Estate planning is one of those things that people often neglect to address until it is too late. We encourage New Yorkers to address estate plans early and often because they and their families will be extremely grateful when the time comes for that plan to kick into play. The same holds true with end of life care planning. Although we don't like to think about aging and the potential inability to care for ourselves, planning for the worst case scenario can give one peace of mind.
When it comes to long-term care, most people want to remain in their own home and receive care from their loved ones. While this usually is the ideal, it oftentimes isn't feasible. Sometimes it also isn't in an elderly individual's best interests because loved ones may not possess the time, education and medical experience to adequately care for him or her. In this situations, it may be wise to consider nursing home care.
Regardless of whether an individual receives in-home care or care through a nursing home, the fact of the matter remains that it will have to be paid for in some fashion. A long-term care plan can help an individual determine how best to pay for the care that he or she wants. Special accounts that hold personal funds, Medicaid and Medicare and even long-term care insurance are options to help cover these expenses. However, it is important to note that a sound long-term care plan will pool funds from a variety of resources, as any one of the above mentioned resources is unlikely to cover long-term care expenses in their entirety.
Thinking about how you want to be cared for as you age is an important consideration. You should carefully develop a plan that suits your needs and desires while at the same time protecting your family's financial resources. Legal tools exist to help you develop your plan, so discussing the matter with your attorney may prove beneficial.