These days, people are living longer and longer. Growing older is a fact of life, and yet many families are not prepared to face the financial challenges of providing for their medical care. The sooner you start planning for your long-term care, the better. At Hegwood Law Group, we’ve helped numerous Texas clients begin the long-term care planning process. We would love to help give you and your family that peace of mind, too. Read on to learn more about how to start planning for the rest of your life.
What is Long-Term Care Planning?
Long-term care planning addresses not only how you will pay for the kinds of medical and other support services you will need as you age, but also how you want to be taken care of and by whom in the event you become incapacitated. It is important to some people that they remain at home throughout the end of their life, while others want to be moved to an assisted living home because they do not want to be a burden on their family. No matter what your wishes are, at the Hegwood Law Group we will help you form a plan that matches your vision and give you honest and direct advice about what it will take to make that happen.
How Can I Pay for My Long-Term Care?
There’s no way around it: long-term care can be expensive. Fortunately, our experienced long-term care planning attorneys have worked with numerous clients and can advise you of the different opportunities available to you to fund your later years. Included in these options are long-term care insurance, nursing home Medicaid planning, asset protection, and Veterans Assistance (VA) benefits. We have experience working with clients who fund their long-term care using different combinations of these sources of funding, and can help you determine which ones you may be eligible to use as well.
We encourage all of our clients to obtain long-term care insurance, as our experience has shown that provides people with the ability to stay at home as long as possible. If you are unable to afford it, our attorneys will work with you to develop an asset protection plan that fits our needs. While the government can pay for long-term care in some circumstances, under Texas law to qualify for this coverage you cannot have more than $2,000 in non-exempt assets.
What Steps Should I Take to Get the Long-Term Care Planning Process Started?
We recommend all of our long-term care planning clients begin by assessing their finances, their health, and the health history of their family to get a big picture of what they might need for the future. Once you have done this, we then recommend you have conversations with your loved ones about your wishes. This ensures that, in the event of an emergency that requires you to be placed in an assisted care situation, your long-term plans will be affected. Finally, we recommend you contact an experienced long-term care planning attorney to ensure your wishes are legally formalized.
Questions About Long-Term Care Planning?
If you are ready to start planning for the rest of your life, we are ready to help you. Contact Hegwood Law Group today to learn more about your long-term care planning options.