November is Long Term Care Awareness Month, and because of that, we wanted to take the time to share why it’s important to prepare for your future and have everything in place – from your estate planning to a long term care insurance plan. You never know what your future may hold, and while you may want to stay in your home as you age, that is not always possible. Even though it can be a difficult topic to discuss and decide on, it’s important to do so, as this will help lessen the burden for your loved ones in the future.
What is Long Term Care Insurance?
Long Term Care Insurance is an insurance you can purchase to help cover the costs of home care, assisted living, and a nursing home. It can be much more reasonable than you think, and could be very beneficial for you in the future. Determining what insurance plan to purchase and if it’s the best, isn’t easy, but by working with your trusted insurance agent they can help guide you in the right direction.
Besides having Long Term Care Insurance in place, you should also make sure you have completed your estate planning. Estate planning includes the preparation of your will, living will, and setting up a power of attorney.
Basics of a Will
A Will provides a way for an individual to express where they would like their inheritance to go once they pass away. Within a Will you are able to name a guardian for your children, a custodian for any property going to your children, and an executer who will handle making sure everything is wrapped up in your estate. Learn more about Wills today.
Basics of a Living Will
Should something serious happen to you in the future where you are unable to make medical decisions yourself, a Living Will is there to help take the burden off of your family in making end of life medical decisions. Learn about a case where if a Living Will would have been in place, there wouldn’t have been a seven-year legal battle between the lady’s husband and her parents over ending her life.
Power of Attorney
A Power of Attorney is a document wherein you authorize an individual to represent or act on your behalf in various financial, private matters, business and some legal matters. A Power of Attorney would come into play if you’re in a nursing home and can’t take care of some personal matters, such as selling a home. You want your agent named in your Power of Attorney to be someone you trust to take care of any issues with your wellbeing. Watch for an upcoming blog about why Power of Attorneys are important.
Preparing for the future is something that everyone needs to do. Here at Sher & Associates we are able to help you with your estate planning and guide you through any questions you may have. Don’t hesitate to give us a call!
Sher & Associates, P.C. is a law firm located in Kutztown that can assist you in any of the following areas: business law, real estate law, and estate planning. We assist many individuals, businesses and families in and around Fleetwood, Blandon, Topton, Hamburg and Oley.