Long-term care planning is the act of planning for your financial and medical needs. Despite how important planning is, many people forget to do it. Long-term care planning includes asset protection to prevent going bankrupt in a nursing home, designating a power of attorney and health care surrogate, creating a living will, designing a will for trust. Planning ahead and preparing for your future will provide you with many benefits that will greatly outweigh the minimal time it takes to start planning.
Remain in control of future decisions by designating a Health Care Surrogate and choosing a Durable Power of Attorney. In the event that you are no longer able to make medical or financial decisions for yourself, this person or persons will act on your behalf and make decisions in your favor.
Additionally, creating a will and a living will gives you control over what happens to you and your belongings when you die. A living will includes your wishes on the use of life support and allows you to make the decisions, rather than putting the burden on your family. A will is a document that states where your belongings will go after you pass. Having an up-to-date will and living will put you in control of what happens to yourself and your belongings.
Gain Peace of Mind
Creating a plan for your future will give you peace of mind knowing that your wishes will be fulfilled. Too often, family members are left with the burden of making difficult decisions when a loved one is at the end of his or her life. It is never too early to put a plan in place so you can live your life knowing things will be taken care of as you wish.
No one can predict the future, and that is why asset protection is so important. Creating an asset protection plan will allow you to live without the worry of what will happen to your assets in the event of the unexpected.
Long-term care planning has many benefits; however, it can be a complex process. Consulting with an elder law attorney will help you get your questions answered. If you’re looking to begin the process of long-term care planning, Kentucky ElderLaw is here to help. Visit us at https://www.kyelderlaw.com/long-term-care-planning/ to learn more, or call us to set up a free consultation.