The terms elder law and long-term care planning are used by some to have different meanings. At Dafoe Law, we educate our clients on the law and provide strategies that the clients understand to plan for the future.
Long-term care planning has two components: (1) disability planning and (2) medical care planning. Each of these components are important. There are many different strategies that are available to individuals to plan. Understanding these solutions and making the best decisions for you is the challenge.
Disability planning is very important, but an often overlooked part of estate planning. A medical durable power of attorney along with a financial power of attorney will provide you with the opportunity to name individuals to make decisions on your behalf. It also should include provisions allowing the fiduciary to make gifts and apply for government benefits. The importance of having these documents in place can not be overstated. Without these documents, your loved ones will be required to go to court and spend time and money to be granted the authority to act on your behalf. Furthermore, it removes you completely from having any say in the decisions that are made.
Long-term medical planning is one of the greatest fears that many individuals come to an attorney with. They hear horror stories about losing their homes and the cost of nursing home care. However, things are rarely as frightening as the stories you hear. However, there are things that should be done to put yourself in the best position possible. The best strategies will depend on the several factors:
- Age and Health
- Wealth and Income
- Individual Goals
- Types of Assets
A one-size fits all strategy is never a good idea, but when doing long-term care it can be even worse.
Give Dafoe Law a call today to schedule an appointment or sign up for one of our Long-Term Care Seminars.
Dafoe Law, PLLC is a Life Care Planning law firm serving the Estate Planning, long-term care, probate, and trust administration needs of clients in Saginaw, Bay, Genesee, Huron and Tuscola Counties. Dafoe Law serves Frankenmuth, Bridgeport, Birch Run, Reese, Millington, Clio, Vassar, Saginaw, Saginaw Township, Freeland, Thomas Township, Spaulding Township, Burt, Bay City, Essexville, Munger, Kochville Township, Caro, Cass City, Sebewaing, Unionville, Pigeon, Bad Axe. Travis I. Dafoe is a member of the National Academy of Elder Law Attorney and WealthCounsel. Dafoe Law, PLLC is also a member of the Life Care Planning Law Firm Association. Start estate plan