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Planning for potential long-term health care needs

On Behalf of | Dec 17, 2021 | Estate Planning

One of the most difficult aspects of planning for the future is determining what health and financial needs one may face long-term. While it is impossible to know exactly what to expect in the years ahead, estate planning allows one to prepare for contingencies. Certain documents allow a Maryland adult to look to the future with confidence. 

Financial preparation 

Long-term health care needs can be very expensive, especially if one requires nursing home care, hospitalization and more. Creating a plan for potential needs can provide peace of mind and take a possible financial burden away from loved ones. Consider the following about long-term care planning: 

  • Individuals should discuss their plans and wishes with family members and loved ones. 
  • Creating a long-term care plan can start with making a list of potential costs and expenses. 
  • Making a plan for possible health care needs is critical, as is ensuring that one gets to determine where his or her assets go after passing.  

A complete estate plan involves more than a consideration for how to distribute assets after death. It also includes long-term health care planning that will provide comfort and assurance for the entire family. 

Don’t delay 

If a Maryland adult does not have an estate plan, he or she would be wise not to delay in putting critical plans in place. This includes details regarding physical assets and wealth, as well as a plan for potential health-care needs. An assessment of the specific estate and the individual’s unique goals will provide insight into which estate planning tools will be most effective.