Planning Ahead: Why You Need a Long-Term Care Strategy

As an elder law attorney in our community, I've helped countless families navigate the complex world of long-term care planning. One thing I've learned is that many people put off this important task until it's too late. I want to share some crucial insights about why and how you should prepare for your future care needs.

It's Never Too Early – Or Too Late – To Start Planning

Many folks think they're too young to worry about long-term care planning, or that they've waited too long to start. The truth is, there's no wrong time to begin. When you plan early, you have access to newer planning tools that can protect your assets while maintaining control over who serves as your trustees and beneficiaries. These tools also allow your assets to receive a "step-up" in basis at death, potentially saving your heirs significant money in capital gains taxes.

Even if you're already paying for care, don't assume it's too late. With proper planning, we can often find ways to protect some assets and ease the financial burden – but you need to act while you still can.

Start with the Basics

Here's something crucial that many people don't realize: you can only create estate planning documents when you're mentally competent. This includes:

• Wills
• Trusts
• Financial Powers of Attorney

If you wait until you're in a nursing home, you might no longer have the legal capacity to sign these documents. This could force your family to seek a probate court guardianship and might prevent you from implementing any long-term care planning strategies at all.

Keep Your Papers in Order

Long-term care planning requires a detailed understanding of your financial situation. You'll need easy access to information about:

• Social Security benefits
• Required Minimum Distributions from IRAs
• Stock dividends
• Other income sources and assets

Create a system to keep these documents organized, whether in a physical location or digital format. Most importantly, tell your trusted family members or advisors where to find this information when they need it.

Communicate Your Wishes

Perhaps the most personal aspect of long-term care planning is communicating your preferences to your family. They need to understand:

• What kind of care you prefer
• Where you'd like to receive care
• Who you want involved in your care decisions
• What matters most to you as you age

This guidance is invaluable to those who may need to make decisions on your behalf someday. It helps ensure your wishes are honored and reduces the stress on your loved ones during already difficult times.

Taking the First Step

As your local elder law attorney, I've seen how proper planning can make a tremendous difference in families' lives. Whether you're in your 40s and thinking ahead, or you're facing immediate care needs, there are options available to help protect your assets and ensure your wishes are carried out.

Don't wait for a crisis to start planning. Schedule a consultation to help you understand your options and create a plan that works for you and your family. Your future self – and your loved ones – will thank you for taking this important step.

Learn More at an 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.