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Simplifying finances as a way to plan for long-term care

On Behalf of | Nov 9, 2016 | Long Term Care and Nursing Home Planning | 0 comments

When Pittsburgh residents think of long-term care plans, they may take the meaning literally-still in their forties and fifties, it is difficult to contemplate old age and the concept of being unable to take care of one’s finances and health. However, what we don’t realize is that as we grow older, it becomes harder to make complicated decisions. Therefore, it is best to create a long-term care plan while one is younger and in control of one’s facilities, so a coherent and comprehensive plan be formulated.

The second misconception people may have about long-term care is that it only deals with long-term care insurance. While that is an important aspect of the plan, it is not the only one-a comprehensive plan caters to various financial and mental changes that can take place as people age by creating a guide for individuals to follow when those changes take place.

Financial caretaking is one step that is crucial-simplifying investments and creating a retirement-income plan that can continue to provide an income that is needed while reducing the assets that need to be managed to provide that income. Examples of income that people can count on receiving for various expenditures are Social Security payments and pensions.

As family members get older and it becomes more difficult to make important financial decisions, it may become more difficult to figure out how protect assets or maximize income. Planning for long-term care and the future can seem daunting, but engaging in it earlier rather than later can be beneficial for not only the elderly but also their family members. An experienced attorney may be able to help Pittsburgh residents through the process.