Are You or Your Family Facing Any of These 7 Avoidable Long Term Care Crises? Courtesy of Elder Law
As you get older, you will likely need some level of long term care at home or in a skilled care facility. Having a good comprehensive long-term care asset protection plan can address the following crises.
Crisis #1
– Running out of money if you (or your spouse) become ill and require significant care The cost to provide care at home or in a Skilled Care facility is very expensive. When you need the care, you don’t have an option to not get it. You need to have a long-term care asset protection plan in place before the costs of care causes you or your spouse to run out of money.
Crisis #2 – Having no
control over who provides care for you if you need it When you or your spouse need care it is very important that you have control over who comes into your home or what skilled care facility you want to use. Without a long-term care asset protection plan you may have little choice on who provides the care you need.
Crisis #3 – Choosing
Crisis #4
– Leaving an inheritance to your loved ones, only to have it taken by their creditors Sometimes your loved ones don’t make good choices in life. Creditors or substance abuse can mean the assets that you have saved up over the years are wasted on creditors or pose serious risk to loved ones with substance abuse issues. A long-term care asset protection plan makes sure your inheritance helps your loved ones.
Crisis #5
– Your children misusing the property or money you leave to them You love your children. Sometimes they don’t make good financial decisions. You need a long-term care asset protection plan to make sure property or money are handled the right way.
the type of care you want and where you want to receive it No one wants to go to a nursing home. The good news is there are many local options for care and support in the home. Theses options can be very expensive. Does your long-term care asset protection plan address how to pay for these options without spending everything you have? 26 | Senior Resource Guide Spring 2018
Crisis #6
– Providing support to a loved one with a disability both during your lifetime and after your passing I have faced this issue in my own family. The care of disabled loved ones is complex yet critically important. The issue can be even more important after you have passed away. Planning to preserve the benefits our disabled loved one needs while providing additional support when you can’t be there to make decisions should be a part of your longterm care asset protection plan.
Crisis #7 – Making sure
your wishes about care and your finances are carried out Without the proper planning, a court rather than you may decide who makes decisions about your care and finances. Your long-term care asset protection plan addresses this need before a court is needed. You get to decide who and when others can make care and financial decisions for you. If you are facing any of the crises above, we can help. A long-term care asset protection plan is not a one-sizefits-all set of documents. Each plan is designed based on your concerns, your desires, and your goals.