It may seem like there are simply too many other tasks to take care of when you or a loved one’s health begins to fail, but planning for long-term care is important. Proper long-term care planning not only provides a strategy but actually reduces medical costs and other caretaking expenses. In fact, according to a recent study published in the U.S. National Library of Medicine, long-term care (LTC) planning both improves “cost of care and the quality of life at the end of life.” There are many aspects of LTC expense planning, and an Anne Arundel County elder law attorney will be happy to discuss these with you.
Advance Care Directives and Power of Attorney
What do you want your physician to do if your heart or lungs stop? Who will make decisions for you if you lose consciousness? Having an advance care directive or power of attorney will ensure that your end-of-life wishes are carried out, and that your family does not have to wonder or guess what action you would have wanted.
Every day, 12 million Americans need assistance with things like bathing and eating or other long-term care assistance, according to Fidelity. In fact, housing, everyday nursing home or assisted living help, and medical care are the most expensive and most important things to think about when discussing your end-of-life and long-term care expense decisions. Nursing homes and assisted living homes are out of most Americans’ price range, which is where Medicaid planning comes in. With proper Medicaid planning help from an attorney, you can afford the nursing home care you need without spending your last dollar on it.
Updating Your Will and Creating Living and Irrevocable Trusts
Ensuring that your will is up to date, and creating various types of trusts, is another vital step in your end-of-life planning for reducing your long-term care expenses. Trusts can be used to set aside property for your beneficiaries, save on taxes, provide for any adult children with disabilities, and much more. Additionally, creating a trust to bequeath your property will allow your loved ones to avoid probate, which is expensive and time consuming. An experienced elder law attorney will be able to look at your finances, property and other circumstances and help you decide what types of trusts will be most valuable to you.
Preparing for your end-of-life decisions will go a long way in reducing your long-term care expenses and will most likely provide you and your family with more security as well. Proper long-term care planning also improves quality of life during your final years.
If Frame & Frame, Attorneys at Law can assist you or your family, contact Tara K. Frame at 410-255-0373.