Estate Planning Series – Long-Term Care (6 of 6)

by | Aug 17, 2024 | Personal Readiness

I recently became the guardian of a close family friend who has dementia.  This experience inspired me to write the Estate Planning Series and create a few Estate Planning Tools, which I thought I would share.  This series explores some of the key elements I’m thinking about as I grow older.  Hopefully, some of this information will be useful for you as well.  This series is not intended to be comprehensive or all-inclusive but rather a reflection and lessons learned from my own experiences.  Feel free to use this as a foundation for conversations with your own family, friends, or professional service providers.       

As we think about each aspect of our estate plan, will, trust, finances, transportation, and aging in place, we should also consider the possibility of needing long-term care, i.e., assisted living and or memory care.  Based on my experience, there are several factors a person would want to consider when thinking about long-term care options.  For example, the woman I help owns a dog and wouldn’t go anywhere without her dog.  Having her dog live with her was a requirement for anywhere she would live.  As we researched assisted living options, we learned state laws and corporate policies could dictate whether you can have any animals while living in assisted living or memory care facilities.  Finding a quality establishment that would allow her to bring her dog was very challenging. 

We also learned that as dementia progresses, it becomes harder to move without impacting memories and, as a result, quality of life (1).  More specifically, you form memories of where things are in the house, where you go to eat, how you shop, how you get there, etc.  A big move at any age is hard for anyone, but it can be exceptionally difficult when you have dementia.  Some senior living centers consider this and create facilities that offer a full spectrum of living conditions ranging from fully independent condos to memory care units and everything in between (2).

Cost is another consideration of long-term care.  Several variables come into play when considering long-term care options, such as the amount, type, and location of care, to name a few (3).  Long-term care insurance is an option to consider; some people begin shopping for long-term care insurance when they are in their fifties.  Like all insurance, there are a lot of considerations to take into account. 

The location of long-term care may also be something worth considering.  Are the facilities close to family, friends, or recreational activities?  What services do the facilities offer, i.e., social activities, transportation, on-site amenities, etc.?  Resources available at the state level may also impact the quality of life.  Some states offer a Medicaid supplement for long-term care.  Regardless of individual circumstances, it’s essential to consider what might be important to you.

 

Please feel free to share your own experiences and lessons learned in the comment box below.  Your shared thoughts may help someone else going through a similar experience.  Thank you.

Readiness Review Checklist

    1. Have you thought about long-term care options? Thinking about long-term care is essential to creating a comprehensive estate plan.
    2. If you were to live in a long-term care facility, would there be services you feel you must have? Have you looked for those services?
    3. Have you priced long-term care and included it in your financial plan? Long-term care insurance becomes more expensive the older we are when we take out the policy.

Do not complain about growing old.  It is a privilege denied to many (Mark Twain).

Good Luck and Stay Ready, My Friends.

Useful Resources:

RuReady Resources:

  1. Estate Planning Organizer
  2. Estate Planning Readiness Review
  3. Estate Planning Series Resource List

 AARP Resources:

  1. Long-Term Care. AARP has a series of articles and resources located at the bottom of their Family Caregiving page.  Information on Assisted Living Facilities, Continuing Care Communities, Geriatric Care Manager, Group Homes, Long-Term Care Guide, Long-Term Care Insurance, Long-Term Care Insurance Claims, Long-Term Care Insurance Cost, Medicaid Coverage, and Nursing Homes can all be found here. 

Article References:

    1. Marlena del Hierro (2023, July 10) 18 Tips for Moving Someone with Dementia: What You Need to Know. Senior Resource Center.  https://www.seniorly.com/resource-center/health-and-lifestyle/18-tips-for-moving-someone-with-dementia-what-you-need-to-know
    2. Anna Baluch (2024, February 05). How To Find The Best Senior Living Communities.  Forbes Health.  https://www.forbes.com/health/senior-living/best-senior-living/
    3. AARP (2022, July 26). Long-Term Care Cost Calculator  https://www.aarp.org/caregiving/financial-legal/long-term-care-cost-calculator.html

 

Disclaimer: The information provided in this document is informational only and does not constitute professional advice or recommendation.