As Louisiana residents and those elsewhere age, they can face several concerns. In particular, you or an aging parent could end up in need of long-term care. While it may be difficult to think about potentially developing Alzheimer’s disease or facing another issue that could lead to diminished abilities to care for yourself, it is important to plan for such a possibility.
Fortunately, you or your parent could use an estate plan to detail important information about long-term care wishes and how to pay for that care. Of course, when taking this route, it is important to recognize certain mistakes that could lead to difficulties later on when handling care appropriately.
What mistakes should you avoid?
Myths, misconceptions, and just general incorrect ideas and information could cause serious problems for a person and his or her family when it comes to handling long-term care. Some issues you will undoubtedly want to avoid include the following:
- Not updating a will: A will with incorrect or outdated information can sometimes be a useless document. As a result, you will want to ensure that your information is updated and correct.
- Not accounting for estate shrinkage: Many people may think that they will have enough funds to cover any long-term care they might need in the future, but estates can shrink considerably over time. Plus, long-term care is often immensely expensive.
- Not taking steps against fraud: Unfortunately, many unscrupulous individuals take advantage of the elderly for personal gain, so it is important to take steps to protect against the fraudulent actions of others, which could include appointing power of attorney agents to handle important matters.
- Not accounting for possible lawsuits: If you or your family hire an outside party to provide care, it is important to ensure that the carer has the right insurance coverage. If a person suffers injuries while on the job, a lawsuit could result if the worker does not have insurance, which could mean the estate has to pay hefty compensation.
No one wants easily fixable mistakes to derail an otherwise good plan. If you feel it is time to get your affairs in order regarding long-term care, you may want to thoroughly explore your planning options. Discussing your needs and wishes with an experienced attorney could better ensure that your plan avoids some of these and other common mistakes.