When it comes to estate planning, many people think of the process as a way to designate beneficiaries for the distribution of their assets upon death - and that's all. But, the reality is that estate planning can be about much more. An estate plan can address ways to transfer assets during life, thereby avoiding potential tax implications. Estate planning can also include the preparation of documents that address who will step in to make important decisions in the event of disability or incapacity. Another important aspect of an estate plan is planning how to handle long-term care costs.
Why should Pennsylvania residents worry about long-term care costs in their estate plans? It is becoming increasingly common for people throughout the country to spend at least a portion of their final years in assisted living facilities or nursing homes. It is easy to overlook just how expensive the costs for these stays can be - running into thousands of dollars per month.
But, with the right planning, Pennsylvania residents can address the potential costs of long-term care in their estate plans. Paying for nursing home care or assisted living stays may not have to eat up a lifetime of savings.
At our law firm, we do our best to help our clients address the issue of long-term care costs in estate planning. In some cases, long-term care insurance may be an option. In others, an irrevocable trust can help. Each person's circumstances are different, but, with the right approach, estate planning can include long-term care planning. For more information about how our law firm might be able to help, please visit our website.