Long Term Care Planning for the Three Phases of Life
The "Gap" in Estate Planning… Mend it with
Long Term Care Planning©
What is the “Gap” in estate planning? Simply put it may be the most critical phase of estate planning. It is those years of vulnerability between our healthy years and the time of our death.
We go through three phases in our life depicted as follows:
| First Phase | Second Phase | Third Phase |
| Present Phase-Where we are healthy and able to manage our own affairs. | Disability Phase-Where we are alive but have disabilities that are either mental, physical or both.
THIS IS THE “GAP”. |
Post Death Phase-Where there is still work to be done for the family of a decedent such as estate, probate and trust administration. |
Most clients that come into our office feel that their estate planning is complete because: 1) they are handling their own affairs today, and 2) they have prepared a will or trust that will enable them to distribute their assets. This conveniently deals with the First Phase and the Third Phase. But what happens in the Second Phase? This is where we identify the “Gap” in our clients’ planning.
Our clients inform us that the biggest problem is not what happens when they die, but rather what happens if they don’t die and live a long period of time while they are ill.
This, restated, is the “Gap,” in their planning. The “Gap” represents that phase of our life or those years where no Long Term Care Planning has been done and long term illness sets in.
Long Term Care Planning is the process of putting together the correct documentation such as powers of attorney, asset transfers, and asset protection strategies, in order to create continuity in the management of your assets when you are no longer able to care for yourself and may require in-home care, assisted living or long term skilled or nursing home care.
So, don’t leave yourself vulnerable in the “Gap”. Instead engage in the process of Long Term Care Planning where you bridge the Gap between your healthy years and the years of death. Don’t make the mistake in assuming that you will be healthy and then someday die, without intervening years of health crisis.
With our population continuing to age (the fastest growing population in United States is the 85+ age group) there is certainty that many of us will go from healthy years to disabled years in which we are alive but require a lot of long term care. Provide for those years. Contact a Long Term Care Planning attorney so you have the correct tools in place to bridge the “Gap.”
All of our clients tell us that the greatest threat to the financial security of middle Americans is the cost of long term convalescent care. Don’t get slaughtered in the “Gap”. Do Long Term Care Planning!
Anthony B. Ferraro
Attorney-CPA
The Law Offices of Anthony B. Ferraro
The Estate & Trust, Elder and Asset Protection Law Firm
Columbia Centre I
5600 N River Road, Suite 764
Rosemont, IL 60018
PH (847)292-1220
abferraro@abferrarolaw.com
Pursuant to federal regulations imposed on practitioners who render tax advice (“Circular 230″), we are required to advise you that any tax advice contained herein is not intended or written to be used for the purpose of avoiding tax penalties that may be imposed by the Internal Revenue Service.
This document is for discussion purposes only and is not intended to be, nor should it be, considered as legal advice. You should never attempt Medicaid planning, Estate planning, Probate, or Estate and Trust Administration without the advice of competent legal counsel.
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