“Plan for the worst, hope for the best” is a common saying that many Pennsylvania residents likely know. In essence, the saying means that while we can always hope that the best outcome for any given situation will occur, it is prudent to plan in such a way that accounts for a different result. When it comes to estate planning, the saying can be particularly applicable.
Most people in Pennsylvania probably view estate planning as setting up an arrangement for the benefit of family members and close friends — having a plan for assets after death can make their lives easier and provide crucial direction on the person’s wishes. But, assets that will be part of an estate need to be handled in such a way that they can best benefit the planner during life as well, and no other situation needs more advance planning than long-term care.
The reality is that Americans are living longer than ever before, oftentimes enjoying many of the same activities well into advanced age. However, it is also a reality that some people will develop infirmities or illnesses that leave them in need of significant medical attention. For some, their final years will need to be spent in a long-term care or assisted living facility. If that is the case, the expenses for these services can be significant.
At our law firm, we work with our clients to attempt to make sure that they are taking the right steps in their estate plans when it comes to long-term care costs. With the right approach to handling assets, these expenses can be anticipated and included in a comprehensive plan. For more information, please visit the long-term care and nursing home planning section of our law firm’s website.