Long-term care planning may serve as a means for you to choose a residential facility or care center if and when you require an assisted living arrangement. As noted by U.S. News and World Report, a long-term care plan may include instructions regarding your custodial care and a method for paying the cost of your residence.
Your estate documents may provide instructions for a trustee to finance your chosen residence. Family members generally may not interfere with your plans for the allocation of funds to support your personal living needs.
How does a trust work if I am residing in an assisted living facility?
A living trust may include instructions regarding how your trustee takes care of your assets and property. If you move to a residential facility, you may no longer have a need for your current home. Your trust, however, may allow a renter to live in your home and stipulate that the proceeds go toward funding your care.
You may also give your trustee the authority to sell your assets and distribute the proceeds to your beneficiaries according to your wishes. You may leave instructions for changing your objectives if an unexpected event occurs, such as moving to a hospice.
How often may I change a long-term care plan?
An estate plan may last for as long as it takes to fulfill a particular purpose, and you may change it as often as you wish. You may, for example, create a plan that outlines only your current medical requirements and financial requirements and then revise it when needed.
You may wish to include instructions on how to modify your living arrangements in the event you become incapacitated. An unexpected illness, for example, might require you to move into a residential facility sooner than anticipated.
Kevin Tharpe
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