Monday, September 7, 2009

Planning for the Future Can Save Families Additional Grief Down the Road


Posted by Janielle Viggiano


It is estimated that as much as 10 percent of the elderly population live on wages at or less than the national poverty line -- in 2009, $10,830 for a single person; $14,570 for two people for 2009. Even those who are living above the poverty line may not have the financial resources to pay for much needed care, especially if they need long-term care in an assisted living community or nursing home. This leaves the financial burden falling to their families, who also may not have the means to cover all of the costs.

One of the ways families can help ease any future financial stress is by sitting down with their loved ones and creating a comprehensive estate plan. This plan can include setting aside resources to pay for not only any possible long-term care needs, but also the day-to-day expenses loved ones may need in their golden years.


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