With a large aging population in Oklahoma comes the need of more senior citizen services. These services often cost a lot of money yet are very necessary. Long term care planning is important for everyone but there are mistakes that can be made.
Baby boomers — those born between 1946 and 1964 — make up about 25 percent of the American population, or 76 million people. This large group of people is not getting any younger and planning for their older years is important. Long term care planning is one area in which a person who is looking to establish an estate plan should consider. The majority of the population will need long-term care at some point in their life. Long term care can include skilled nursing facilities, in home help or help with daily living activities.
When a person is thinking about long-term care planning there are mistakes that can be made. One mistake is by putting all assets into an account where it is hard to get access to them or gaining access requires payment of a large penalty. The long-term care insurance a person purchases may not be adequate or the premium cannot be affordable. It is also important that a person has health care directives and powers of attorney in place. If these forms are not properly created and documented they can cause many problems.
An attorney who specializes in estate planning can help their client with all of their unique needs. Each family is different and making sure all estate planning needs are covered is important. Although it is important to protect assets it can also be important to make sure health care needs will be met as well. Estate planning offers a family peace of mind for the inevitable.
Source: foxbusiness.com, “Estate planning mistakes every boomer should avoid“, Casey Dowd, Aug. 21, 2014