Estate planning often concerns information and guidance in planning financially for nursing home care and for knowing the proper way to plan for asset transfers and gifting. Powers of attorney, health care directives, transfer on death deeds, living revocable trusts, life estates, insurance and retirement account beneficiary designations are just some of the issues important to consider in your estate plan.
The assets you or your spouse is allowed to keep if publicly subsidized long-term care becomes necessary are in some cases minimal and in other cases more than anticipated. Knowledge and careful planning will assist you in knowing you will be properly cared for and that your spouse will not be destitute. Unfortunately, decisions made without regard to future long-term care needs can place unexpected financial burdens on you and your family. It is important to know what you and cannot do within certain time frames. Information and planning is the key to prevent unexpected surprises if long-term care becomes necessary.