There are so many different aspects of long-term care planning that it is understandable that many people get confused or fail to engage in long term planning because they do not even know where to start. Medicare is one of the aspects of long term planning of which many people are aware, at least to some extent, although they may not understand how Medicare fits together with other elements of long-term care. Medicare itself is complex and is frequently in the news as developments occur and leadership changes.
There are so many facets to long-term care planning that many people fail to discuss it or investigate the options. This is a mistake, though, because long term planning is one of the best ways of protecting assets and ensuring that your wishes are carried out when you are no longer able to articulate them or make them known. Many people think that long term planning is unnecessary but the reality is that the majority of people will need some form of care, whether temporary or permanent, at some point in their lives. Furthermore, long-term care planning is not solely related to medical needs or designating powers of attorney in the case of incapacity.
Many of our Michigan readers may think that all of their estate planning needs will be met once they have a will, a trust and the appropriate power of attorney forms. While these instruments are vital to a good, comprehensive estate plan, there is another aspect that needs to be considered - long-term planning for care in advanced age or poor health.