As adults in the U.S. get older, many think about planning for their future but often don't know where to start. While planning for the future can seem complicated, it doesn't have to be. May is National Elder Law Month and during this time, seniors are encouraged to learn more about the benefits of estate planning and long-term care planning.
Planning for future financial and health care needs can be addressed through estate planning and long-term care planning. Estate planning can help seniors address financial issues by creating a will, trust and other documents that can document what will happen to a person's property and assets in the event of their death. Estate and long-term care plans can also address the health care a person will receive and who can make medical and financial decisions on their behalf.
In addition to the benefits of creating an estate plan, it is also important for seniors to understand the advantages of long-term care planning. Long-term care plans can address how seniors will receive care as well as address nursing home issues. Seniors should also review and plan for Medicaid, Medicare and social security, which can all be addressed and documented in a long-term care plan and other documents pertaining to elder law issues.
Seniors are encouraged to understand the different types of estate planning and other long-term care documents they can create to help them now and in the future. Estate planning and addressing other elder law issues can be complex and difficult to comprehend so seniors would benefit from consulting an elder law attorney to discuss specific issues that may need to be addressed in their estate plan and long-term planning documents.
Source: Seniors for Living, "May Is National Elder Law Month," Robyn Tellefsen, May 6, 2013