Estate planning has a way of confusing people. Many people focus so much time on their assets and distribution upon their death that they overlook other details of importance.
For example, long-term care planning should be a big part of your estate plan. Without this, you may find yourself struggling to get the care you want and need in the future.
Here are some questions to answer as they pertain to long-term care planning and your estate plan:
- How will you pay for long-term care? There are many options, ranging from Medicaid to private funds to long-term care insurance. Having a plan in place will allow you to seamlessly receive care should the time come.
- Do you have a living will? With this, you can specify the type of medical treatment you want to receive should you be unable to express your own wishes. You hope this part of your estate plan never comes into play, but creating this document will give you peace of mind.
- Have you selected a nursing home? Not everyone does this, but there’s nothing wrong with choosing a nursing home facility in advance. This is better than being rushed in the future or having someone else make the decision on your behalf.
A comprehensive estate plan includes a variety of information and guidance as it pertains to long-term care planning. Without this, you may have concerns about what the future will hold.
If you have an estate plan but have yet to answer the questions above, there’s no better time than now to modify it.