Long-term care and estate planning that puts people first
This article was written for our sponsor, NC Planning.
For many people, long-term senior planning is an uncomfortable topic. Not only will you have to account for any long-term care that might be needed later in life, but you'll also have to arrange an estate plan that best fulfills the wishes of a loved one after they pass away.
Hopefully, you or your loved one is still around and able to help create that plan. However, that may not always be the case.
When stepping in to arrange this type of care and planning for a family member, not only is the process intimidating, but it's also emotionally — and sometimes financially — taxing.
"My senior planning experience happened a couple of years ago when I was forced to deal with my mother's Medicaid eligibility and residency planning. While I was there, I knew I needed to redo my estate plan. Our lives are complicated. There are other people involved, and you need a law firm or an attorney who really specializes in estate planning since that can include a number of different legal situations and documents," said Molly Howell, a client of NC Planning, a Raleigh-based estate planning firm. "You really need someone that can help create the full picture, because there are multiple pieces to your life. When I did my own estate planning, my attorney covered a multitude of different scenarios and documents that might come into play."
For Howell, the experience of planning for her mother's estate helped her realize just how important it was to have a plan in place as soon as possible. Since life is always evolving, Howell has been able to change her plan as needed through her attorney at NC Planning.
While Howell recognizes estate planning can often be a sensitive topic, she encourages others not to shy away from it.
"People don't want to particularly talk about death, they don't want to talk about finality — that's just a very uncomfortable topic. I know that everyone at NC planning has been so sensitive to that and they present the reasons why it's important, and they support you," said Howell. "It's so important not to let the topic keep you from having those conversations."
During Howell's experience, her attorney went through a list of questions with her that helped in creating a comprehensive estate plan, such as whether she had properties or valuable assets, a financial portfolio or any heirlooms that were important to her.
After handling her mother's will and the difficulty of having more than one executor, Howell now knows some of the pitfalls to avoid. For those who put off estate planning, oftentimes family members are left to guess about what type of long-term care they would want or who receives what assets.
By not waiting until the last minute to meet with an attorney, Howell is able to have peace of mind her wishes will be carried out later in life.
"This can be overwhelming if you have a very complicated life, and everybody's complicated in their own way. At NC Planning, they know that it may take time to get everything together, so they sit down with you and make a timeframe. I was under some stress trying to close my parents' estate when I went to them, and they were helpful and said, 'Let's do this one step at a time,'" said Howell. "Some of this stuff is very complicated, and you have to take time to figure it out. An estate is a living and evolving document, and so an attorney can be with you throughout the process to remind you and help you make changes when you need them."
This article was written for our sponsor, NC Planning.
