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Is long-term care planning a priority for you?

On Behalf of | Jul 11, 2021 | Estate Planning

Facing the possibility of needing extended care in the future can be uncomfortable for any Georgia resident. However, parties can take the time to help themselves ensure that they and their families understand the best way to handle any long-term care needed. By creating a comprehensive estate plan and considering the financial effects of future care, individuals may be better able to address these matters. 

One of the first steps in considering and planning for care is to open a line of communication with loved ones. Older parents may want to speak with their adult children about the type of care the parents would want under particular circumstances and how the parents anticipate paying for that care. In fact, knowing that money will not be an issue when it comes to care could bring relief to parents and children alike. 

Still, it is not easy to determine the best way to plan for paying for long-term care, but the following suggestions may be useful: 

  • Discussing current finances and planning options with financial professionals 
  • Understanding how estate planning documents could help ensure wishes are known and that the money is set aside specifically for care 
  • Setting up a trust that could help protect the needed funds for later use 

Taking the time to consider these issues well before a health issue arises is often the best-case scenario, but understandably, it is not always what happens. However, creating an estate plan and having instructions for long-term care could make a substantial difference in how smoothly a transition into care goes. If Georgia residents are interested in getting their plans underway, they may wish to consult with knowledgeable legal professionals. 

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