Elder Law Lawyer
For many older adults, there comes a time when it is no longer possible to complete all necessary daily tasks independently. It is a good idea to start planning for such a time well in advance of its occurrence, although this isn’t always possible. Whether you’re looking ahead on behalf of yourself of a loved one in a proactive way or you need to react now to an immediate need for assistance, engaging in long-term care planning can help to ensure that you have the financial and practical resources that you need to remain healthy and fulfilled from this day forward.
What Does Long-Term Care Planning Consist of?
As an experienced elder law lawyer – including those who practice at Kaplan Law Practice, LLC – can explain in greater detail, long-term care planning involves navigating services and financial resources with the aim of meeting an individual’s personal, financial, and health-related needs over time. Generally speaking, long-term care planning involves engaging the assistance of caregivers to facilitate the needs of an individual who can no longer fully care for themselves independently, although there are exceptions to usage of this term.
Oftentimes, older adults are able to remain in their own homes or are able to live with loved ones and benefit from supplemental services as opposed to facility-based care. At other times, the needs of an individual are most fully met when they reside in a long-term care facility, such as an assisted living community, a nursing home, or a memory care unit.
Paying for Long-Term Care
It is no secret that paying for either facility-based care or supplemental services tends to be a very expensive undertaking. Working with an experienced attorney to assess how such care can be properly paid for is an effort that is likely worth your time. Failing to take a proactive approach to the financial aspects of long-term care planning can result in significant stresses that can often be avoided when taking in the “broader picture” at the start of the planning process. Handling finances wisely and taking advantage of all benefits programs to which one is entitled can make a world of difference when it comes to paying for long-term care.
Estate Planning Considerations
Long-term care planning often affects one’s estate planning efforts, in that it can be beneficial to review one’s estate plan when starting this process. The structure or terms of any number of estate planning documents may need to be updated or otherwise altered as a result of this forward-looking process.
Additionally, you may find that it is beneficial to create a trust as part of the financial planning aspect of this process. Sometimes, paying for certain expenses as funded by a trust can better ensure sound management of an individual’s finances and can significantly reduce their tax liability as they are looking to the future. If you’re advancing in age and could benefit from speaking with an attorney about long-term care planning concerns, please don’t wait.