david edwards estate planning elder law

Long-term Care Planning and Why It Matters: 6 Goals of Planning

I know from experience that everyone who comes into our office has goals and expectations that they bring along with them. But did you know that we have goals for each of our clients as well?

Some people see long-term care planning as a shady way to get around having to pay for care as one ages. I can assure you that nothing we do when it comes to long-term care planning is shady. We truly care about helping people during one of the most difficult times in their life.

Here are 6 goals we have for every client who comes through the door and needs help with long-term care planning:

  1. Make sure they get good care when it’s needed. Aging in America is expensive, and we’ve all heard horror stories about nursing homes. (Or, sadly, experienced them firsthand with aging grandparents or parents.) Nobody wants to be neglected or mistreated as they age. By planning ahead, we can help make sure that the best possible care is available when the time comes.
  2. Make sure the right people are in charge. As one ages, there may come a time when someone else will need to make financial and medical decisions (because of stroke or dementia). We help our clients think through who might be best for that role. Read more about how to choose good helpers here.
  3. Maximize legally available benefits such as VA and MedicaidIt never ceases to amaze me how many people do not realize they are eligible for benefits, either from serving in the military (or being married to someone who served) or by paying taxes most of their life. Because we do this everyday, we know what help is out there. Long-term care is outrageously expensive. Maximizing available benefits is a must.
  4. Get the benefits as quickly as possible. We often help clients get benefits quicker than they otherwise would without us. With good Medicaid planning, we can protect assets and start nursing home benefits months or even years quicker than without planning. With the VA, our clients often get approvals in weeks, whereas some families trying it alone are stuck months or even years in endless bureaucracy. Quicker benefit approval means thousands of dollars more that will be available to pay for care.
  5. Protect assets if we can. Under Medicaid guidelines, a person is only allowed to keep $1 per day! That is not enough for extras that your loved one, or you, might need as you age. By protecting assets, we can make sure there is money for extras that otherwise couldn’t be afforded.
  6. Make things easier on your family or power of attorney. Dealing with a sick or aging loved one is incredibly stressful. We see it everyday. But families don’t need to go it alone. There are many things we can do to help ease the burden so your loved ones can enjoy their final years with you instead of having to stress about how to find care, how to pay for care, etc.

To read more about long-term care planning, check out this article: 8 Keys to Effective Long-Term Planning. If you have a loved one facing immediate needs related to long-term care issues, please call our Elder Care Advisors at 217-726-9200.