Estate planning and retirement planning go hand-in-hand. By accounting for needs such as long-term care, you can ensure financial stability in your retirement years and preserve assets for your heirs. Massachusetts Estate Planning for assisted living and long-term care includes several different considerations.
Include Assisted Living in Financial Plans
Assisted living and long-term care expenses can be significant. It can dramatically strain financial resources and create a tremendous burden if you do not plan for it in advance. Many make the mistake of including only normal living expenses in retirement plans. A sound financial plan should account for the unexpected increase in medical needs and care later in life.
Assign Decision Making Responsibilities
A critical aspect of Massachusetts estate planning for assisted living and long-term care is preparing for the inability to make decisions for yourself. You can do so by…
1 – Making Your Preferences Known
Speak with your family in advance about your preferences for assisted living and long-term care. Do you prefer to age-in place and adapt your home to your changing needs? Are you open to a nursing home,assisted living facility or continuing care retirement community? What are your feelings on different types of medical care and treatments? These conversations can help your family make difficult decisions and honor your wishes.
2 – Completing a Health Care Proxy
A health care proxy allows you to assign a specific person to make medical decisions on your behalf. This should be someone that you trust and that knows your preferences. Additionally, it should be someone who is able to understand complex medical explanations and treatment choices.
3 – Assigning Power of Attorney
In addition to medical decisions, you will also need someone to manage your financial affairs when you are unable to do so. This may include paying your bills, managing your property, and much more. You may select the same person noted in your health care proxy or a completely different person.
Elder Law Services & Massachusetts Estate Planning for Assisted Living and Long-term Care
As you evaluate Massachusetts estate planning for assisted living and long-term care, it can be helpful to select an attorney who specializes in both estate planning and elder law services. At Simmons & Schiavo, we understand these unique estate planning goals. Schedule a consultation with our team to discuss your specific needs. We will provide you with the information and guidance to make smart decisions for your future.