Most people in Florida have expectations and visions for their own old age. These may include matters related to how a person wants end-of-life arrangements to be made, along with plans for long-term care, a will, trusts and any other estate plans. However, the prospect of drafting all the necessary documents and keeping it updated may seem overwhelming. Fortunately, help is available.
For couples who are both still alive, it is important for each spouse to record his or her wishes individually before sitting down together to combine their estate plans in a manner that will express the personal wants of both individuals. Advisors suggest people make sure they establish long-term care plans before or when they are in their 50s. Leaving it too late may leave them too little time to save the necessary funds, or they could become uninsurable.
When assessing their needs related to long-term care, individuals will need to address certain issues. These may include the question of the individual’s ability to self-insure. There are choices of levels of care, and each person must plan for home care, assisted living or entry into a nursing home. Furthermore, there may be a choice of location — will he or she want to receive care in a familiar area or would a relocation be in the cards? The person can also explore how insurable he or she is and what the potential insurance rating will be.
Sometimes these issues seem overwhelming, leading to procrastination. Florida residents need not stress about the challenges of floridaelderlaw.net/Elder-Law/Medicaid-Planning.shtml”>long-term care and estate planning because they may utilize the support of experienced estate planning attorneys to guide them every step of the way. A lawyer can assess the individual’s unique needs and circumstances before suggesting the available options to proceed with drafting the necessary documents.
Source: wtop.com, “Preparing for old age: Long-term care, insurance and estate planning“, Dawn Doebler, Accessed on May 26, 2017