When is the Right Time to Start Planning for Long-Term Care?

Do you have plans in place for your long-term care? Long-term care includes things like Medicaid planning, assisted living, home care nurses, any specialized medical care, and more. It’s not something many of us think about before we need it, but planning ahead of time and developing a retirement strategy can make any future life transitions as smooth as possible for both you and your family.

So, when should you start planning? The American Association of Retired Persons (AARP) offers some helpful advice, and in addition, here are a few scenarios that indicate you should contact an elder law attorney:

• When you have children. Even though you aren’t a senior citizen when your children are first born, it’s still recommended to solidify your long-term care plans, because your children are your dependants and your plans directly affect them, as well as involve them. As your children get older you may often make changes to your long-term care plans, but we recommend putting them in place as soon as you can to prepare for the future.
• When you’re diagnosed with an illness or a condition. Receiving a diagnosis often serves as a wake-up call for people because there’s so much to think about – your assets, the care you might need in the future, any medical decisions your spouse or your children may need to make on your behalf, and the finances regarding any care you might need.
• If you’ve recently been injured. Injuries can range from slip and fall incidents to car accidents to sports injuries, and in order to protect your family and your finances, it’s wise to have a plan in place in the unfortunate event that you suffer a serious injury.
• When you turn 50. Experts recommend starting your long-term care planning between the ages of 40 – 50, so if you reach this important milestone and don’t have your legal affairs in order, contact an elder law attorney to find out what you need to do.

Start planning for your future today

Planning for your long-term care requires you to understand your current financial situation, your projected future financial situation, and all the costs associated with long-term care. Being financially prepared for your future is critical, and many people work with an attorney to put a plan in place for their retirement. Attorneys who specialize in long-term care planning can help you develop a comprehensive retirement strategy and a financial plan to secure your future.

For more information about planning for long-term care, including Medicaid assistance and Medicaid planning, please contact SCC Legal’s law firm in New Jersey.

Original content published: https://www.scclegal.com/long-term-care-advice-from-an-elder-law-attorney/