Planning for long term care continued…
Planning for long term care
As the baby boomer generation gets older, there is going to be an increased need for attorneys that specifically work in the area of estate planning for long term care. If you or a loved one is getting to the age of 55 or older, it is time to start seriously considering an exit strategy. There are several questions you need to ask yourself:
1) Are you prepared in the event you need long term care?
2) Are you prepared in the event your spouse needs long term care? (Keeping in mind that medical facilities and nursing homes can come after you for the medical bills of your spouse- see blog posting from September 2, 2011.)
3) Do you have a succession plan for your business?
4) Will members of your family have the ability to pay off the family owned business if something were to happen to you?
5) If you don’t have a spouse, children, parents, siblings, or grandparents that are still alive, do you have a will in place that specifies who will be the executor and beneficiary of your estate?
6) Even if you do have the above family members, do you wish your estate to pass in a way different from the laws of intestacy? If so, do you have a will?
If you are unsure about the answers to any of these questions, or if you answered “no” to any of the above questions, I would be happy to discuss your specific needs in a free consultation.