I’m Healthy, Should I Consider Long Term Care Planning?
The cost of long term care is one of the biggest expenses incurred by elderly and disabled individuals. People that are young and in good health often think that they do not need to determine what care they may want or need in the future or how to pay for such care. Typically, the opposite is true, as the best time to engage in long term care planning is when you are in good mental and physical health. If you want to learn more about long term care planning and how better to prepare for your future, it is smart to talk to a skilled estate planning lawyer regarding your options.
Benefits of Long Term Care Planning When You are Healthy
Many people will, at some point, require assistance completing the activities of daily living, like grooming, walking, and going to the bathroom, either because of age or illness. As such, they may seek long term care. While in some instances, such care is provided in nursing home settings, in many cases, it can occur at home. Regardless of where it happens, such care is often expensive.
Unfortunately, many people harbor the belief that because they are healthy, they do not need to consider long term care planning. Sadly, this misconception often has devastating results. People who wait to engage in long term care planning run the risk of depleting their estate to pay for their care and outliving their assets. Additionally, if they wait until the care becomes necessary to develop a plan, they may make rash decisions rather than weighing their options and determining what level of care best suits their needs. In some cases, they may be incapacitated and unable to take part in the decision making process.
Further, many people who require long term care want to retain some level of independence and wish to be cared for in a home environment, but if they fail to properly plan, they may not have control over where their care occurs. Finally, when people neglect to thoroughly consider what long term care they may need in the future, the burden often shifts to their loved ones to make difficult decisions on their behalf and to bear the financial costs of such care. As such, it is prudent for people to meet with an estate planning attorney when they are healthy to discuss what kind of care they would like if the need arises, how they can pay for such care, and what risks they may face.
Contact us To Schedule a Meeting with a Knowledgeable Estate Planning Attorney
Elderly people and individuals with disabilities often require substantial assistance, and they may be overwhelmed with trying to determine what care best suits their needs and how they are going to pay for it. The best way to ensure that you are adequately cared for when you are older and that you have appropriate funding for such care is to engage in long term care planning when you are in good health. If you would like to discuss your options with regard to long term care planning, it is in your best interest to talk to a knowledgeable estate planning attorney today. Call our office at 321-804-2915 to get started.