them unable to care for themselves. The results concluded, among other things, that women may be less likely than their male counterparts to plan for long-term care in their estate planning efforts.
The study found that 80 percent of women knew that they needed to plan for an event that would require long-term care. However, 30 percent of the women contacted said that they did not know how to make a long-term care plan. In addition, only 37 percent of women were actively putting away money for such a situation.
It is important for people of either sex to use their estate planning efforts to plan for more than just the division of their assets after their death. In addition, it is also necessary to take into account potential issues that can arise while an individual is still alive. Such situations can include instances when a person in our state becomes ill or advances in age such that they require assistance to meet their daily living needs.
Using estate planning tools, an individual in our state can appoint another individual to assist them with issues such as financial matters when they are no longer able to handle them on their own. Other tools such as a living trust can help monitor financial assets for a still-living person. The number of estate planning tools available for an individual is large. Developing an understanding of how these tools can be used to create a plan that works for a person both while they are alive and after death may be important to many people in Texas.
Source: BizTimes.com, “Women less likely to plan for long-term care,” Erica Breunlin, Nov. 26, 2012