There are many reasons why people put off their estate and medical planning. After all, you’re still healthy and have plenty of time to take care of that! While that might be true, there are still several reasons why you should consider beginning your planning right now.
COVID Isn’t the Only Risk We Face
Over the last year, much of our attention has been drawn to the pandemic and trying to avoid its risks by following CDC guidelines. Overall, COVID-19 has been played such a prominent role in our lives that we may have shifted our attention away from other health threats that are just as significant. In fact, many people believe that COVID was the #1 cause of mortality during 2020, but it was actually third. Heart Disease was still #1, and Cancer was #2. These risks haven’t gone anywhere, and we still need to do everything in our power to ensure we can get the treatment we need if those risks become our reality.
Don’t Wait for Crisis Mode
When it comes to securing long-term care, you don’t want to wait until a crisis occurs to get started. Medicaid is a means-tested program, meaning it will be impossible to qualify if all your assets are still sitting in your name. Without first redistributing assets, you may find that Medicaid costs are quite staggering. Rather than taking care of this during a state of crisis, you can save stress and emotional turmoil for both yourself and your loved ones by starting the planning process now.
Starting Now Means More Options Later
There are financial incentives to starting your planning now rather than waiting. Your attorney can help you open trusts and accounts that can help finance your retirement and medical care down the road. By getting an early start, you are maximizing your chances of living a comfortable, secure life from this very moment moving forward.
Start Your Medical and Estate Planning with Elder Attorney Services Long Island
We offer a complete range of long-term care, elder law, estate planning, Medicaid planning and asset protection services. Our goal is to prevent problems before they occur, and we work with hundreds of families to develop care options that work for their goals and budgets. For a free 15 minute consultation, contact us by calling (516) 274-9103 or visiting our website here.