Six Steps for Long-term Care to Consider when Creating an Estate Plan. Depending on your age, financial status, and medical history, long-term care considerations may be an important aspect of the creation of your estate plan in California. With so many Americans now living into their 80s and beyond, long-term care costs are climbing. Nursing-home or at-home healthcare costs are high. Fortunately, a knowledgeable Orange County estate planning lawyer can assist you in creating an estate plan that plans for your long-term care needs so that you are not faced with a significant emotional and financial burden when the need for long-term care arises.
What are some of the steps that may be incorporated into the creation of your estate plan in order to ensure that your long-term care needs are addressed? The steps may include:
- Preparing an Advance Medical Directive that outlines your wishes for your end-of-life medical treatment, should you become incapacitated.
- Setting up a Durable Power of Attorney to allow a trusted loved one to assist with managing your financial assets when you are no longer able to do so.
- Considering the purchase of a long-term care insurance policy.
- Considering creating a trust to potentially preserve some of your assets when attempting to qualify for certain federal or state long-term care resources.
- Ensuring that you have a Will in place that appoints a guardian over your person and assigns someone to carry out your estate in the event that you pass.
- Considering additional long-term care asset-preservation techniques.
Six Steps for Long-term Care to Consider when Creating an Estate Plan. Creating a revocable living trust is often a valuable tool when setting up your estate plan. To learn more about the benefits of living trusts, view our free guide, Understanding the Revocable Living Trust – In Language that Anyone can Understand in 8 Minutes. Call our office of experienced Orange County estate planning attorneys today for assistance creating your estate plan and addressing your long-term care needs. Contact us today at (714) 282-7488 for a consultation.