Estate planning is a crucial process that involves making preparations for the transfer of a person’s wealth and assets after their death. Assets, life insurance, pensions, real estate, cars, personal belongings, and debts are all part of one’s estate. An estate planning attorney helps individuals create a plan to manage their assets during their lifetime and beyond.
One critical aspect that an estate planning attorney can assist with is long-term care planning. Long-term care refers to various services designed to meet a person’s health or personal needs over an extended period. It includes medical and non-medical care for people with chronic illnesses or disabilities. Long-term care involves assistance with daily activities such as dressing, bathing, eating etc., which most people take for granted.
As we age or if we become disabled unexpectedly due to accidents or illness, there may come a time when we need legal help starts here taking care of ourselves in the long run. This type of support often comes at a high cost which might result in significant financial strain if not planned properly.
An experienced estate planning attorney can provide invaluable guidance on how best to incorporate long-term care into your overall plan while protecting your assets from being depleted due to high costs associated with it.
They will be able to explain complex legal terms related to Medicaid eligibility rules and regulations which play an important role in long-term healthcare coverage for elderly Americans who have exhausted their Medicare benefits. They can also guide you through the intricacies of setting up trusts specifically designed for providing funds necessary for long term care without affecting Medicaid eligibility.
Moreover, these professionals can advise on other strategies like purchasing long term care insurance policies that pay out daily or monthly amounts towards homecare services or nursing homes costs depending upon policy terms.
Further still they offer advice on choice of appropriate retirement housing options based on individual health condition & lifestyle preferences whether it be living independently at home with hired help coming in as needed; moving into assisted living facilities where more day-to-day help is available or nursing homes where round-the-clock care is provided.
In conclusion, estate planning goes beyond deciding who gets your assets after you’re gone. It’s about making sure that you are well taken care of while you are still alive and ensuring that your wealth lasts as long as possible to provide for your needs and those of your loved ones. By engaging the services of an estate planning attorney, individuals can ensure they have a solid plan in place for their long-term care, protecting both their health and financial wellbeing.
Jarvis Law Office, P.C.
5100 Bradenton Ave Suite B, Dublin, OH 43017
614-953-6006