A recent internet search on how to plan for long-term care turned up several results relating to planning for one’s own long-term care during retirement. But how do you plan for long-term care, when the person is your child or spouse who has a physical or mental disability. There are some common steps that would apply to both types of planning.
First, ensure that the plan is financially stable and sustainable. Whether you are wealthy or living paycheck to paycheck. There are steps you can take today to ensure that the finances are available in the future to provide for the long-term care your loved one will require. Determine the costs of the care or if any of the care can be provided in the home. Calculate how much it will cost per year for the care that will be necessary today, in a year, and in five years. Develop a plan to start saving or raising the funds that will be needed. Assess whether government assistance is available to help finance the costs. Find a financial planner that you know, like, and trust to help you invest the funds you can spare or have raised.
Hire an attorney to draft the necessary documents to take care of any legal work that may be necessary. If you are caring for a young child today, decide who will make the medical decisions when they are an adult. This may require petitioning the probate court for a conservatorship or guardianship. Determine if a partial guardianship or conservatorship is possible. Discuss candidates to serve in the roles and the time commitment required to perform each. Will more than one person be necessary? Discuss with the attorney what is the least restrictive means that are available for your situation. Evaluate if estate planning or a special needs trust can resolve any the foreseeable problems for your loved one.
Talk to your insurance agent about the possibility of acquiring long-term care insurance. Explore what are the options available and the cost for each. Evaluate different plans based on what they will cover, when the coverage will take effect and how much it will cost.
If you have a loved one, who will need long-term care and need an attorney on your team, call our office today to schedule your pre-engagement meeting.