There are many components for people in Los Angeles to think about when it comes to estate planning. While there are some parts of the process that are for what happens to a person’s possessions and savings after they die, there are other parts that are concerned with events that take place during a person’s lifetime.
One of them deals with health care. An advance health care directive can clarify the wishes of an incapacitated person in regard to their medical care. This can greatly reduce the burden on families who would otherwise be forced to make a decision about extending the life of a person whose wishes might be contrary to that decision.
Another aspect of estate planning that involves a person’s welfare in their lifetime is long-term care. As people live longer and medical advances continue to be made, older folks may ultimately be moved to a nursing home. One man says he went through tens of thousands of dollars on care for his aging mother before she ultimately entered a nursing home.
There are options such as long-term care insurance that might be appropriate for people approaching their twilight years. Medicaid has been a big funder of long-term care programs in the U.S., funding more than 40 percent of the cost; Medicare picked up around 20 percent.
However, as entitlement programs endure questions about their ability to be sustained in the long run, it may be prudent for people to consult with an estate planning attorney who can explain a wide range of options that they can more firmly control.
Source: Modern Healthcare, “Long-term tab,” Jessica Zigmond, March 9, 2013