When you are ready to think about your financial future and what it means for your family, drawing up an estate plan is essential. It is a complicated process with plenty of room for mistakes and omissions, and hiring the help of a qualified estate planning attorney is important. As you begin to think about your estate plan, one major aspect is long-term care planning, which may be necessary for potential future illness or disability. The National Clearinghouse for Long Term Care Information defines long-term care (LTC) as “a range of services and supports you may need to meet your health or personal needs over a long period of time.” The Clearinghouse was developed by the U.S. Department of Health and Human Services to help Americans get a grip on what it means, and to help families get started—but again, no website or information bank is a substitute for an estate planning attorney.
According to the Clearinghouse, “almost 70 percent of people over 65 need LTC.” In 2008, that was 21 million people in America. Many people put off planning because “they do not want to think about a time when they might need it.” However, putting it off can leave you without the LTC services you need and leave your family in a difficult situation. When you begin to plan, according to the Clearinghouse, there are some major considerations to make. You cannot predict how much money you will need, or what type of care you will require, but you can make educated guesses based on personal factors, housing considerations, and assistive technology.
Personal factors, according to the Clearinghouse, include how old you are now and your family history. If you have a disability, LTC may need to begin earlier. “Between ages 40 and 50, on average, 8 percent of people have a disability that could require long-term care services.” Housing considerations include an evaluation of your home to determine if it will be appropriate later on—is it one story? Would you need to make modifications in the event of a disability? Assistive technology refers to devices that you may need that help you communicate or move. Is there a good chance you will need special software? A walker? These can cost money, and should be taken into consideration when beginning to plan for your LTC. You can work with your estate planning attorney to determine how you will pay for the care you will need, whether it is an in-home caregiver, or living in a care facility. It is important to discuss with your lawyer the available assets and resources you have for your long-term care needs.