An elder care plan is a comprehensive strategy that helps define your wishes for later in life and ensures that the burden of your care does not fall on your family and loved ones. A successful elder care plan considers your physical, personal, and financial affairs, and considers your family’s capabilities. An experienced Springfield elder lawyer will generally advise that your elder care plan not only encompass your will or living trust, but additionally makes plans for long-term healthcare, funeral expenses, and more.
Unfortunately, because discussing the end of life is generally viewed as a morbid endeavor, many families neglect to put an elder care plan in place, which causes them to respond reactively rather than proactively as a loved one begins to age. This often results in more costly care and missed opportunities to get the possible insurance or treatment available. Instead, we recommend working with a Springfield elder lawyer as soon as possible to get your elder plan underway.
Creating an Elder Care Plan: Get Your Paperwork in Order
It’s important to have any wills, trusts, or other legal documents in order and ready to be deployed in the event of your passing, but it’s equally as important that any health and financial records are in the hands of a family member or trusted advisor. Your elder care plan will identify weaknesses and opportunities for ensuring that your family is left with a minimal burden at the time of your passing. These documents are a crucial first step in ensuring your plan is effective.
Some of the documents you will want to have on hand include:
- Life insurance and annuities
- Bank and investment accounts
- Burial and funeral plans
Working with a Springfield Elder Lawyer to Plan for Long-Term Care
While everyone assumes that their passing will be quick and painless, the reality is that the end of life is often accompanied by the need for long-term care. If you’re hoping to avoid saddling your children with the burden of caring for you full-time in your old age and would prefer to avoid entering a nursing home, then you should outline a financial plan for covering your long term care costs.
Some of the questions families will want to consider when planning for an elder’s long-term care includes a realistic assessment of their ability to physically care for their parents in their old age. If your house or skill set simply isn’t geared toward full-time care, you will need to consider whether hiring someone to live or spend a significant amount of time at home with an elder is within your budget. You must also consider the financial implications of your plan since the mounting cost of healthcare is becoming increasingly burdensome for most Americans. Finally, review existing insurance plans and be sure you understand that most won’t cover long-term care for elders – so you won’t be able to rely on insurance in order to assuage these costs.
Eager to get started on an elder care plan that works for your entire family? Your Springfield elder lawyer can work alongside your financial and investment planners to ensure that your elder plan incorporates estate planning strategies that minimize costs to leave more room for long-term care. Contact our offices today to begin the process.