Since many of us will spend time in a long-term care facility or nursing home, it is best to plan for it beforehand. Working with a qualified attorney to set up the proper documents is essential. This will help you protect your assets.
A formal plan, such as a Living Trust, will avoid the hassles and expense of probate. It will provide for your spouse and other beneficiaries. It can protect the inheritance you want your children to have from ex-spouses and creditors. “Special needs” loved ones, if they receive government benefits, will not lose them.
There are additional measures you can take in case you become legally incapacitated to be sure your wishes happen as you want. A Healthcare Power of Attorney deals with specific medical decisions. A General Durable Power of Attorney is concerned with assets not in your Living Trust. Special language regarding gifts can be included in planning documents. Triggers in regard to Medicaid to shift assets can be established.
In Vermont, Unsworth LaPlante, PLLC would be pleased to help you and your family plan for events which should be anticipated regardless of whether or not they actually happen. These Elder Law documents will give you peace of mind.