Make sure your financial advisors, attorneys, accountants, and bankers have an understanding of the issues and challenges facing their customers and clients as they age.
Whitesboro, TX (PRWEB) March 29, 2017
We all want to remain in control. “However, what if you become sick and require long-term care because you are physically or mentally unable to take care of yourself or make financial decisions? Now who is in control of your ‘stuff,’ and, most importantly, who will be in control of you?” asked attorney Richard M. Barron, who has written and lectured about elder law issues since 1981.
Barron, who has over 35 years of experience helping people protect their health and wealth against an uncertain future, shares the following four tips regarding steps that can be taken now to help prevent or lessen loss of control:
No. 1: Look for reliable sources of information. Most people know about 80% of the law. “It’s the 20% they don’t know that will hurt them,” said Barron. “Family members, friends and co-workers are well-intentioned, but frequently wrong in the advice they give. Make sure your financial advisors, attorneys, accountants, and bankers have an understanding of the issues and challenges facing their customers and clients as they age. But, how do you know if they have this knowledge? Ask them, do they attend continuing education programs, what affiliations do they have, do they have experience in planning for not only ‘What happens when I die?’ but more importantly, ‘What happens if I live but have lost my mental or physical capacity?’ You need a reliable and accurate source of information.”
No. 2: Be aware of who may become one of your creditors or predators. “You may be surprised to find out that some may unknowingly be family members,” noted Barron. “A concern most of us have is ‘Will I outlive my life savings?’ One of the single biggest threats to this financial security is being confined to a long-term care facility -- a future creditor we all might face.”
No. 3: Plan when one can, as opposed to when one cannot. There is vertical planning, then there is horizontal planning. “Vertical planning is the best, since you will be able to participate, you are alive and well,” added Barron. “Horizontal planning, on the other hand, is not so good, because you will be in the hospital, nursing home or your problems will be over, but not for those loved ones you left behind.”
No. 4: Work with qualified professionals. “Always work with qualified professionals who understand the possible outcomes and incorporate planning for when you die, and also if you live and become incapacitated,” concluded Barron. “The true costs of not taking these steps can be devastating, not only for you but for your spouse and family.”
About Texas Elder Law Attorney Richard M. Barron
Richard M. Barron is a member of the Texas and National Academy of Elder Law Attorneys, and has been a member in good standing with the Texas Bar Association since 1981. Practice areas of Texas Elder Law Attorney Richard M. Barron include life care planning, wills, trusts, power of attorney for financial affairs and medical, Medicaid and Veteran’s benefits, asset protection planning, estate and disability planning and asset-based long-term care planning. For more information, call (800) 939-9093, or visit http://www.texaselderlawattorney.com. Texas Elder Law Attorney Richard M. Barron has offices in Plano, Denton and Whitesboro, TX.
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