According to the American Bar Association, animal law is one of the fastest-growing legal specialties. This is due in part to the increasing number of people who are placing provisions for their pets in their estate plans. If you are considering including your animals in your estate planning process, you should know that many others have possessed similar desires.
Will you need long-term care in the near future? Elderly individuals living in Boston have likely had this question asked of them before, perhaps by their children or by themselves. Estimates indicate that 11 million Americans need some type of long-term care each year. That may not seem like much, but the costs of such care can be excruciatingly expensive without long-term care insurance.
This year is an important year for estate planners. Many changes are set to occur and some of them could call for some serious alterations to estate plans that have already been made. The beauty of an estate plan is that these changes can be made rather easily.
When planning for late-life health care, many in Boston believe that there will be programs like Medicare and Medicaid to catch them if their plans fall through. Others rely on these programs to assist them with the burdensome costs that come with the many health issues that are likely to arise later in life. Some use their Medicaid benefits to pay for their stay in a nursing home. Whatever the use, budget cuts that are on the political table may see to the end of such benefits for many individuals throughout the country.
Last summer, a 73-year-old man died, leaving behind an estate worth more than $1 million that had no heirs. This does not mean that he did not do any estate planning. He instead chose to leave his money to more than 20 nonprofit organizations located in different parts of the country. Each organization is slated to receive $48,000 from the man's estate.