Why Estate Planning for Long-Term Care Pays Off
When it comes to estate planning, what comes to the minds of many people is what will happen to their properties upon their death. However, that worry lacks a significant consideration, which leads to making the same mistake for many people. That consideration requires the need to plan for long-term care.
Struggles lead to hasty decision making in search of a solution to cater for medical costs. One of the most effective measures to apply is preplanning with the help of an expert like The Mattar Firm attorneys.
Why It is So Important to Plan for Long-Term Care
Long-term care lasts approximately three years. However, that period increases when you consider nursing homes that last for a short period, as it will substantially have an impact on an estate.
The level of care a senior needs determines the cost that will be charged. The value grows fast depending on whether custody will be from a:
- Nursing home
- Assisted living facilities
- Or within home living
For instance, the national rates for assisted living range at around $9,171 per month. When the cost begins to rise, your assets start dwindling sooner than expected. Luckily, the asset protection attorneys come in handy in various ways. Advantage of estate planning are:
- Estate Planning Prevents Unintended Beneficiaries
- It Protects Families with Young Children
- It Spares Heirs a Big Tax Bite
What to Go Over with Your Estate Attorney
Factoring in estate planning prevents many mishaps in the future. When you lack to factor in long term care in your estate planning, you probably are not looking at an accurate representation of your assets. Consider talking to your estate planning attorney about the following so that everything can be on track with your estates.
- Set reasonable expectations for long-term care
It is impossible to know what life holds, but we can make guesses. For instances, there are significant diseases that could be running in your family. You can choose to stay healthy by taking the correct precautions that will help you to stay healthy for a long time. Estate planning will help you financially in life, as it will protect you in your worst case scenario.
- Consider a long-term care insurance policy
Since standard health insurance or Medicare does not cover your costs, a long-term estate plan care insurance policy is one of the most effective ways to shield yourself from draining your financial assets. Always ask for resources that will help you in finding an affordable premium. This is likely to boost prohibitively over time.
- Get smart about living wills and trusts
The best way to prepare your loved ones for complex medical decisions will go over advance directives.
It is also essential to generate a plan that consents someone you trust to access and use your available financial resources for the benefit of the event of the unseen circumstances. The common mistake most people do is tying up assets that cannot be liquidated when you mostly need them. For example, when money is locked into annuities, it can result in a fee to enable early withdrawal. When you decide to work with a team to help you in long term estate plan care, it should include:
- An estate planning attorney
- Financial advisor
- Insurance professional
This team will provide you and your family with the best solutions to problems that may arise.
Take the time now to talk to an estate planning attorney if you need an attorney who will help in maintaining financial security. Even if you do not end up requiring long-term care in your when you are alive, you can appreciate the peace of mind when you know you are well covered.
The process of implementation of a long-term care proposal may sound intimidating, but The Mattar Firm are here to help you by ensuring it is a rationalized experience. Get in touch with our experienced estate planning attorneys at The Mattar Firm today and let us place you in a secure position for the future.