What Is the Difference Between Estate Planning and Elder Care Planning?

We know we will not live forever. Yet, the good news is that we are living longer lives. So, while we buy life insurance policies and write up wills, we still need to accommodate those additional years. It is possible to look at your financial wealth and design it so that you take care of your Mississippi estate planning and elder care planning needs at the same time. One is an important step towards caring for your family after you die, and the other helps care for you now. Viewing these two areas holistically leaves you in the best spot for you and your family. Working with the right company ensures things are handled correctly.

Estate Planning vs. Elder Care Planning

Whenever thoughts of growing old crop up, most of us navigate towards being sure that our favorite cousin gets the family china set, and the kids know where the will is located. It’s part of estate planning.

Growing older is another phase of life deserving of careful consideration. Focusing on this chapter is part of elder care planning. We are familiar with one but not necessarily the other. What’s the difference?

  1. Elder Care Planning: When you focus on elder care planning, you are looking at a broad sphere of legal issues, including:
    1. Long-term Planning for Future Medical Needs: You may need to seek the services of a skilled nursing facility or secure your medical care if you become unable to make decisions for yourself.
    2. Prepare to Qualify for Earned Benefits: When you earn some benefits like those from the Veterans Administration, it helps to plan ahead for any asset or strict income tests. This helps ensure you get what you worked hard for in your younger days.
    3. Safeguarding Your Finances: By preparing correctly for retirement and then staying on top of things through it, you will have an estate to leave your family.
  1. Estate Planning: This subject is probably more common than elder care planning. From an early age, we hear about life insurance, wills, and trusts. The goal behind estate planning includes the proactive steps taken to ensure your estate is distributed as you wish after your death. It includes many tools:
    1. Will: This document lists out who your heirs are and who obtains your assets and belongings.
    2. Healthcare Power of Attorney: This is a legal document listing who has been appointed to make health care decisions on your behalf.
    3. Living Will: Also known as an advanced medical directive, it outlines what you want done if you become incapacitated, terminally ill, or unable to communicate.
    4. Trust: This option is a legal entity that owns your assets and controls them according to your wishes.

 

View Estate and Elder Care Planning as Two Pieces of a Whole

Strike the right balance in planning your future. Look for assistance with preparing for future events before your pass with elder care planning. Remember to work alongside an estate planning Mississippi professional to ensure you have what you need after your death. Executive Planning Group comes alongside you to assist you by looking at your current situation and future goals. We support you through the process to care for your family after you pass with a range of services and products. Contact us today, or feel free to request a quote online.

Call us at 601-982-3000 to begin or revisit your estate planning in Mississippi.

Disclaimer: Securities offered through Valmark Securities, Inc. Member FINRASIPC. Investment advisory services offered through Valmark Advisers, Inc., an SEC-registered investment advisor. Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.

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