Trusts & Long Term Care

Trusts:

Trusts can be used to shield assets from being administered pursuant to a will. Through a will, you can specify when someone will receive the funds from the trust; how old they have to be in order to receive the funds from the trust; and what the Trustee can use the funds for on the person who will receive the money from the trust if they have needs before they are able to receive the funds.

There are also special needs trusts. A special needs trust can be established for the benefit of a loved with a disability who is unable to care for themselves. The special needs trust can provide income to ensure that they receive the care and support that they need, while also enabling him or her to continue to receive essential, needs-based government assistance due to their disability.

Long Term Care:

Another consideration in ranking decisions regarding your estate planning is long term care. Long term care in either a residential facility, home health care or adult day care, can be expensive. The option that is best for you or your loved one will be dependent upon numerous considerations, including the health of the individual, the type of care required and the length of time that care is needed. One way to overcome the expense of long term care is by purchasing a long-term care insurance policy. The cost of your policy premium is determined by your age at the time of application and the level of benefits you desire. Unfortunately, long term care insurance, often does not cover the entire cost of care. Therefore, it is important to have a comprehensive estate plan.

Give the attorneys at Tanner Law Offices, LLC a call at (717) 836-0471 to schedule a free, 30 minute consultation to discuss your estate planning needs.