A recent MarketWatch article warns of the dangers of failing to create and implement a Long-Term Care plan while you are still healthy and able to do so. While it is admittedly difficult to think about aging, future incapacity and death while you are still in the prime of your life, research shows that one’s ability to make complex decisions is often one of the first abilities that we lose later in life. Therefore, making these decisions now is critical to your well-being, and benefits your family, as well.
The foundation of most Long-Term Care plans is a sustainable retirement income plan that deals with definite income and mandatory expenses. When many people think of a Long-Term Care plan, they might think of Long-Term Care insurance as Long-Term Care expenses can devastate financial well-being.
You also should transition to an investment plan that is less complicated, in anticipation of the possibility of cognitive and management abilities beginning to decline, particularly important with dementia and/or Alzheimer’s Disease. In terms of sustainable income, you will want to explore all different possible sources, simply because you cannot always accurately predict what type of care you will need, whether you, your spouse, or you both will need Long-Term Care, and exactly how much it will cost. Some examples of sustainable income include Social Security benefits, fixed-income annuities, and pension income. Again, you should take steps to ensure that your investments and income are in the best form for whatever transpires in your future, be it in-home health care, assisted living, or nursing home care. Medicaid planning is a crucial part of this analysis, as there are income and resource limits on Medicaid coverage for Long-Term Care.
If you do not currently have a Long-Term Care plan, you should take the first opportunity available to explore how this option would meet your needs. Engaging in Long-Term Care planning is not only beneficial to ensuring that your wishes are followed, but also to your family members who must assist with your care. This inquiry involves determining not only what options are available to you, but what options are best tailored to meet your objectives and still preserve your assets. At Elder Law Group PLLC, our Kennewick Estate Planning lawyers can help you make sense of these options, and support you through the decision-making process.