Page 3 - Jupiter West - August '20

Jupiter West, Page 3
Why Factoring Long-Term Care

Into Your Estate Plan Pays Off

Submitted by Anné your golden years, but estate planning is an aspect of your estate planning attorney, financial advisor, and insurance
Desormier-Cartwright, Esq. financial life in which it’s helpful to protect yourself against professional can provide you and your family with the best
For most people, thinking worst-case scenarios. overall solution.
about estate planning means In the estimated likelihood that you will require such care, Take the time now to talk to an estate planning attorney
focusing on what will at what age could you reasonably predict you’ll need it? Do about the best ways to maintain financial security in tandem
happen to their money after you have any current health conditions to take into account? with the demands of long-term care. Even if you don’t end
they pass away. But that Exploring these possibilities may not be the most enjoyable up needing long-term care in your lifetime, you can enjoy
misses one pretty significant exercise, but it’s far better than facing the reality of long-term the peace of mind knowing you’ll be covered. And there are
consideration: the need to care with no plans in place. hybrid policies that offer death benefits if the long-term care
plan for long-term care. 2. Consider A Long-Term Care Insurance Policy benefit is not used.
The last thing any of us As Medicare or standard health insurance most likely will The process of completing a long-term care plan may
wants to contend with when not cover your costs, a long-term care insurance policy is sound daunting, but we’re here to help you by making it a
a health issue arises later in life is having to throw together a one way to protect yourself against draining your financial streamlined experience — simply get in touch with us today
hasty estate planning solution in the face of mounting medical assets. Ask for resources for finding an affordable premium and let us put you in a more secure position for the future.
costs. Your best defense is careful planning with the help of that isn’t likely to increase prohibitively over time. Begin this If you have questions about this article or your estate
a trusted expert. process as soon as possible, as your premium will be lower plan and what documents are necessary, schedule a
Why It’s So Important To Plan For Long-Term Care the younger you are when you apply. consultation today by calling our office at (561) 694-
While only about 19 percent of current U.S. residents Another potential oversight is assuming your long-term 7827, Anné Desormier-Cartwright, Esq., Elder & Estate
will need to reside under long-term care for a period of over care will be covered by Medicaid. Discuss it as an option to Planning Attorneys PA, 480 Maplewood Drive, Suite 3,
three years, that number sharply increases when factoring in determine your qualifications and get authoritative insights Jupiter, FL 33458.
nursing home stays of a shorter duration — which will still about the specificities of your unique financial situation in The content of this article is general and should not be
have a substantial impact on your estate. terms of Medicaid benefits. relied upon without review of your specific circumstances by
Whether the care you need takes place in a nursing home, If you are a veteran who served at last one day while our competent legal counsel. Reliance on the information herein
assisted living facility, or with an in-home provider, the nation was under a declaration of war, you may qualify for is at your own risk, as it expresses no opinion by the firm
costs can mount with alarming speed. For example, national veterans pension benefits. It takes planning to qualify for this on your specific circumstances or legal needs. An attorney
average rates for assisted living hover around $3,500 per benefit. Consider that part of your discussion as well. client relationship is not created through the information
month. As those costs add up, you could see your assets 3. Get Smart About Living Wills And Trusts provided herein.
dwindle much sooner than you’d hoped. Luckily, estate In order to best prepare your loved ones for complex
planning attorneys can help in a number of ways. medical decisions, go over advance directives. In addition,
What To Go Over With Your Estate Attorney discuss options for setting a revocable living trust, and
If long-term care isn’t factored into your estate plan, you possibly one or more irrevocable trusts, like a life insurance
are probably not looking at a truly realistic and accurate trust or a charitable remainder trust, as part of your long-term
representation of your assets. Talk to your estate planning care planning.
attorney about the following factors in order to get on the It’s also important to create a plan that allows someone you
right track: trust to access and utilize your financial resources for your
1. Set Reasonable Expectations For Long-Term Care benefit in the event of unforeseen medical circumstances.
It’s impossible to know what life will bring, but we can One common mistake is tying up assets in investments that
certainly make educated guesses. For example, are there any aren’t liquidatable when you might need them most. For
major diseases that run in your family? There is a chance example, money locked into annuities can result in a fee
you will have the good fortune of staying healthy well into for early withdrawal. Working with a team that includes an

“

II wake up every day knowing mom is

not just safe, but also really happy.

”

“My mom moved into Addington Place of Jupiter with my dad. He needed special care and they
wanted to be together. Moving into Addington Place kept my parents close, and after dad was

gone, mom wasn’t alone when she had a life-threatening emergency. I’m so happy that today she
is safe and has a new life with friends, laughter, and her dog Sophie at her side.” — Janet

When your loved ones live at Addington Place, you can rest assured they’re in the embrace
of a safe, warm community that’s responsive to what’s most important in life. Our first

priority remains the safety and wellbeing of our residents, and we welcome the chance
to share more about our compassionate staff and person-directed care. Call for more
information or to schedule a virtual tour. We’re here to help!

Addington Place of Jupiter • Independent Living, Assisted Living & Memory Care • 1031 Community Drive • Jupiter, FL 33458 • 561-220-7083 • AddingtonPlaceJupiter.com