Planning for your care and estate when you are older is more complicated if you don’t have children, since children often fall into the role of caregivers.
Here are some tips to help ensure that you are well prepared if you do not have any children, according to an article in the Houston News.
- Pick your advocates wisely. They must be people you trust. And if they are close to you in age, name younger backups to help you with your medical, financial and estate planning choices.
- Establish a health care proxy. This allows you to appoint someone to make medical decisions for you in case you are unable.
- Think about creating a durable power of attorney document. The person named can make financial decisions for you.
- Figure out how your assets will be distributed. A will can name who gets what.
- Purchase long-term care insurance – before it is too late.
- Set up a gifting plan. You ca give up to $14,000 per person to as many people as you want without tax consequences.