Those who should be involved in long term care planning can include family members, financial advisors, elder law attorneys, and doctors. When you are forming strategies for long term care placement, it is important to consider your unique situation and needs.
Long term care planning involves using legal strategies to manage your assets so you can afford skilled-nursing care, personal care, or assisted living if necessary. You may also consider ways to protect your assets from estate recovery while maintaining Medicaid eligibility.
The assistance of a Texas elder law lawyer can be tremendously helpful in long term care planning. Our team has over 120 years of combined experience, helping people with the complex issues that accompany aging. Contact us today for a consultation.
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The Importance of Family in Long Term Care Planning
Family members play a major role in long term care planning. Your spouse, children, or siblings are likely named on your power of attorney documents, and they may be beneficiaries in your will. Their knowledge, assistance, and support are essential throughout the planning process.
You’ll need to appoint individuals to difficult positions, such as a healthcare proxy with the power to make life-ending decisions in your advance healthcare directive, and the executor of your estate. These people must understand your wishes and limitations.
Although it may be difficult, family members will need to assess their capabilities and boundaries, as well as the roles they can assist with. Planning early can reduce the chances of conflict, confusion, and heartache later on.
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How an Elder Law Attorney Can Help
An elder law attorney is one of the key individuals who should be involved in long term care planning. The advice of a knowledgeable lawyer can help you make legally sound decisions and protect your rights.
Elder law attorneys can help draft important documents such as:
- Powers of Attorney: Financial and medical power of attorney documents give people you appoint the power to make decisions on your behalf when you are unable to act for yourself.
- Advance Directive: An advance healthcare directive or living will outlines your wishes for life-sustaining treatments when you are incapacitated and unable to speak for yourself.
- Last Will and Testament: Your will clearly outlines how your assets will be distributed after you pass away in order to avoid conflict and make sure your wishes are followed.
- Trusts: A trust may protect assets from Medicaid estate recovery in some cases or may be used to set aside assets for a dependent.
Elder law attorneys are experts in Medicaid eligibility and can help you structure your finances to retain your eligibility benefits while protecting your assets. They assist with long term care insurance and provide advice on guardianship and other complex legal issues.
The Role of Your Doctor in Long Term Care Planning
Long term care placement requires an understanding of your healthcare needs and a determination of which level of care is appropriate. Your doctor plays an important role in this process and can provide the necessary opinion and documentation to show your needs.
For families struggling to place a loved one in a long term care setting, the support of the individual’s doctor is often helpful. While your loved one may not be willing to listen to concerned family members, they may respect the opinion of a medical professional.
Depending on the rules of the facility, type of care you require, and your doctor’s practice, your personal physician may continue to oversee your care once admitted. It is important to discuss this with your doctor so you can make an informed decision and know what to expect.
Advice From Financial Advisors
While an elder law attorney plays an essential role in the legal and Medicaid-related aspects of long term care planning, your financial professional can offer guidance on managing your income and assets more effectively.
A financial advisor can evaluate your overall financial situation. This can help you understand how much care might cost in the future and determine how best to fund that care without jeopardizing your financial security.
Your financial advisor can assist with estimating future expenses, exploring payment options such as long term care insurance or annuities, investment strategies, and planning for tax implications.
Additional People Who May Be Involved
In addition to those listed above, you may find it helpful to consult other people when planning for long term care placement. They may include:
- Religious or spiritual leaders
- Close friends
- Social workers
- Caregivers
- Accountants
- Insurance agents
Get Help With Long Term Care Planning
It is smart to consider who should be involved in long term care planning when you are around retirement age. Even though you may not need skilled-nursing care, an assisted living facility, or personal care for a long time, it’s good to be prepared.
Many of the legal and financial tasks that can help you prepare for long term care are also smart estate planning decisions. For example, it’s a good idea to draft a will, power of attorney documents, and an advance directive in case they are needed in an unforeseen emergency.
Our elder law attorneys at Marc Whitehead & Associates can assist with estate planning, Medicaid eligibility and asset protection, wills and trusts, and many other services. Contact us today for a consultation and tell us how we can help.