How can an estate plan help you prepare for ill health?

On Behalf of | Sep 10, 2021 | Estate Planning |

One of the key things an estate plan can do is provide guideposts for health care if you get ill. This typically applies to people as they age, but it also means being ready for unexpected health issues while you’re young.

There are two main elements to health care planning: You need to look at how you will fund it and give someone the authority to speak for you if you become incapable of doing so yourself.

It is not too soon to put a power of attorney in place

When you give someone power of attorney, you give them the ability to do specified things on your behalf, whether that means handling your finances or making your medical decisions. While you might not want anyone to do this now, having powers of attorney in place means they can act as soon as required without unnecessary delays.

It is not too soon to give money away

Medicaid can help cover the costs of treatment you need in later life. Many people rely on it to pay for their time in residential care.  However, it will only pay when you do not have enough assets to fund your own care. Transferring your assets to your heirs early can be complicated because Medicaid operates a five-year look-back period when assessing your ability to pay. Comprehensive estate planning can include ways of legally circumventing this issue through various strategies.

You cannot predict the future, so it is crucial to have an estate plan that considers all the possibilities you may face when that future comes. Learn more about the available options today.