Adding a long-term care component to your estate plan is one of the best decisions you can make. Not only does it put your mind at ease right now, but it will go a long way in protecting you, your loved ones and your finances in the future.
For many people, the primary concern of long-term care planning is the inability to make informed decisions regarding something that they may not need for many years. This is particularly true among younger individuals who are creating an estate plan.
While there’s no way of knowing what the future holds, that shouldn’t stop you from tackling long-term care planning. Here are some of the questions you can answer to put yourself on the right track.
- What are the different types of long-term care? Most people equate long-term care to a stay in a nursing home. While this is one of the most common types, there are others that could come into play, such as in-home care and assisted living.
- How do you plan to pay for long-term care? If you don’t answer this question now, it may be too late should you require care in the future. Your best option is Medicaid, but not everyone meets the eligibility requirements. Other ways to pay for long-term care include long-term care insurance, annuity and personal assets.
- How does long-term care affect your loved ones? Remember, you don’t create a long-term care plan just for yourself. You also do so because you don’t want to burden your loved ones should the time come. For instance, if you can’t afford to pay for long-term care, your adult children may feel like they have to step in and assist you. You don’t want to put them in this awkward position.
These are just a handful of the many questions you should answer in regard to long-term care planning. Once you understand what goes into the process and how to proceed, you can create a plan that gives you peace of mind.
Don’t continue to put this on the backburner. When you focus on long-term care planning now, you won’t have nearly as much to think about in the future.