When Kentucky residents think about long-term care plans, they probably think about planning for an eventuality in which they need to stay at an assisted-living facility or nursing home for a period of time due to old age or declining health. That is definitely one part of it, but there is much more that needs to be considered when you are thinking about a comprehensive plan for long-term care.
For example, just because you have a plan to pay for the cost of long-term care doesn’t mean that other areas of need can be dismissed. You may need to plan to protect your assets so that everything you own isn’t diminished because of the cost of your long-term care needs. Or, you may need to make plans regarding your health insurance, specifically Medicaid.
There are other aspects to planning for long-term care as well. You will likely want to draft a power of attorney document that appoints another trusted individual to make financial decisions and moves on your behalf. Same for a health care power of attorney. And, of course, you’ll want to make sure your estate plan is in order with, at the very least, a will in place.
Your unique situation
At our law firm, we understand that each one of our clients is in a unique situation. There usually isn’t a one-size-fits-all approach to long-term care planning. We work with our clients to find the right solutions for their needs. For more information, please visit the long-term care overview section of our law firm’s website.