Question 1: What is Life Care Planning?
A life care plan addresses the needs of elderly people who develop disabilities, medical conditions, or anything else that can impact their quality of life. A life care plan is individually tailored to meet the needs of an elderly person and is designed to make their lives as happy and full as possible under the circumstances.
Question 2: What is the difference between estate planning and life care planning?
An estate plan mostly involves legal choices that apply to your death, inheritances, and other end-of-life issues. A life care plan, on the other hand, focuses on the time you have left. It involves not only legal concerns, but also medical issues, psychological concerns, and social interactions. A life care plan also weaves these issues with the practical financial concerns that every person faces.
Question 3: When should I begin life care planning?
It’s never too soon to get a head start, but life care planning isn’t always possible until you experience some type of medical condition or disability that requires you to make significant changes to your life. While you can take steps to ensure you and your family are prepared in the event you experience life-altering events, you never know who might need a life care plan, or when they might need it. The need to develop such a plan can arise after a car accident, serious illness, or after any event that affects your quality of life, or that of a loved one.
- Donor Advised Funds: Too Good to Be True? - September 15, 2021
- Changing “Irrevocable” Trusts Through Judicial and Nonjudicial Modification - September 8, 2021
- Reasons to Supplement Your Estate Plan With Life Insurance - September 7, 2021
