At its core, estate planning is taking the time to organize finances and assets. Early in our lives, it can serve as an important tool to help develop our goals and plans for saving. Later in our lives, we start to review our plan to see if our strategy met our goals. One of the primary goals after retirement involves looking towards long-term care needs.
How do I make sure my estate plan accounts for long-term care needs?
Integrating long-term care into your estate planning can safeguard your assets and help to better ensure your care needs do not unduly burden your loved ones. The first step towards wise integration is to get an idea for what your long-term care needs may entail. This can vary based on location and family history as well as your personal medical history. Estimate potential care costs based on health predictions and care preferences.
For some families, it may make sense to secure long-term care insurance. The right plan can help cover care costs without depleting estate assets. It is also helpful to incorporate Medicaid planning. There are legal strategies to qualify for Medicaid, which can help cover extensive long-term care costs without exhausting your resources, without depleting your hard earned savings.
Incorporating these elements into your estate plan can provide comprehensive protection for your assets and ensure your care preferences are met.
What if our plan was not sufficient?
It is not uncommon for people to fail to put together a plan or to realize that their plan does not meet their long-term care needs. Although proactive planning is always best, those who do not have one in place still have options. Do not give up. Take the time to review your options and use the system to your advantage.
Long-term care does not have to compromise your financial legacy. By taking proactive steps, such as securing long-term care insurance, and pre-planning for the possible need for institutionalized long-term care you can protect your assets and reduce financial stress for yourself and your family. But, do not hesitate to reach out for assistance if a plan fails or was not in place. Remember, you still have options.