Impact of Increasing Healthcare Costs on Texas Estate Plans

Society as a whole has experienced unexpected and overwhelming changes over the past year. These changes have undoubtedly caused people to consult with their Houston estate planning attorneys to address their long-term goals. Recent surveys by TD Wealth highlight several issues that have impacted estate planning.

Healthcare Costs Skyrocket, But That’s Not the Only Problem

As Americans continue to live longer, many families incur hefty healthcare costs long after they stop working. The surveys reveal that rising healthcare costs combined with market volatility present significant challenges to those creating Houston estate plans. Previously market researchers from TD Wealth found that one of the most significant threats to effective estate planning came from familial conflict.

Issues typically arise because individuals fail to communicate their plans with family members, especially in blended family situations. Further, family conflict stemmed from beneficiary designations. For example, individuals are reluctant to name a guardian for their minor children in an effort to spare family members’ feelings.

The Pandemic’s Impact on the Female Workforce

The pandemic has further complicated matters, as many people have had to leave their jobs or experienced salary cuts. Nearly 90% of interviewed estate planning attorneys reported that they have had to modify their female clients’ estate plans, including changing beneficiary designations, guardianship wishes, power of attorneys, wills, and postmortem statements and letters. This comes as no surprise, as women have led the charge with virtual schooling and childcare. Although many women may rejoin the workforce at the same level, some have missed out on career opportunities and growth. These unexpected changes will likely have a long-term impact on their overall financial holdings.

In light of the pandemic, it is no surprise that Texans have had to face issues and engage in discussions that they may have previously avoided. In addition to the pandemic, societal changes such as increasing divorce rates and tax reforms have led people to seek consultations with estate planning attorneys to ensure that their estate plans accurately reflect their domestic and economic situation.

A Texas estate planning attorney can assist clients with analyzing their personal goals to craft an effective estate plan. Attorneys can draft documents such as the power of attorneys, health care directives, living wills, revocable trusts, and more. Establishing a solid estate plan will protect a person’s assets and businesses. Additionally, an attorney can guide individuals through the probate process. The probate process includes will validation, executor hearings, asset inventory, debt collections, and asset distribution.

Contact a Houston Estate Planning Attorney

If you are like most, and have concerns about the future, contact Houston, Texas estate planning and elder law attorneys at McCulloch Miller to address your estate planning needs. Houston offers residents some of the best health and medical care in the country; thus, people are living longer after retirement. Our attorneys can help individuals address their long-term financial and medical needs to ensure that their assets and families receive the protection they deserve. For over 30 years, the partners at our firm have advocated for aging Americans while providing them with estate planning services. Our firm handles Texas elder law issues, veterans benefits, Medicaid crisis planning, probate administration, and charitable planning. Contact our office at 713-333-8900 to schedule a consultation with an attorney on our team.



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