Long term care planning is an issue that many Pittsburgh residents must face when dealing with the needs of their older relatives for assisted living or nursing facility care. Planning for long term care is something that should be done sooner, rather than later. It is also never too early to begin preparing for one's own possible long term care needs. When making these preparations, it is a good idea to follow some best practices.
Not too long ago, we told our readers about one strategy that is usually recommended for those preparing for possible long term care needs: simplification. Many financially savvy people are adept at managing mutual fund portfolios or even investments of a more complex nature. Although, this can be fun and rewarding, not everyone either wants to or is able to handle these investments when the need arises for long term care. Depending on one's specific financial situation, consolidation and re-titling of assets could be a good idea.
This recommendation may not work for everybody, so how does one come up with a plan tailor-made to a specific situation? Elder law attorneys can be a great resource in long term care planning. The attorneys at Sikov and Love, P.A., have the knowledge and resources to help families that are coming to grips with the implications of the aging process. Excellent long term planning requires familiarity with irrevocable trusts, long term care insurance, immediate annuities, spend down of assets, gifting and more. We have plenty of experience working with these tools to help people with their long term planning needs.
We are happy to meet with people who have questions and concerns about this critical topic. For more information, please see the long term care planning page on our website.