Long-Term Care Planning
Helping Clients Plan for the Future
Long-term care planning is essential for everyone, especially as people live longer and the costs of care continue to rise. At Krause Estate Planning, we provide solutions that help clients protect their assets while they are in care or after they pass away. Our team has the knowledge and experience to assist clients with advanced directives, trusts, and Medicaid planning.
If you would like to learn more about how to plan for long-term care, contact us at (608) 344-5491 or contact us online.
Advanced Directives for Long-Term Care
An advanced directive is a legal document that allows a person to outline their wishes for end-of-life care. The most common advanced directive is a living will, which allows a person to specify what life-sustaining treatments they wish to receive or refuse. Another popular advanced directive is a power of attorney, which allows a person to appoint someone to make medical and financial decisions for them in the event they are unable to do so.
The most important thing to remember about advanced directives is that they must be up-to-date. If a person is married, divorced, or has had a child since the creation of their advanced directive, the document must be updated to reflect this. If there is a change in health status, such as a new diagnosis, an advanced directive must be updated. An advanced directive can be updated at any time, and it is a good idea to review the document annually to ensure it still reflects one's wishes.
Trusts for Long-Term Care
A living will is an important part of a person's long-term care plan, but it is not the only one. A trust is another essential tool, and it is important to have a trust that is tailored to one's specific needs.
The benefits of a trust include:
- Protecting assets from creditors
- Allowing a person to maintain control over their finances
- Protecting a person's privacy
- Ensuring that assets are distributed according to a person's wishes
A trust can be created at any time, but it is best to have one created before a person is in care. A trust can be used to protect a person's assets while they are in care or after they pass away. If a person is married, they can create a power of attorney trust, which allows a person to appoint someone to make financial decisions for them in the event they are unable to do so. If there is a child with special needs, a special needs trust can be created to ensure that the child receives the resources they need. A trust can also be created for a person's business, which allows them to maintain control over their company while they are in care.
A trust can help a person maintain control over their assets while they are in care or after they pass away. However, it is important to remember that a trust is only as strong as its trustee. If a person has named a trustee in their trust, it is important to ensure that the trustee is aware of the trust and knows how to access it. If a person names a successor trustee in their trust, it is important to make sure they are aware of the trust as well. A trust can be a powerful tool in a person's long-term care plan, but it is important to make sure the trustee is aware of the trust and has the information they need to access it.
Medicaid is a joint federal and state program that provides medical assistance to people with limited income and resources. Medicaid is the primary source of long-term care coverage in the United States. However, Medicaid has strict eligibility requirements, and it is important to plan ahead to ensure that a person's assets are protected. A Medicaid trust can be used to hold a person's assets while they are in care or after they pass away. A special needs trust can also be used to ensure that a child with special needs receives the resources they need. A Medicaid planning trust can be created at any time, and it is a good idea to review the trust annually to make sure it still reflects one's wishes.
To find out how Krause Estate Planning can help with long-term care planning, call (608) 344-5491 or =/
Absolutely highly recommend Krause Estate Planning for helping us to create a solid living trust.Roger
Excellent professional service for estate planning.Paul
He is also very quick to respond to questions and concerns. We have enjoyed working with Dan and his staff in creating our living trust.Rick
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