There are significant benefits for people in Delaware of all ages to have plans in place for their care and the care of their loved ones in the future. Through a carefully drafted and thoughtful estate plan, you can outline what you want to happen to your property, as well as what type of care you want. However, you may need more than just a basic will.
A will is the foundation in any estate plan, but it is not the only thing you may need to protect your interests. You will find it beneficial to think about the benefits of long-term care planning as well. This could particularly prudent for older Americans who may need support and care at some point down the road.
Most Americans fail to plan
Many people have wills, but few people have taken the appropriate steps to protect their future through long-term planning. In fact, a recent survey that polled 2,000 American adults found that four in 10 people have not made plans or spoken with loved ones about what will happen in case they need long-term care. Many older people have health problems that require them to have support and care permanently, sometimes for years. This can be an incredible financial burden on the family.
While most people assume they will need help and care at some point, a surprisingly few number of them take the necessary measures to have the right plans in place in case of a contingency. Consider the following about the need for this type of planning:
- For most people who need to have long-term care, they will need this type of help for an average of five years.
- Parkinson’s, Alzheimer’s and other types of dementia often lead to the need for extensive or around-the-clock medical care and support for years.
- Wealthier individuals are more likely to have these types of plans in place, while lesser-earning individuals may not have planned for long-term care.
Planning for long-term care can ensure you get the help you need in case you cannot care for yourself or speak for yourself. However, it can also help you protect your assets and ensure your loved ones do not have to carry an unmanageable financial burden. If you have not included these plans as part of your complete estate plan, you would be wise to take immediate action to get what you need in place.
