Law Office of Harvey L. Cox provides asset protection services from our offices in Waco and Round Rock, Texas.

Law Office of Harvey L. Cox provides asset protection services.

What can long-term care planning accomplish?

On Behalf of | Jul 5, 2023 | Estate Planning

Planning for long-term care is an important aspect of estate planning that can help you protect your assets and ensure proper care for you and your loved ones. Long-term care planning offers several important benefits for your estate plan.

By understanding the advantages of long-term care planning, you can make informed decisions and take proactive steps to secure your future.

Preserve assets for future needs

One of the primary goals of long-term care planning is to preserve your assets for future needs, especially if you require extensive medical care or nursing home services. Long-term care can be expensive, and without proper planning, it can quickly deplete your savings and assets. By creating a long-term care plan, you can strategize how to effectively allocate your resources, ensuring you have enough funds available to cover your care while also safeguarding assets for the well-being of your spouse, dependents and heirs.

Access financial assistance

Long-term care planning allows you to explore various financial assistance options to help cover care costs. Medicaid is a government program that provides financial assistance for individuals with limited resources and income. Through proper planning, you can learn the eligibility requirements for Medicaid and take steps to structure your assets and income in a way that complies with the program’s guidelines. This can help you qualify for Medicaid benefits and access the financial support necessary to cover long-term care expenses when you need it.

Maintain control over decision-making

Another important aspect of long-term care planning is the opportunity to retain control over your decision-making regarding your medical care and personal preferences. By creating advance directives, such as living wills and healthcare powers of attorney, you can express your wishes regarding medical treatments, end-of-life care and the appointment of a trusted individual to make healthcare decisions on your behalf if you cannot do so.

By engaging in thoughtful and proactive planning, you can protect your assets, secure the care you need and ensure that your loved one’s honor your wishes.