Did you know wives typically outlive their husbands by as much as a decade? In some cases, the disparity is wider than that. We could debate the reasons all day long, but that is not the point of this article. Rather, it is about a related statistic: The incidence of poverty for those same women 65 and older has shown at times to be more than double men in the same age group.
The biggest reason is that most of the couples’ resources accumulated throughout their marriage will likely be spent on healthcare costs and long-term care during the last few years of the husband’s life.
Clearly, it is important to care for your loved one during their final years. But you also want to set yourself up well for the future.
What can you do? Here are two quick tips for surviving spouses:
- Before spending significant sums of money on private healthcare or long-term care, seek valuable advice and guidance from a local elder law attorney and other experts who can walk you through the myriad of benefit programs available to possibly mitigate the cost of care.
- Have a good system in place for dealing with long-term health care expenses. This is sometimes easier said than done, depending on your unique situation, but a good example to keep in mind is investing in Long-Term Care Insurance or a life insurance policy or annuity with a long term care rider.
If you are reading this, you understand the value of having an estate planning and elder law attorney in your corner. There is no substitute for the knowledge and guidance these people can provide you AND your spouse. But do not stop there.
Your options are unlimited when it comes to creating a dynamic team to confidently walk you through any potential life hurdle.
1. Financial advisors
4. Insurance agents
5. Human resource professionals, if you are still employed
6. Estate Planning attorneys
Our goal is to educate you on your options so you can make more informed decisions later in life.
Call Leigh Hilton PLLC today!!
At Leigh Hilton PLLC, we try our very best to make the estate planning and elder law process as seamless and personable as possible. And the first step is always to meet with you. The purpose of the initial meeting is actually to get to know you, your family, and your situation so that we can customize a plan based on your unique family situation.
Leigh Hilton PLLC wants to be your first call every time for any estate planning need. We look forward to serving you.
Thanks for reading!