Over 70% of parents of young children do not have an estate plan in place, and of the 30% that do, many of their plans have holes, including mistakes made in naming Guardians, and not naming Temporary Guardians. Judges try their best to make decisions about what is in the best interest of your children, but they can never know of your true intent unless it is in writing.
Read MorePaying for Long-Term Care: Did you know that Medicare will not cover the cost of a nursing home for more than about 20 days? The average person stays in a nursing home for 835 days according to the National Care Planning Counsel. Who pays for the remaining 815 days? There are a couple of options, including long-term care insurance, which many people cannot afford or waited too long to obtain, or for most people, paying with their own life savings. Medicaid can also cover the cost of a nursing home as long as certain asset and income limits are met.
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