Aging is a natural process in life and, for some people, there may come a time when they are no longer able to care for themselves. Since there is no way to tell if you will be one of these people, it is best to plan for such an eventuality. It is much better to have everything in order if the day comes when you can no longer make your own decisions instead of leaving certain decisions in the hands of the state or people you may not consider reliable.
Estate planning includes many aspects beyond simply writing a will. In addition to distributing your estate among your heirs, estate planning also allows you to include a long-term care plan so that you do not have to worry about an uncertain future. Here are a few things to consider when developing your long-term care plan.
Your house
What are your plans for your house in White Plains? Do you intend to sell it and use the proceeds to further fund your retirement? Do you plan to live out the rest of your days there? If you intend to keep the house, is it built in such a way that you will be able to live there easily if you lose mobility or become confined to a wheelchair? You may need to modify your home if you plan on remaining in it as you continue to age.
Transportation
Another major expenditure you will probably have, outside of direct medical care, will be transportation. When the day comes that you can no longer drive, what is your plan for getting around town? Will you be able to depend on a relative to drive you as needed? You may find that you will either have to rely on others or that you need a fund set aside to pay for transportation in the form of cab fare or perhaps a private driver.
Set up a support network
A strong support network will help you avoid going through old age alone. Do not be afraid to reach out to family members for help as things become more difficult. Also, be sure you choose someone you trust to act as power of attorney. This individual will make decisions on your behalf if you should become incapacitated to the point where you can no longer make them yourself.
When it comes time to begin planning for your long-term care, be sure to remember the above in addition to setting aside enough funds to pay for the care. Keep in mind that it is never too early to start estate planning.