Numerous people make one mistake in terms of estate planning: that an individual does not need an estate plan just because they aren’t married or don’t have any children. Estate planning is for everyone, not just families, the sick, or older adults. Estate planning and long-term care planning for yourself ensure that your wishes are carried out, not the wishes of the state.
Did you know that without an estate plan, you have little to no control over what happens to your assets? Instead, Massachusetts law and the courts determine where your assets go. With an estate plan, you can maintain control over the things that are important to you. What about who makes decisions for you when you can’t make them for yourself? Do you want the state involved in those decisions, too?
At Surprenant & Beneski, P.C., our compassionate estate planning attorneys can guide you through long-term care and estate planning for yourself. We work with you to design a strategic plan that addresses your concerns and meets your specific and unique needs. Everyone needs an estate and long-term care plan. Protect yourself today with the help of a skilled long-term care and estate planning attorney.
What Is Estate Planning?
Estate planning and long-term care planning often get lumped together. However, these two types of plans address different aspects of your estate.
Estate planning gives you the power to arrange and manage the distribution of your assets according to your wishes after you pass or if you are incapacitated. A comprehensive estate plan can include a will, trusts, power of attorney, and health care directives. These estate planning tools allow you to design a plan that addresses your concerns and outlines your goals. An estate plan also means you retain control over your assets and estate, not a Massachusetts court or a family member you’ve been estranged from for years.
Estate planning is just as crucial for singles as it is for people who are married or have families. With an estate plan, you can designate the people you trust to manage and divide your assets. You also get to choose the people you trust with financial and healthcare-related decisions in the event you are incapacitated or suffer a catastrophic medical emergency. You customize the estate planning tools that work for you, allowing you to avoid unintended consequences and miscommunications.
What Is Long-Term Care Planning?
Long-term care planning for singles differs from estate planning in that it is the legal process of ensuring your needs are met when you can no longer care for yourself. Long-term care planning takes many forms. In addition to a traditional estate plan with a will, power of attorney, advance directive, and healthcare directives, a long-term care plan may include a living will, healthcare proxy, Medicaid planning, and long-term care options.
What happens when you are single and can no longer care for yourself or live independently? A nursing home or long-term care facility may be the safest option for your physical, emotional, and cognitive care. Many people are shocked to discover the cost of nursing homes and long-term care. The cost of a nursing home stay in Massachusetts amounts to nearly $132,000 per year. However, estimates suggest it is not uncommon for people to pay as much as $150,000 annually.
Even with careful financial planning, the costs associated with long-term care can quickly outpace an individual’s assets. Long-term care planning can help you address this disparity. Medicaid planning is an excellent long-term care tool because it allows you to protect your assets while working towards qualifying for Medicaid benefits to cover the cost of a nursing home or long-term care facility stay. Due to strict income and asset limits and the five-year financial lookback period, working with a skilled long-term care planning attorney is essential.
An attorney understands the intricacies of the Medicaid program and can help you find long-term care planning solutions that meet your financial needs. Although it can be challenging to think about, a compassionate attorney can also help you draft an end-of-life care plan.
Making the Important Decisions
There may come a point in your life when you cannot make decisions for yourself, either due to a medical emergency, healthcare condition, or cognitive decline. Estate and long-term care planning tools like advance directives, power of attorney, and special needs trusts can spell out your wishes and assign trusted individuals to act in your best interests.
- Advance Directive – An advance directive is a legal document that gives you the power to outline your healthcare preferences if you are too sick to make your own decisions. The document communicates your medical preferences to healthcare professionals even when your voice cannot.
- Living will – A living will is similar to an advance directive. It is a legal document that you can use to outline your medical care preferences and can include instructions for the types of treatment you want and don’t want if you are incapacitated.
- Power of Attorney – Several types of power of attorney exist, including general, healthcare, and financial power of attorney. These documents allow you to assign an individual to make decisions on your behalf should you become incapacitated legally.
- Special Needs Trusts – Special needs trusts are unique because the assets in them can be used to provide for the needs of a disabled or special needs individual, often without disqualifying them from receiving government benefits.
As a single individual, you want to retain as much control over your life, finances, and healthcare as possible, today and tomorrow. An estate and long-term care plan gives you the power and flexibility to control the direction of your life and long-term well-being.
A Long-Term Care Planning Attorney Can Help
Thinking about your long-term care plans can be intimidating. At Surprenant & Beneski, P.C., we want to help you draft a personalized estate or long-term care plan that protects you and your assets. Contact our office today to arrange a confidential consultation. Let’s work together to find long-term care solutions that work for you.