Caring for Your Spouse After You're Gone
Your spouse has been there with you through thick and thin. They have been your rock, the foundation upon which youve built your life. Your spouse has probably been your friend, confidant and true partner.
If your spouse is ailing now, there are ways that you can protect them, even after you are gone. Lets say your spouse has a slowly degenerative disease, like Alzheimers disease. Hopefully, their illness may be kept at bay. As long as you are there, you may intend to care for your spouse at home. But, what if you die first? At least one study has shown that caregivers themselves often get sick or die early because of the stresses on them.
If you die first, your assets would pass to your spouse. Then, without your support, your spouse may need nursing care and would need to spend the resources youve built over a lifetime together to pay for that care. Eventually, they would have spent down those resources and would qualify for financial assistance. But, then they would have little money left for incidentals and luxuries, like birthday gifts for the grandchildren.
There is a better way. You could leave your assets to your spouse in a Testamentary Special Needs Trust, which is a unique kind of Special Needs Trust. The assets in the Special Needs Trust may not be used for items covered by government assistance, such as medical care. However, the assets may be used for whatever costs government assistance does not cover, such as a special medical procedure, extra therapy, a private room in the hospital or nursing home, travel, an art class, birthday gifts for the grandchildren, and in some cases, even everyday living expenses.
A Special Needs Trust is a good strategy for any loved one needing substantial care. However, a Special Needs Trust for your spouse can only take effect upon your death. Further, it must be set up in a precise manner to qualify, so that the assets you leave to your spouse will not be deemed available resources when seeking government assistance and have to be spent down before the government will help with the bills.
You would do anything for your spouse. But, statistics show that you may go before your spouse. Plan now to protect and provide for your spouse, even after you are gone. A qualified estate planning and elder law attorney, one who focuses his or her practice in that area, can help you set up a plan that meets your concerns and your spouses needs.
Other Articles You May Find of Interest...
- For Sale – Golden Technologies Buzzaround Scooter XL
- 5 Signs Your Senior Loved Ones Need to Consider Assisted Living
- 7 Questions To Ask When A Doctor Prescribes You Medicine
- Over-the-Counter Medicines and Drug Interactions
- Slowing Down: How to Make Sure You Care for Yourself as you Get Older
- 10 Ways to Spend More Quality Time with Your Aging Parents
- The Importance of a Personal Diet Plan in a Senior Living Facility