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What documents should I have in my estate plan that will help me plan for long term care?

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What documents should I have in my estate plan that will help me plan for long term care?

Question: What documents should I have in my estate plan that will help me plan for long term care?

Answer: When planning for long term care you should have several documents in place. First and foremost you should have your healthcare power of attorney and your living will so that the medical decisions can be made on the long term care situation. In addition, you should have a durable power of attorney in place to handle the financial decisions that may be needed to be handled if the person becomes disabled. In addition, part of the estate plan, the trust typically has provisions that the grantor will set up the trust and I typically recommend that you fund the trust with the assets so in the event of the disability of the individual, that the trustee then starts managing the assets within the trust and handling the financial decisions within the trust for that individual on a long term basis.


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