Thanks to advances in technology and medicine, people are living longer, fuller lives. As a result, more people are caring for aging parents than ever before. One of the most important aspects of senior caregiving is financial planning to make sure your parents’ needs and long-term care are provided for. 

A great tool that you can use in financial planning is an estate plan. Many people think of estate planning as just writing a will to explain how you want your assets distributed after your death, but it’s so much more. 

The following article discusses what you need to know about estate planning and how it can help provide for the long-term needs of aging parents, including elder care.

What is Estate Planning?

Estate planning is the process of organizing your estate, which includes assets like your home, jewelry, cars, land, investments, retirement and savings accounts, as well as debts. A good estate planning professional can help you make important decisions about your finances, taxes, medical issues, and debts both for the present and the future. 

Working with your aging parents to get their estate in order helps ensure you know their wishes with regard to a range of issues if they become incapacitated in the future. They may want to set up a living will as part of their estate plan to outline their decisions in detail. Some questions to consider include:

• What types of medical procedures, healthcare interventions, or medications are acceptable?
• Who should have power of attorney to make legal and medical decisions on their behalf?
• What types of elder care and living arrangements do they prefer?

How Does Estate Planning Help with Elder Care?

Generally speaking, elder care is a term that encompasses a wide range of services and institutions that help seniors live comfortably and maintain as much independence as possible as they age. For instance, assisted living communities, in-home care, skilled nursing facilities, transportation services, meal delivery, hospice care, and adult daycare all meet the different healthcare, social, and other needs of senior adults. 

Once your parents have determined the best fit for them based on their health, needs, and preferences, estate planning can then help you explore options to make sure potential costs are covered, such as:

• Establishing a budget that takes into account present and future needs 
• Looking into long-term care insurance 
• Setting up a revocable living trust to enable a trusted individual to administer their estate and distribute assets on their behalf to cover care, if they become incapacitated

Talk to an Estate Planning Professional Today

The Estate Planning Group at Lonich Patton Ehrlich Policastri (LPEP Law) has a broad range of expertise in preparing estate planning documents, including living wills and trusts. LPEP also works with clients to maximize their current estate and minimize taxes, so they can thoughtfully enjoy the funds now while still preparing for the future. Whether you want to discuss your own estate planning needs or talk with us about your aging parents’ estate, you can call us today at (408) 553-0801 to schedule a free consultation. Let us help you protect your family’s future.

Disclaimer: This article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.