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This article was provided by the National Care Planning Council. Each monthly article is written to help families recognize the need for long term care planning and to help implement that planning. All aging people, regardless of current health, should have a long term care plan.
September 22, 2016
A key deficiency in the process of planning for long term care occurs when seniors fail to provide for the orderly distribution of assets after death or fail to let their family know what to do when the senior can no longer handle his or her own affairs.
Estate planning from a qualified estate planning attorney, a financial adviser who specializes in estate planning or a CPA planner is the design of documents to provide the orderly transfer of assets and property to the next generation. Wills, living trusts and a myriad of other trust documents or business arrangements to avoid estate taxes are some of the principal planning strategies used. Other planning might center around income tax and real estate capitol gains. Estate planning also concerns issues of business succession and consideration of eligibility for government sponsored benefits.
Estate planners need to become more involved in the planning process for long term care by helping in the production of a written long term care plan. This should include meetings with potential family caregivers and instructions or checklists for these people. This important part of the planning process is often overlooked.
Continue Reading - Estate Planning As Part of Your Long Term Care Plan
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2015 September 18 How Elder Law Can Help You
2015 August 4 Home, the Desired Setting for Elder Care
2015 July 20 Is Medicaid Planning Ethical?
2015 June 25 Fall Prevention and Coping after a Fall
2015 May 5 Vietnam and PTSD - 40 Years Later
2015 April 17 VA Is Looking for Authority from Congress to Institute a 3 Year Look Back and Penalty for Veterans Pension
2015 April 10 Proposed Legislation for Look Back and Penalty for VA Veterans Pension - The Rise and Fall of the Pension Poachers
2015 March 27 Mesothelioma Facts: What the Elderly Need to Know
2015 February 23 Life Insurance and Life Settlements
2015 February 6 What is the Difference Between Dementia and Alzheimer's Disease?
2015 January 7 Avoiding Slips and Falls In Bad Weather
2014 December 16 Enlighten Your Season: Advice for Caregivers of the Elderly
2014 November 17 There is a New Vaccine Recommendation for Adults Age 65 and Older
2014 October 15 Advanced Directives, Fiduciaries, Guardianship, and Power of Attorney
2014 August 25 10 Tips to Keep in Mind While Helping Aging Parents
2014 July 30 Guide to Long Term Care Planning
2014 June 25 Understanding the Issues Facing Aging Seniors
2014 May 6 Growing Problem Facing Seniors: Reduced Spending Power
2014 April 10 Caring for Your Grandchildren
2014 March 25 Living Arrangements for Aging Seniors
2014 February 17 Preserving Assets and Transferring Assets to the Next Generation
2014 January 17 Care Management Advice
2013 December 30 Holiday Caregiver Burnout
2013 December 6 The Beginning of the End-Of-Life Planning
2013 November 11 Holiday Blues - Depression among the Elderly
2013 October 24 Medicare Open Enrollment Starts October 15
2013 October 17 Home Repair Loan and Grant Program
2013 October 9 Speak Out Against Elder Abuse
The National Care Planning Council (NCPC) has been publishing monthly articles on eldercare, Medicaid, Medicare, Veterans Benefits for Seniors, and Long Term Care since 2006. To access these articles please visit the NCPC's Planning for Eldercare Articles page.
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