SPECIAL CONSIDERATIONS
An important part of financial planning is anticipating
how to handle bad times. Prudent planning includes learning
about public and private benefits programs. In most
communities, governmental and private agencies offer services
to help care for older persons, such as low-cost medical
clinics, home health care, housing options, adult day care, and
chore services.
The local Social Security Administration office has
information about entitlement programs such as Medicaid,
disability insurance, food stamps, and Supplemental Security
Income. Ask about your state's Medicaid "divestment" rules
which permit transfers of some assets to other people if done a
specified length of time before applying for Medicaid (usually
at least three years). Divestment is a precaution some take to
avoid "spousal impoverishment" when all the family's assets are
spent before a sick family member can be eligible for Medicaid
assistance.
When arranging family matters, it will ease your
survivors' emotional burden if you let them know your
preference for funeral or memorial arrangements. You can handle
these matters yourself by planning through a non-profit
cooperative memorial society or by prepaying at the funeral
home of your choice. If you decide to pre-pay, be sure you or
your survivors can cancel the contract should you move or
change your mind. Planning ahead and using comparative shopping
skills can save thousands of dollars in funeral expenses.
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