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Florida estate planning may focus on long-term care

November is Long-Term Care Awareness Month, and as a result, Florida residents will be encouraged to review or initiate their plans for such care. Many individuals engaged in estate planning may focus on areas such as inheritances and guardianship and may not consider including their wishes for long-term care. As a result, some families may be at a loss for how to properly care for a family member who has become incapacitated.

It was recently reported that approximately 70 percent of individuals over the age of 65 will likely need this type of care. As many people may know, nursing homes and other such care facilities can be considerably expensive. A year's worth of care in a private room could cost nearly $100,000. If individuals have not prepared for such expenses, their family members could face a substantial burden.

Individuals may be able to reduce some of the burden by incorporating their wishes into their estate plans. It may be possible to set up certain accounts that are to be used for long-term care expenses as well as appoint a power of attorney that will be responsible for certain decisions. There are various options to consider in order to find the best fit for a family's needs.

Because retirement and estate planning can feel overwhelming, Florida residents may wish to find out more information concerning their options. By becoming more knowledgeable, they may be able to make decisions with which they feel comfortable. Additionally, discussing concerns and wishes with an experienced estate planning attorney could help parties ensure that their affairs are in order.

Source: tucsonlocalmedia.com, "Does Your Retirement Plan Consider Long-Term Care?", Nov. 11, 2015

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