Five Things to Consider in Your Long-Term Care Plan

 Posted on January 14, 2025 in Estate Planning

The average American man lives to just under 75 years, while women live an average of about five years longer. With life expectancy lasting well past the point most of us expect to retire, careful planning for how we spend our later years is essential. This includes planning for how we want to be treated, even when we can no longer make decisions for ourselves. 

Although it is not always easy or pleasant to consider these things, we give the ones we love the most protection and care when we take the burden of difficult decisions off of their shoulders in moments of great stress. By doing so, we can also ensure that our needs and expectations are met. Here, our Texas elder law attorney lists five things your long-term care plan might include. Call us today to learn more. 

Advance Healthcare Directives

Advance healthcare directives are legal documents that detail your medical preferences if you become unable to make decisions yourself. These typically include:

• Living Will: Specifies the types of medical treatments you do or do not want, such as life-sustaining measures

• Durable Power of Attorney for Healthcare: Appoints a trusted person to make healthcare decisions on your behalf

These directives ensure that your medical care aligns with your wishes and relieves your family of the burden of needing to make these hard choices when they may disagree or be unsure of what you would prefer. 

Financial Power of Attorney

A financial power of attorney designates someone to manage your financial affairs if you become incapacitated. This person can handle tasks such as paying bills, managing investments, and making legal decisions related to your finances. Selecting a reliable and competent individual for this role is essential for safeguarding your assets.

Long-Term Care Insurance

Long-term care insurance helps cover the costs of services that assist with daily living activities, whether at home or in a facility. In Texas, a government option like a Texas Long-Term Care Partnership-qualified policy can provide additional benefits, such as asset protection. Talking to a financial advisor or insurance specialist can help determine whether this kind of insurance policy would be right for you. 

Medicaid Planning

Medicaid can also assist with long-term care expenses for those who qualify, but eligibility requirements are strict, often requiring careful planning to protect your assets. Strategies may include establishing certain types of trusts or making allowable transfers. Early planning is crucial, as Medicaid has a look-back period that can affect eligibility. 

Estate Planning Documents

Comprehensive estate planning involves creating documents that outline how your assets will be managed and distributed. Key documents include:

• Will: Specifies how your assets will be distributed after your death

• Trusts: Can provide for the management of assets during your lifetime and after, potentially offering tax benefits and avoiding probate

• Beneficiary Designations: Ensure that accounts like life insurance and retirement plans are directed to the correct recipients

Regularly reviewing and updating these documents is essential if you want to reflect changes in your circumstances or preferences.

Call Our Denton County, TX Estate Planning and Elder Law Attorney Now

The last years of your life should be some of the best, and, with the right planning, they can be. Get the help you need to create a long-term care plan and move forward into your later years with confidence. Schedule an initial attorney meeting today by calling 972-724-3338. Our Flower Mound, TX long-term care planning lawyer is waiting for your call.