If you’ve done any amount of planning for your estate, you may have documents like a will, a trust, a financial power of attorney and even a living will. There’s one other document, though, that could be a critical piece of the estate-planning puzzle.
It’s a medical power of attorney, which is a legal document granting medical decision-making authority to your trusted agent. A medical power of attorney differs from a living will in that the medical power of attorney gives your agent the ability to make all of your health care decisions. A living will provides guidance only with regard to lifesaving measures in specific situations. What’s the biggest expense you’ll face in retirement? Is it housing? Travel? Food and dining out? Insurance? All of those could be major expenses, and it’s important for you to include them in your budget so you can plan accordingly. However, as you’re planning your retirement spending, don’t forget about another major, potential expense - long-term care.
Long-term care is treatment or support for people who can’t perform basic activities of daily living on their own. These activities include things like getting dressed, bathing, eating and even using the restroom. Long-term care is often provided in a nursing or assisted-living facility, but can also be provided in the home. |
Kirt CarstensCarstens Financial Group focuses on providing comprehensive asset management, estate planning and life insurance solutions. Allow us to help you secure your financial future. Archives
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