Planning for your future can mean planning to pass on your estate to your family. However, it can also mean planning for the long-term care you need to live comfortably in old age. Creating a successful long-term care plan requires foresight and guidance from an experienced elder care attorney. By choosing which care you prefer and how you will cover the expenses ahead of time, you can rest easy knowing that your health will be taken care of when you need it most. If you are ready to craft your plan, work with The Millman Law Group today to navigate the five following steps.
Evaluate Your Health
Although most people cannot predict when they will need to put a long-term care plan into action, evaluating the state of your health now may help guide your plan. This is especially true if you have chronic conditions or a family history of serious health concerns.
Research Long-Term Care Options and Costs
Around-the-clock care in a nursing home is one type of long-term care to institute in your plan, but there are several others to consider. Other options include community care, assisted living, home health aides, and family caregivers. Creating a long-term care plan that determines which option you prefer will help you prepare for the expenses required.
Put Together a Potential Budget
Next, you may put together a rough budget assessing the costs of living for you and your spouse. Include income from sources such as Social Security, pensions, distributions from retirement accounts, and more. Consider what your long-term care plan will cost over time and how your income will be impacted. Will these expenses impact any inheritance you might leave to your family?
Meet With Your Elder Law Attorney
Your knowledgeable elder law attorney at The Millman Law Group will help you iron out any issues in your long-term care plan. They can help you manage your estate to find the best options if you are concerned about paying for your care. They can also propose the best documents to help you pass on your estate to your family. Additionally, documents like Health Care Proxies can further help you plan for possible health emergencies.
Incorporate Medicaid Planning Into Your Estate Plan
Medicaid can help cover your long-term care expenses. However, failing to plan for Medicaid can put your assets at risk or result in your Medicaid application being denied. Medicaid uses income and asset limits when evaluating an application. When you and your estate planning lawyer plan ahead for your Medicaid application, you can incorporate it into your estate plan to ensure that you can prepare for your future and that of your family.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.