It can be hard for some Michigan residents to imagine a point in their lives when they will not be able to manage their finances or even care for themselves. Nonetheless, this is a reality faced by many aging individuals. Fortunately, the long-term care planning process can begin even in your 20s and 30s.
It is important to make these types of decisions when you are healthy, strong and clear-minded. This will ensure that your best needs are met and your family members are informed of these decisions.
A long-term care plan can include a broad range of details. This plan is designed to address the various physical and mental changes that occur as a person ages. In order to do this, the long-term care plan can include the specific steps that will be implemented by family members and other loved ones to manage these various changes as they occur. These steps also help to reduce disruptions in your life and the lives of your caregivers.
One crucial part of a long-term care plan is your financial caretaking. The best way to do that is to transition toward a less complicated investment plan, if you have investments. This can make it easier to manage them if your cognitive ability declines. A retirement income plan is also an excellent tool to consider, as well as other plans to establish a sustainable income.
A long-term care plan is an estate planning tool that can help individuals protect their assets and rights as they age. Other factors to consider when designing such a plan is a power of attorney and medical care resources, such as Medicaid. It can be challenging to initiate and finalize this process, but it is important to be well-informed of your options and rights throughout the drafting process.
Source: Marketwatch.com, "Make sure you have a long-term-care plan in place before it's too late," Robert Klein, Oct. 10, 2016