Long Term Care Planning: Securing Your Future, Protecting Your Legacy

As we journey through life, we often focus on the here and now, neglecting to prepare for future challenges. One crucial aspect of planning that many overlook is Long Term Care (LTC). But what exactly is LTC planning, and why should it matter to you?

Long Term Care planning is the process of preparing for your potential future care needs. It involves making decisions about your health, finances, and living arrangements should you require extended assistance with daily activities due to illness, disability, or cognitive impairment.

The short answer to who needs LTC planning? Everyone. While we all hope to maintain our independence throughout our lives, the reality is that about 70% of people turning 65 today will need some form of long-term care in their lifetime. LTC planning isn't just for the elderly – unexpected accidents or illnesses can create a need for long-term care at any age.

Failing to plan for long-term care can have severe consequences. Without a plan, you may deplete your savings or burden your family with significant expenses. Lack of planning may force you to accept care arrangements that aren't your preferred choice. Without clear directives, disagreements can arise among family members about your care.

Creating a comprehensive LTC plan often requires a team approach. An Elder Law Attorney specializes in legal issues affecting seniors, including estate planning and Medicaid planning. A Financial Advisor can help assess your financial situation and explore funding options for long-term care. An Insurance Agent can provide information on long-term care insurance policies, while your Healthcare Provider offers insights into your current health status and potential future care needs.

When developing your LTC plan, consider your care preferences, how you will pay for care, and ensure you have essential legal documents in place. Discuss your wishes with your family and consider your current health and family medical history when planning.

Long Term Care Planning Checklist:

• Assess your current health status and family medical history
• Research the costs of long-term care in your area
• Evaluate your financial resources and potential funding options
• Explore long-term care insurance policies
• Create or update your estate plan, including a will or trust
• Prepare advance directives (healthcare power of attorney, living will)
• Designate a financial power of attorney 
• Discuss your care preferences with family members
• Research care options in your community
• Consider home modifications to support aging in place
• Review and update beneficiary designations
• Organize important documents and share their location with trusted individuals
• Schedule regular check-ins with your planning team

Partnering with an elder law attorney to begin crafting your plan can take a lion's share of the burden from your shoulders. We will help you stay informed about changes in long-term care policies, regularly revisit your plan, and make updates as your circumstances change.

Remember, Long Term Care planning is not a one-time event but an ongoing process. By taking proactive steps now, you can ensure that you're prepared for whatever the future may hold. You'll gain peace of mind knowing that you've made informed decisions about your care and protected your assets for yourself and your loved ones.

Don't wait for a crisis to start planning. The best time to plan for long term care is now, while you're healthy and have a range of options available. Your future self – and your loved ones – will thank you for your foresight and preparation.

Learn More at Our Upcoming Workshop

If you want to learn more about long term care planning, our upcoming workshops are the perfect opportunity to get started. Wylkan Law regularly hosts free, no-obligation sessions to help you understand all of your options and make the most informed decisions.

Our friendly team will be available to answer questions. Bring your loved ones so they are part of the conversation! We'll make sure you walk away feeling empowered to take the next step.

Seating is limited, so reserve your spot today by calling 800-635-1355 or registering online.