When considering estate planning, many Louisiana residents may only think of creating a will for distributing property after death. However, this planning can also address various other important life aspects. For instance, individuals could use this area of elder law to create a plan for addressing the potential need for long-term care in the event of incapacitation.
Many individuals may have the misconception that they will not need long-term care. However, it is nearly impossible rule out this possibility as a serious injury or illness could befall anyone. Therefore, planning ahead could save a considerable amount of time and stress. The financial aspect of such case is often the most difficult to handle, and individuals must either pay for it themselves, utilize Medicaid or have long-term care insurance.
Because Medicaid is only available to those who qualify, considering other options may be beneficial. A long-term nursing home stay can quickly prove costly, and without the appropriate funds, families may be hit hard. Therefore, determining how insurance could potentially play into future plans may help interested parties feel more confident that their care can be paid for.
Many individuals may not be aware of the options available for long-term care planning, which is why there is a great importance on having the right information. If Louisiana residents are interested in planning ahead, they may wish to discuss their concerns with an experienced elder law attorney. A legal professional can offer insight into a variety of estate planning tools and how certain options could help in the future.
Source: lmtonline.com, “Elder law: How will you pay for long-term care?“, Wesley E. Wright and Molly Dear Abshire, April 13, 2017