The basics of elder care planning

by | May 13, 2019 | Firm News |

As people age, things tend to get more difficult. Everyday tasks, such as walking, writing and using the toilet, may seem impossible for the aging.

Planning is an integral part of any financial forecast, and elder care planning should start taking front and center, especially if your family has a history of degenerative diseases that require constant care and support.

Gathering everything together

One of the first steps in making sure things go the way you choose as you age is by gathering together all relevant paperwork. The critical items you need to have include:

  • Will
  • Living will
  • Trust documents
  • Power of attorney
  • Life insurance
  • Bank account information
  • Credit cards
  • Funeral arrangements

If you meet with an attorney to prepare your long-term care plan, you can bring anything you already have. Perhaps you have not revised your will or trust documents recently. The same attorney may wind up helping you take care of those as well.

Make decisions

Long-term care planning is not exciting, but it is essential to helping those close to you know and keep your wishes. However, you must make some difficult choices such as where you want to go should you become unable to take care of yourself. You may want to have a progressive plan that starts off with you staying at home. If your needs become worse, you may have to move to a facility.

Financial planning

You do not want to burden your family, and as such, long-term care planning is crucial. Medicaid eligibility is always on the table, and knowing that it can pay for more than you think is something that may help put your mind at ease when it comes to paying for your care. Review the best way to protect your assets, at least at the onset of care.