You do not need a scientific study to confirm the sad reality that nearly everyone will face at least a temporary disability during their lifetime. That includes you, me, a spouse, a sibling, one of your children, or even an elderly parent — anything can happen to any of us at any time, whether it is because of a car accident, illness, or some other calamity. And yet, many families do not have protections in place, such as long-term healthcare and giving someone the legal authority to make decisions on their behalf.
This is where a carefully crafted estate plan that covers disability and death can protect everyone you love and everything you own.
Call an Estate Planning Attorney Today!
No one likes to think about the possibility of their own disability or the disability of a loved one. So, the best thing you can do for yourself and your loved ones is to be prepared (wills, trusts, powers of attorney, advanced healthcare directives, etc.). When you become disabled, you are often unable to make personal and/or financial decisions. If you cannot make these decisions, someone must have the legal authority to do so. Otherwise, the family must apply to the court for guardianship.
At a minimum, you need broad powers of attorney that allow agents to handle all of your property upon disability, as well as the appointment of a decision-maker for healthcare decisions and HIPAA release forms. Alternatively, a fully funded revocable living trust ensures that you and your property will be cared for as you desire.
An estate plan that has a revocable trust as its foundation ensures you will be cared for as you desire and allows for consistent asset management through the continued use of your existing financial advisers.
Do Not Put Off Long-Term Care Planning
It is easy to think these and other estate planning and elder law decisions can be handled later. But putting off what can be accomplished today — especially long-term care planning — makes planning much more costly when the need arises.
Considering the financial impact of not planning for long-term care should be an important part of any estate plan.
Long-term care is defined as a variety of services designed to meet a person’s health or personal care needs. These services help people live independently and safely when they can no longer perform everyday activities on their own. Long-term care services can range from skilled nursing services in a nursing home to services provided at home. Most LTC services provide assistance with the “activities of daily living” (ADL), such as bathing, dressing, going to the bathroom, eating, and getting around.
Anyone who has difficulty with two or more of these ADLs is considered in need of long-term care services. And their limitations can include either cognitive issues or physical impairment such as a disability.
When people fail to plan, the need for long-term care can come suddenly and rob their savings as well as the financial future of the family. Fortunately, there are some steps you can take now to plan for a chronic illness while still protecting your assets.
Just a few ways our estate planning and elder law attorneys can help strategize and pay for your long-term care might be:
- Medicaid and Medicare
- Long-term care insurance
- Veterans benefits
- Disability benefits
- Asset protection
- Financial planning
We can stay with people through their entire lifetime by offering estate planning and elder law guidance under the same roof.
Call Leigh Hilton PLLC Today!!
Leigh Hilton PLLC in Denton, TX, is your go-to firm for all estate planning needs and will take into consideration your particular situation. Proper planning of an estate helps ensure your wishes are carried out. Leigh Hilton PLLC wants to be your first call every time for any estate planning need. We look forward to serving you.