Long Term Care Planning involves looking at the needs of the individual to assess what the best care situation will be now and in the future. There should be a balance between the financial situation and the care needs. A good long term elder care plan will take into consideration whether the individual can safely remain home with assistance or need to move into a long term care facility. Options may include independent living, assisted living, or skilled nursing care. To assist with the health care side of the planning, I work with geriatric care managers or life care aging specialists to create the best environment for their loved one. My part of the planning involves looking at the finances and providing assistance to find ways to pay for the care. Some strategies may include asset protection. The areas to discuss with a family include:
Estate planning allows individuals to control their lives and their assets while uncontrollable life events may be happening. All legal adults over the age of 18 should have some sort of estate planning documents. I often hear many reasons why an estate plan is not needed. Most people like to say they do not have a large estate, so they do not need a plan. However, estate planning helps you express what your wishes are no matter the value of assets. Even if the only asset that you own is car, you likely still want to say who can use the car in your absence. The other excuse that I hear is that "I'm not old enough." Estate planning is not just about planning for old age or death. Accidents occur in life at any age. Many people have short hospitalizations throughout their life and will need to appoint someone to look after them.
Please feel free to download the following documents. I hope that you will find the information helpful. I encourage you to pass on the information to family and friends.