For many of us, it can be difficult to acknowledge that we are getting older and may need services or support to help us complete daily tasks. Long-term care provides help to people who need assistance with activities like bathing, dressing, and eating.
Long-term care overview
This type of care can be provided in several settings, depending on what is most comfortable and affordable. There are options to receive services in your home, in a residential care or assisted living facility, or a center that allows you to interact during the day and return to your home at night.
Long-term care can be very expensive and may be paid for by Medicaid, if the recipient qualifies, by long-term care insurance, or through personal funds.
Long-term care and estate planning can go hand in hand. By creating an irrevocable Medicaid trust, you may be able to protect your assets for your beneficiaries. Long-term care insurance can also help defray the costs of extended help, so that you are not using all of your assets to pay for care.
A well-drafted estate plan can also review estate tax strategies to help you preserve more of your assets.
No matter whether you choose to create a will or a trust, you can make a power of attorney for finances, which allows a trusted person to make financial decisions for you and an advanced directive for health care, which allows a designed person to make financial decisions when you are unable to. Usually, this is because of illness or incapacity.