While it’s challenging to plan for every eventuality when it comes to aging and long-term care, pre-planning can ease a considerable amount of strain and uncertainty down the line for both patients themselves and their beneficiaries.
Just as the aging process is unique for every individual, a pre-planning checklist will vary depending on specific needs like asset protection and care costs. To help clients get started, here’s a simple long-term care pre-planning checklist from our asset protection lawyer team at Sheryll Law.
1. Advance Directives and Incapacity Planning
An asset protection lawyer can handle the drafting of advance directives, living wills, powers of attorney, and health care proxies as part of an incapacity plan. Asset protection lawyers can also manage assets from creditors, protect a limited liability company, work towards preventing a fraudulent transfer, and more.
An incapacity plan is a necessary form of asset protection. It provides clear instructions not only for the legal, financial, and care-related needs of the patient, but also provides a framework for handling assets, properties, and companies if the owner becomes incapacitated.
2. Securing In-Home Care
An asset protection attorney may also have the capability of securing and managing long-term care and in-home care for their clients. In-home care ensures that a patient will get the care they need, even in cases where the patient’s loved ones are either unavailable or unable to provide care.
Estate planning attorneys work to help their clients stay in their homes for as long as possible since many people would like to defer the need for nursing home care.
An elder care attorney can also help secure a CNA (certified nursing assistant), Certified home health aide, or similar professional to help with any home healthcare needs. This can range from hygiene and showering to cooking, transportation, and even companionship.
3. Planning for Rehabilitation
Along with protecting business entities and personal assets, an asset protection lawyer can also help secure rehabilitation for their client. Rehabilitation is typically short in duration and designed to help a patient recover from illness or injury.
Since rehabilitation is not meant to last long, it’s typically an accelerated form of care that includes the services of a variety of professionals like nurses, physicians, physical therapists, and more. A lawyer can also set up home health options after discharge to minimize time spent in a facility.
4. Considering Health Insurance Options
Medicaid planners can help secure benefits and ensure that they apply to long term care needs, like a nursing home. Each health insurance plan has limits regarding coverage and options, and an assets protection attorney can compare and contrast plans to find the best possible option.
It is best to confer with an attorney before deciding on a healthcare provider or care option to determine what is covered and to check rates to find which policy and company offer the best deal.
5. Determining Home Accessibility Needs
If a person suffers a broken hip or another similar mobility issue, it’s imperative to have a plan in place and determine specific home accessibility needs. Even if accessibility is not a concern now, this can become a significant obstacle with age.
One of the best ways to avoid poor accessibility is to hire a professional to conduct a complete home inspection to deal with significant problems and prioritize safety procedures. If home modifications are needed, professionals can handle these needs.
6. Considering Different Housing Options
While in-home care is usually the priority, some situations call for different housing options, from assisted living to home-share, memory care, or skilled nursing care. Many clients prefer family caregiving, though this is not always a viable option.
In assisted living, it’s crucial to plan for current costs and rate increases that will take effect every year or as a medical condition requires more assistance. It’s prudent to visit a few different facilities, check reviews and testimonials, and conduct consultations to compare and contrast options.
In home-share, the patient makes a large investment up front but also enjoys greater independence as well as more of a focus on having a healthy and vibrant community. This option continues to see increased popularity year after year. Patients can rent a room or buy a house with others.
In memory care, someone with mental illness, dementia, or another cognitive impairment can get the help they need within a secure facility. This typically costs more because of the need for more specialized staff and greater assistance at all times, but it remains the best option for those who are severely impaired and need round-the-clock care.
About Jay P. Sheryll, Esq.
Jay and his team help their clients leave a legacy and achieve the peace of mind of knowing that they can protect their families if something happens to them. Sheryll Law, P.C. understands that their clients have worked hard to build their legacy. It is their pleasure to help them leave their money to their loved ones according to their wishes. Having observed other firms haphazardly draft wills and throw together some powers-of-attorney without any thought to the planning aspect, Jay realized he could fulfill a need for East End Long Island clients.
Contact Sheryll Law, P.C. to Get Started on Asset Protection
Sheryll Law, P.C. serves clients on the East End of Long Island with their asset protection needs. Our experienced asset protection attorneys work diligently to maximize the wealth and fruits of our client’s hard-earned assets by protecting them for tomorrow by planning today. Ready to secure your future and the future of your loved ones? Contact us at (631) 506-8440 or fill out our online form to schedule a consultation.
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