When you create your estate plan, there are many things you need to consider. An estate plan is more than just your will, it is all of your desires for your own care and the succession of your assets after you are incapacitated and after your death. Planning for your long-term care is an essential part of estate planning.
Know Your Long-Term Care Options
When many people think of long-term care, they think of nursing homes. Although this is certainly an option, it is not your only option for long-term care. You might instead want to remain in your home and receive care from a certified home health provider in the future or you might plan to move in with a loved one.
Determine How You will Pay for Long-Term Care
Long-term care is expensive. Before having to pay for it becomes an issue, determine how you will pay for it. Medicare can cover long-term care expenses, but only if you require skilled nursing or rehabilitative services. Medicaid can pay for all long-term care expenses, but only if your income level qualifies you for Medicaid. You can also pay for your long-term care privately, but this can be quite expensive: In 2015, the average annual cost of a shared room in a nursing home was more than $77,000.
You can also consider long-term care insurance, which can reimburse you for a portion of the money you spend on your care.
Grant Power of Attorney to a Trusted Loved One
In the event you are incapacitated, you will need a trusted loved one to make choices on your behalf regarding your medical care, finances, and overall day-to-day
experiences. There are different types of power of attorney you can grant, such as:
Non-durable power of attorney. Through this, you can grant power of attorney to a loved one for a specific transaction;
Durable power of attorney, which is a more lasting type of power of attorney that grants your loved one the right to make many different types of decision while it is in place;
Medical power of attorney, which requires a physician’s consent and permits an individual to make all medical decisions on the incapacitated individual’s behalf;
Limited power of attorney. Like non-durable power of attorney, this type is only in place for a specific period of time and related to a specific area of the incapacitated individual’s life, such as the sale of his or her home; and
Springing power of attorney, so named because it “springs” into effect following a specific event, such as the principal becoming incapacitated.
An Experienced La Crosse Estate Planning Lawyer Can Help you make Productive Long-Term Care Choices
Estate planning has a lot of moving parts. Keep yourself organized and be assured that the choices you make are in your best interest by working with an experienced estate planning lawyer to complete the process. To get started, contact our team at Moen Sheehan Meyer, Ltd. today to set up your initial consultation with us.