Caregiving and caretaking are both words that describe elder care, but they can also be used to distinguish between a healthy relationship and an unhealthy one. A caretaker is someone who provides care but in a manner that is unhealthy either to the caretaker or to the elderly person. Caregiving, on the other hand, can be used to describe a healthy relationship where both the caretaker and the elderly person have a positive experience.

So how do you know the difference? It’s a fine line, but caretaking is often stressful, frustrating, and exhausting. Caregiving, on the other hand, is loving and, though it can be stressful at times, is something you draw strength and inspiration from.

Caretaking will often lead to feelings of depression in the person who provides care. The long hours, stressful situation, and feeling of constant pressure are common feelings for caretakers who are overwhelmed by the process. Also, unhealthy caretaking relationships do not give the person providing care a sense of accomplishment. Caregivers, on the other hand, come away feeling better about themselves knowing that they have helped someone else with their problems.

Declaration and Revocation 

These clauses work in tandem of to let the reader now that you have unequivocally made it so that the document they are holding in their hands is, without a shadow of a doubt, what you intended as your last will and testament. For example, “I, William Jones, declare this to be my last will and testament.  All wills and codicils that I have previously prepared are hereby revoked.”

Guardianship 

The clause is where you designate someone to serve as guardian to your children if you are unable to do so yourself, due to death or incapacitation. A guardian is kind of like a replacement parent, so don’t make this decision lightly.

Residuary Gifts 

This clause is used as a catch-all for any of the assets that you do not specifically give to someone elsewhere within the will. It will designate the person or entity to which this residual property will pass.

Signatures, Witnesses and the Self-Proving Affidavit

A self-proving affidavit is a unique statement that the witnesses sign to indicate that the proper procedures were followed, and that you knew what was going on when you signed, and you signed willingly.

Legacy Planning

Part of estate planning is not simply making choices about who we leave our money to and how we can best structure our estate to minimize tax exposure, but it’s focused on the broader picture of protecting our legacy and leaving behind a memory of which we would be proud.

When Mr. Schwarzkopf left the Army, he could have taken any number of paths that would have affected his legacy. He could have remained in the public eye, entered into politics, or taken positions that could have impacted his legacy positively or negatively. Instead, General Schwarzkopf chose a mostly private life that was lived outside of the public eye. By maintaining this position and not becoming involved in disputes or political fights, the general’s legacy remained largely intact when he retired soon after leaving the successful Gulf War.

Veterans Benefits

As one of the highest ranking military officers of his time, the general not only had notoriety, but also had access to all the veterans benefits that’s everyone who has served in the Armed Forces can access. Veterans have access to benefits such as aid and assistance, survivor benefits, commissary access, and a range of other programs that can help you now, and help your family after you die.

A single retiree’s estate plan will include same basic documents that other estate plans include, such as a will, powers of attorney, and medical directives. However, you’ll also have to take into consideration your ability to obtain assistance and elder care services should you ever require them.

For example, single retirees can often benefit from developing a Medicaid plan that they can use if they ever need to enter a nursing home. Medicaid planning requires you to act years in advance in order to use Medicaid to pay for nursing home expenses. You don’t need to sell all your possessions in order to receive Medicaid, but Medicaid planning does require careful preparation.

Additionally, if you plan on living at home you will need to take precautions, especially if you live alone. If you don’t live with anyone and do not have close friends or relatives nearby who can assist you when you need them, you’ll have to prepare for the possibility of outside assistance. This might include, for example, hiring in-home caregivers, contractors to make your home more senior friendly, or temporary assistants who can visit you when needed.

An ICE card usually contains the following information:

- Your name and contact information;

- Listing of any medical conditions with which you have been diagnosed;

- Listing of your known allergies;

- Name and contact information of the person(s) you wish to be contacted in an emergency;

- Name and contact information of your primary care physician;

- Name of your insurance provider, as well as your policy number.

Creating an ICE card is relatively simple and easy to do. There are some for-purchase websites that provide ICE cards that go into great detail, but there are also many free templates to be found online as well. One such website belongs to AAA, and it contains a free template that is easy to print and understand.

If you have not yet taken the time to create an ICE card, you should do so as soon as possible.

When the beneficiary dies before a testator—a person who makes a will—the gift the beneficiary would have received is said to have lapsed. All states have created what are known as anti-lapse laws, or anti-lapse statutes, that direct how lapsed property passes in this situation.

However, you do not have to rely upon your state’s anti-lapse laws to address this possibility. You can create your own anti-lapse provision or clause in your will to determine what happens should the beneficiary predecease you. In this situation your anti-lapse clause will take precedence over state law.

For example, let’s say your state has a law that directs that any lapsed gift will pass to the deceased beneficiary’s descendants. This means that if you leave your child an inheritance and the child dies before you do, that inheritance will pass to the grandchildren.

But, you can also create an anti-lapse clause in your will that differs from state law. So, you might say that any lapsed gift will pass according to your residuary clause. Your residuary clause might state, for example, that your residuary property will pass to a charity.

One effective estate planning tool to protect your assets, and your children’s inheritance, is to create a trust. A trust is very flexible, allowing you to set the terms for releasing monies to your children or other heirs, and to change the terms of the trust during your lifetime, if needed. Some establish the trust so that additional money is set aside to one child to take care of anticipated expenses for a more troubled child. Some trusts require that a beneficiary pass a drug or alcohol test before funds are disbursed; others write their trust to have a third party manage the funds for the beneficiary to limit the amount of access a beneficiary has to their trust funds. Although you may not be comfortable treating your children differently, circumstances may dictate that you do so to best provide for the future of your loved ones.

People often establish a testamentary trust to provide inheritances to those who cannot govern them themselves, such as minor children who cannot directly own property. If you want to change the terms of the trust you need to be sure why you are doing so and if changing the trust terms is the right course. You should speak to an attorney about this because there may be other alternatives you have not considered that could fit your desires better.

Tip 2: Consider the effect the change will have on your other property.

A significant change to the terms of your testamentary trust could impact the other gifts or conditions you included in your will. If, for example, you direct that additional property gets transferred to the trust, that property might affect the inheritances you directed in the will.

Tip 3: Make your changes in writing.

The most common way to update or alter the terms of a testamentary trust is to create a codicil or a new will. A codicil is a document that alters the terms of your existing will, while a new will allows you to completely rewrite it. Both documents must be printed and comply with the laws of your state. These laws are the same laws that applied when you made your original will, and failing to meet them will render the updated document invalid.

Seek financial advice.

A good financial planner can help you maintain your financial independence by not only organizing your finances, but also by proposing new financial tools of which you may not be aware. Your advisor should also be able to help you determine how much your lifestyle costs and develop a plan that allows you to maintain that lifestyle for long as possible.

Update your home.

Elderly people have different needs than younger people have, and while you may want to remain in your home it’s always a good idea to consider new updates or improvements that can better allow you to do so. Simple additions, such as automatic lighting and additional grab bars or handrails in the bathroom can make your home environment much easier to navigate.

Stay active socially.

Even if you have good family relations and close friends, it’s always a good idea to try new things. That doesn’t mean you have to suddenly join a group of strangers, but it can mean taking simple steps, such as going on a regular walk in a park or attending community plays or other social functions.

Life Insurance

There are two main types of life insurance policies: whole and term. Term life insurance is the type of life insurance that most people think of when they think of life insurance. For this kind of policy you pay a yearly premium and can name a beneficiary who would receive a payout should you die during that year. Whole life insurance also provides for beneficiary payments, but it adds an investment element as well. Whole life insurance is more expensive, but it allows you to develop an investment portfolio and borrow against the portfolio’s worth.

Long-Term Care Insurance

If you believe you might need to one day reside in a nursing home or extended care facility, long-term care insurance is a good option. If you do not want to develop a Medicaid plan or do not believe you will be able to qualify for Medicaid, long-term care insurance can help alleviate the expenses associated with nursing home care. Like other forms of insurance, it  is always best to evaluate each long-term care insurance plan in light of your needs and financial abilities.