Though many Ohio residents rightfully use their estate plans to instruct how their remaining assets should be handled after their passing, it is important to remember that these plans can be used in other useful ways as well. In particular, considering long-term care planning early could be one of the most beneficial uses of estate planning. Because it is difficult to predict what could befall a person’s health at any given time, planning early and updating plans as needed could help when trying to make predictions.
An estate plan can help figure out the financial aspects of long-term care preparation. Certainly, including instructions on how care should be handled, such as whether in-home care is desired, is essential. However, if plans for paying for such care are not made in advance, the person and his or her family members could end up hurting financially and possibly having to compromise when it comes to the wishes of their loved one.
Some ways that individuals can address money matters relating to long-term care include:
- Consider creating an asset protection trust
- Making important decisions before a jeopardizing health-related situation arises
- Communicating with and asking questions to important parties, including family members, financial professionals and legal professionals
- Getting the legal paperwork in order properly
Planning ahead for long-term care may seem like a lot of guesswork, but having even some semblance of a plan can be more helpful than many Ohio residents realize. If individuals are ready to start considering their wishes for future care, gaining information on their planning options may be useful. Having a foundation of information may give them a solid starting point for creating the plans best for themselves and their families.