Starting The Long-Term Care Planning Journey With The Law Offices Of Paul H. Threatt, PLLC In Florida
This article will help you understand:
- Risks associated with not starting long-term care planning in Florida early.
- Several highly effective measures you can take to protect your assets and provide for your family.
- How handling estate planning and long-term care planning in Florida alone or with an online tool can be disastrous.
How Often Do Families Properly Plan For Long-Term Medical Care Or Other Later-In-Life Living Costs?
Most people do not properly plan for long-term medical and later-in-life living costs! Losing physical and mental capacity is too foreign a thought for most people. Most families who plan ahead, do so because they learned from a crisis involving their parents or grandparents. And bust families struggle to find the time to plan because reliable knowledge about the true cost of care and aging is difficult to find.
What Can Happen If My Family is NOT Properly Planned For Long-Term Care Costs In Florida?
Based on the Florida Medicaid Transfer Penalty Divisor, the average cost of nursing home care in Florida is $10,809 per month. So, if your loved one wants high-quality care, they may be paying even more. Your life savings dry up quickly with these monthly large expenses. Moreover, you may need to go to an administrative hearing to appeal for benefits or worse end up in court for a judge’s ruling.
Without an estate plan, your family may lose control of the distribution of their assets and potentially even their person. It is critical to start long-term care planning in Florida as soon as you can.
What Are The Most Effective Long-Term Planning Measures I Can Take To Protect My Assets And Provide For My Family In Florida?
A trust keeps control of your assets in your hands and then your trustee’s hands, minimizing government involvement in your affairs.
If you know or think there will be long-term care requirements in your future or the future of a loved one, now is the time to establish an irrevocable trust for assets you want to pass on to the next generation.
If I Live Out Of State For Part Of The Year, Where Will I Need To Create My Estate Planning Documents?
The answer to this question depends on where you established domicile and how long you live out of state. If you do establish domicile or residency in Florida, then you can use a Florida trust to devise assets in another state. For example, many of our clients pass on a family farm in the Midwest using their Florida RLT.
Also keep in mind, that if you live in Florida then your crisis documents like the Durable Power of Attorney, Health Care Power of Attorney, and Living Will have statutory formats and requirements under Florida law; thus, out-of-state documents may not be honored in Florida.
Do I Need A Florida Estate Planning Attorney? Is It Possible To Handle Estate Planning On My Own Or With An Online Service?
Do you know if “in terrorem” clauses are allowed in Florida, let alone what they are? They are common in online software but in Florida, they are not honored.
While it is theoretically possible and legal to handle estate planning alone, you will face complex legal questions if you do. A licensed attorney can answer them for you. This is critical to the success of your estate plan.
Answering a few questions to a computer robot is a dangerous way to build an estate plan and may leave your family much worse off than having no estate plan. For more information on Long-Term Care Planning In Florida, an initial consultation is your next best step.