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Strategically planning long-term and late in life care

| Apr 14, 2021 | Elder Law |

Planning for one’s financial future is an important step for individuals in Indiana and elsewhere to take. When an individual is employed, they plan for their retirement. So why not take the extra step to make financial plans to secure one’s retirement later in life. Long-term care planning may not be an easy and emotionless process; however, it is one that is beneficial, as it can protects not only the finances of the individual but all the assets heir would receive after their passing.

Long-term care planning

When one hears the phrase long-term care planning, it is likely they are envisioning financial planning to address and prepare for the high costs of care at a nursing home facility. While this might be the case for many, this is also a planning process that considers how one sees their late or end of life care and how these goals will be known. This makes this process more than just one of planning but one of strategy as well.

Strategies for long-term care

One needs to designate certain details. This means indicating whether they will prefer to be at home or in a community care setting when it comes to care provided to them later in life. This means consider what family support one has or will require. If one seeks to remain at home, considering the changes or enhancements needed or added technologies required to make again at home safe and feasible.

Designating specific details, such as hospital preferences and rehab facilities can also guide the process. When one takes the time to establish these wishes, it is much easier to move onto the financial side of things, as costs are better understood. Additionally, one should prioritize choices, as it may not be possible to fulfill all the wishes due to financial constraints.

Assuming the costs of long-term care could quickly deplete one’s savings and impact the assets one hoped to pass onto his or her loved ones. Thus, it is imperative to consider how planning and preparing for long-term care could result in a more affordable option. This and other elder law issues can be complex. This is why it is important to gain the necessary information to take the steps needed to address them.