You can create a long term care plan by considering your needs, consulting with the right people, and putting important documents in place to help manage your care and protect your assets. The earlier you begin planning, the more options you’ll have.
A long term care plan is a strategy designed to help you manage care and support for yourself or a loved one over time. It should include both medical and non-medical considerations, with the goal of maintaining quality of life and independence for as long as possible.
A Texas elder law lawyer can offer legal guidance and draft the necessary documents. Our firm has over 120 years of combined experience assisting and advocating for older Texans. Contact us today for a consultation, and we can begin to put together your plan.
Call or text (800) 562-9830 or complete a Free Case Evaluation form
Determine Your Needs
The right time to ask how to create a long term care plan is around retirement age, if not sooner. However, younger, healthier people often don’t like to consider long term care needs, and put off planning for years. Sometimes, this can lead to emergencies and families scrambling.
If you or a loved one requires immediate admission to a nursing facility, it is important to speak with an elder law attorney so you know your options. They can help you establish documents such as powers of attorney and living wills, as well as explore ideas for protecting assets.
If you are healthy and don’t expect to require care in the near future, don’t put off planning. Talk to an attorney and your family members, and begin putting the foundation in place so you and your assets are protected in the event you require care.
For a free legal consultation, call (800) 562-9830
Involve the Right People in Your Planning
Creating a long term care plan is a personal process, but it helps to get professional assistance and the perspectives of the people who are closest to you. Those you may wish to involve in your planning include:
- Your Family: You will likely appoint one or several family members as healthcare or financial decision makers, as well as the executor of your estate. It is important to include them in the process.
- An Elder Law Attorney: A skilled attorney can draft important documents and help you devise ways to protect your assets.
- Your Doctor: Your physician can offer a professional perspective on your health care needs, which is especially important if you may require long term care in the near future.
- Financial Planners: You may wish to consult with financial professionals to help you find ways to fund the care you need.
Designate Your Decision Makers
Some of your most important documents establish who you wish to make decisions on your behalf in the event you are unable or when you pass away. These include:
Powers of Attorney Documents
Powers of attorney are legal documents that designate one or more trusted agents to act on your behalf if you become unable to make decisions for yourself. There are two main types:
- Medical Power of Attorney: Appoints someone to make healthcare decisions for you if you’re incapacitated. This can include consent for treatments, surgeries, admission to facilities, or end-of-life care, in accordance with your wishes.
- Financial Power of Attorney: Grants your agent the authority to manage your financial affairs, such as paying bills, managing investments, handling real estate transactions, and filing taxes.
Advance Medical Directives
Also known as a living will, an advance directive outlines your preferences for life-sustaining medical treatments in the event you’re unable to communicate or make decisions for yourself. It may also include the designation of a healthcare proxy.
Last Will and Testament
Your last will and testament outlines how you want your assets distributed after you pass away and states your wishes regarding who will care for any minor children after your death. It also names an executor of your estate who will carry out your wishes.
Take Steps to Protect Your Assets
Many people worry about losing their home or other assets when they need to enter a long term care facility. While a nursing home itself won’t take your home, the real concern comes when you apply for Medicaid to cover care costs.
Under Medicaid’s estate recovery program, the government can seek repayment for long term care expenses after your death. This means using assets from your estate, including your home, which you may have planned to pass on to your family.
Talk to an elder law attorney who can advise you on Medicaid rules, as well as when and how you can sell or gift assets without jeopardizing your Medicaid eligibility. You may also use legal tools such as Irrevocable Medicaid Trusts and Life-Estate Deeds to protect your home.
Inform Your Family of Document Locations
It’s not uncommon for someone diagnosed with dementia or another serious condition to enter a long term care facility with documents such as a medical power of attorney. Unfortunately, they never told family members where to find other important records.
This often sends family members frantically searching their home for paperwork. It’s helpful if you can create a list of your important documents and their locations.
Documents to include:
- Medical and financial powers of attorney
- Living will
- Deeds and property titles
- Bank and investment account details
- Insurance cards
- Life insurance policies
- DD214 and other military documents
- Social Security card
- Driver’s license or ID
- Birth certificate
- Marriage/divorce records
Get Help Creating a Long Term Care Plan
You can create a long term care plan by making sure your needs are addressed, consulting with professionals and family members, and putting the right legal protections in place. By planning ahead, you will experience fewer surprises and have better options.
It is smart to consult an elder law attorney for guidance in creating your long term care plan. Our team can review your situation and help you understand what steps to take.
At Marc Whitehead & Associates, we’ve been standing up for Texans since 1992. Contact us today for a consultation and find out how we can help.