Page 20 - Southern Exposure - August '20

Page 20, Southern Exposure

elder eState planning

Why Factoring Long-Term Care

Into Your Estate Plan Pays Off

Submitted by Anné Desormier-Cartwright, Esq.
For most people, thinking options for setting a revocable living trust, and possibly one or hybrid policies that offer death benefits if the long-term care
about estate planning means more irrevocable trusts, like a life insurance trust or a charitable benefit is not used.
focusing on what will happen remainder trust, as part of your long-term care planning. The process of completing a long-term care plan may sound
to their money after they It’s also important to create a plan that allows someone you daunting, but we’re here to help you by making it a streamlined
pass away. But that misses trust to access and utilize your financial resources for your experience — simply get in touch with us today and let us put
one pretty significant benefit in the event of unforeseen medical circumstances. you in a more secure position for the future.
consideration: the need to One common mistake is tying up assets in investments that If you have questions about this article or your estate plan
plan for long-term care. aren’t liquidatable when you might need them most. For and what documents are necessary, schedule a consultation
The last thing any of us example, money locked into annuities can result in a fee for today by calling our office at (561) 694-7827, Anné Desormier-
wants to contend with when a early withdrawal. Working with a team that includes an estate Cartwright, Esq., Elder & Estate Planning Attorneys PA, 480
health issue arises later in life planning attorney, financial advisor, and insurance professional Maplewood Drive, Suite 3, Jupiter, FL 33458.
is having to throw together a can provide you and your family with the best overall solution. The content of this article is general and should not be relied
hasty estate planning solution in the face of mounting medical Take the time now to talk to an estate planning attorney upon without review of your specific circumstances by competent
costs. Your best defense is careful planning with the help of about the best ways to maintain financial security in tandem legal counsel. Reliance on the information herein is at your
a trusted expert. with the demands of long-term care. Even if you don’t end own risk, as it expresses no opinion by the firm on your specific
Why It’s So Important To Plan For Long-Term Care up needing long-term care in your lifetime, you can enjoy circumstances or legal needs. An attorney client relationship is
While only about 19 percent of current U.S. residents will the peace of mind knowing you’ll be covered. And there are not created through the information provided herein.
need to reside under long-term care for a period of over three
years, that number sharply increases when factoring in nursing
home stays of a shorter duration — which will still have a
Whether the care you need takes place in a nursing home, Experience Dentistry with a Woman’s Touch
substantial impact on your estate.
assisted living facility, or with an in-home provider, the costs
can mount with alarming speed. For example, national average
rates for assisted living hover around $3,500 per month. As Cosmetic & Comprehensive Restorative Dentistry
those costs add up, you could see your assets dwindle much
sooner than you’d hoped. Luckily, estate planning attorneys State of the Art & Same Day Restorations
can help in a number of ways.
What To Go Over With Your Estate Attorney Nitrous Oxide/Oxygen Sedation Available
If long-term care isn’t factored into your estate plan, you are
probably not looking at a truly realistic and accurate representation
of your assets. Talk to your estate planning attorney about the Joanne Green, D.D.S.
following factors in order to get on the right track:
1. Set Reasonable Expectations For Long-Term Care 10887 N. Military Trail, Suite 6
It’s impossible to know what life will bring, but we can Palm Beach Gardens, FL 33410
certainly make educated guesses. For example, are there any
major diseases that run in your family? There is a chance (561) 622-2815 • www.joannegreendds.com
you will have the good fortune of staying healthy well into
your golden years, but estate planning is an aspect of your Medical College of Virginia School of Dentistry - Cum Laude
financial life in which it’s helpful to protect yourself against Hospital of the University of Penn - General Practice Residency Training
worst-case scenarios. Harvard Dental School - Former Instructor
In the estimated likelihood that you will require such care, Boston Brigham and Women’s Dental Group - Staff Dentist
at what age could you reasonably predict you’ll need it? Do
you have any current health conditions to take into account?
Exploring these possibilities may not be the most enjoyable
exercise, but it’s far better than facing the reality of long-term
care with no plans in place.
2. Consider A Long-Term Care Insurance Policy
As Medicare or standard health insurance most likely will
not cover your costs, a long-term care insurance policy is one
way to protect yourself against draining your financial assets.
Ask for resources for finding an affordable premium that isn’t
likely to increase prohibitively over time. Begin this process as Upscale Resale
soon as possible, as your premium will be lower the younger
you are when you apply.
Another potential oversight is assuming your long-term Experience The Difference
care will be covered by Medicaid. Discuss it as an option to
determine your qualifications and get authoritative insights New and consigned furniture, unique lighting, accessories and gifts.
about the specificities of your unique financial situation in Complete wallpaper and fabric library for all your design needs.
terms of Medicaid benefits.
If you are a veteran who served at last one day while our
nation was under a declaration of war, you may qualify for
veterans pension benefits. It takes planning to qualify for this
benefit. Consider that part of your discussion as well.
3. Get Smart About Living Wills And Trusts
In order to best prepare your loved ones for complex medical
decisions, go over advance directives. In addition, discuss

Call us to sell. See us to buy.

Over 16,000 sq. ft. in 2 locations to serve you!

PALM BEACH GARDENS: Promenade Plaza
9810 Alternate A1A • 561.694.0964
WELLINGTON: Wellington Marketplace
13857 Wellington Trace • 561.798.5222
myconsignanddesign.com
Nanci Smith, CEO