As you get older and start to consider what it will be like after retirement, it’s also a good time to start looking into long-term care planning. Your long-term care planning goals will depend on your health and what you believe you will need in the future, but it’s something that you should start thinking about soon.
Long-term care planning isn’t about your death. Instead, it’s about what you can do to protect yourself as you age and make sure you get the right care that you need. It’s also about protecting your assets and making sure you’re doing all you can to prepare for medical emergencies, nursing home or assisted-living support and so on.
Did you know that over 70% of retirees do end up needing long-term care of some kind? That long-term care tends to be given informally, which means that your children or loved ones may take care of you. While that’s fine for some people, that can also be burdensome, since it is unpaid and they may not have the training needed to provide the level of care you’d want.
Consider how your long-term care would impact your family. It can be expensive, time consuming and difficult to care for someone who is recovering from an illness, suffering from dementia or dealing with other related issues. You can prevent your family from struggling with your needs by putting together a plan. Decide where you’ll get medical care. Plan for in-home health support or nursing care.
Your attorney can talk to you about long-term care, how to fund it and when it may be right for you to add it to your estate plan.