Long-Term Care Planning
One of the challenges we all face as we age is the possibility of requiring long-term nursing care or needing to consider moving from our home into assisted living facilities. The costs of these services continues to grow. Conversely, while in our later years, our income level is often stagnant. The best way to ensure your needs are met later in life is to establish a long-term care plan.
Understanding Long-Term Care Planning
For some seniors, remaining in their home is imperative. However, this does not always mean they are able to take care of their everyday needs on their own. A comprehensive long-term care plan will take into consideration the legal planning for those who wish to remain at home and may provide:
- Powers of Attorney – Financial and medical powers of attorney can help provide you with the confidence you need that your financial matters and medical care is provided for. You can designate a trusted family member or friend to make these decisions for you in the event you are unable to make them on your own. Keep in mind, these may be rescinded at any time, should you change your mind.
- Living Will – Today, with medical advances, it is possible for someone to live for months with the assistance of technology. Those who wish to have do not resuscitate orders in place should have a living will. These documents provide your medical caregivers with specific instructions explaining your wishes for end-of-life care.
- Financial Planning – The costs of long-term nursing care or in-home nursing care must be considered by everyone. The costs can financially devastate a family. We can help you minimize the potential for financial disaster by ensuring there is a plan in place to fund your medical care needs as you age.
Who Can Benefit From Long-Term Planning?
Everyone in your family benefits from long-term care planning. You and your loved ones can gain confidence knowing an unexpected disability or illness will not ruin you financially. In addition, having the right directives in place, including living wills and powers of attorney, ensure your wishes are carried out. Keep in mind, the time for long-term planning is well before it is necessary.
South Carolina Financial Planning
At Cornerstone Financial Management, LLC, we have years of experience helping residents of South Carolina prepare for their golden years. We know there are no two situations that are identical. We’ll meet with you, review your current financial situation and discuss your goals. Once we’ve determined your specific needs, will we help craft a long-term plan that works to address your needs.
Click here if you would like to have a financial advisor contact you about your long-term care planning needs.