Is Long Term Care Planning Commonly A Part Of Estate Planning Strategies?
Many estate plans crafted by Oklahoma Estate Attorneys contain significant provisions that protect assets to ensure that the trustor is never in danger of financial risk during long-term care. Most of my clients recognize that they may someday need long-term care. They also realized that they’d most likely be using Medicaid to pay for their long-term care in the future because the current long-term care insurance rates are unrealistic.
Unfortunately, with Medicaid, my clients will only be allowed to have a maximum of $2,000, which isn’t nearly enough to provide any quality of life during long-term care. Therefore, they are setting aside money and creating asset protection plans that will not be considered by Medicaid. Setting money aside well in advance can allow one to provide for their family members and their future needs in a way that would otherwise disqualify them from Medicaid assistance.
Anyone who’s reached the age of 50, or who has a family medical history or personal diagnosis that raises concerns, should include long-term care planning strategies in their estate plan. For example, I have a daughter who relies upon my assets and income to meet her daily needs and expenses for education. Those expenses are sure to grow as she gets older. I want to do everything within my power to maximize her chances of receiving a good quality education while assuring enough money is available for medical care. The law allows me to put money into an asset protection plan to care for my daughter. However, I also recognize that her circumstances may change and that I may need to redirect that money to care for a different family member.
Therefore, I retain the power to adjust the estate plan in the event that life circumstances change. I advise that anyone who has loved ones that may need support, consider their needs when drafting an estate plan.
Contact us for more information or join us on a free estate planning workshop.
If You Have Not Already Addressed Planning For Long Term Care, Is It Too Late?
It is wise to plan for long-term care as early as possible. For example, one of my clients recently suffered a severe stroke and was rushed off to a local hospital. It became clear to her family that she was not going to be able to go home anytime soon, and that she would most likely be placed in long-term care. The family reached out to me, and we were able to protect a little over half of the patient’s assets even though she had already suffered a terrible life-changing medical event. Of course, I would’ve been able to protect more had she done her estate planning much earlier, but the family was thrilled to protect half. In their case, it wasn’t too late, but more could have been protected if a plan was put in place earlier.
For more information, call us to reserve your seat at the next free estate planning workshop, or for a modest fee, you can receive the same information on a one on one basis at my office.
I Have Made A Good Living And Have A Lot Of Money In Savings And For Retirement. Do I Really Need To Worry About The Cost Of Long-Term Care?
Yes. It is important to establish a long-term care plan even if you have money in savings and retirement. A long-term care plan will assure that your loved ones receive the support they’d need in case of a life-altering change or death. A long-term care plan will also assure that your assets and estate are protected and not untimely depleted. People who don’t have a plan in place are left to rely on the program set by the government. The government’s plan provides minimal assistance. You can do better, and we can help.
To get started on long-term care planning, consider joining us on one of our free estate planning workshops, or for a modest fee, you can attend a modest-priced private workshop at our office.
For more information on Long Term Care Planning In An Estate Plan, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (405) 754-4166 today.
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