Estate planning can be crucial in helping your loved ones make decisions and navigate the legal process of finalizing your affairs. However, it can be valuable well before you pass away or become incapacitated.
Completing legal and financial planning now can help you and your family understand your resources when it comes to seeking long-term care.
Planning solutions to consider
Facilities like nursing homes can be quite expensive, as can in-home care services. And unless you start planning now, you may not be able to afford the type of care you want if you get hurt or sick and need long-term care.
Thus, you can start planning now. Think about where you would prefer to receive care – your home or specialized facility? Do you have a specific location in mind? Depending on your thoughts, you can use your estate plan to identify care providers and appoint decision-makers. You might also think about who will care for your children or pets if you must move out.
Other solutions can help you protect the assets you already have. When you are thinking about your estate plan, you might want to consider:
- Putting property into trusts
- Transferring property to a loved one
- Giving gifts while you are healthy
- Prepaying funeral and burial expenses
These measures can be crucial in preserving your assets so that you do not need to spend down your savings before financial assistance programs kick in to cover your care expenses. Thus, you can have more to leave behind to your loved ones.
Getting the care you want and deserve
When you have a plan for long-term care, you can make a difficult situation much easier for you and your loved ones. Making decisions ahead of time prevents painful or potentially contentious issues like:
- Selecting the facility you want
- Paying for your care
- Having someone manage your finances and medical needs
- Choosing or refusing specific types of care
While you may never need long-term care, having a plan allows you to live the life you want should this situation arise. You can call The Quinn Law Firm at 814-833-2222 to discuss the planning options that enable you to do this.