Preparing For Medical Costs Is Important In Estate Planning
July 6, 2014
Planning an estate is about preparing for one’s death. However, it is also about making preparations for possible serious sickness or incapacitation in the future. If one is physically not able to make decisions for himself or herself due to a medical situation, this can be a serious issue for that person in Florida or elsewhere. Therefore, one should make the proper preparations during estate planning.
A health care proxy will empower an individual or entity of one’s choosing to make medical decisions while one is incapacitated due to a medical situation. Communicating one’s wishes and desires clearly and before being incapacitated will ensure that one receives the type of medical care one desires. This could include instructions for something as important as whether to remain on life support.
However, medical care costs money, and it is also best to make plans on how to finance the necessary medical care one may require when incapacitated. Obviously, one will not be able to finance medical care through working when one is incapacitated. This is where long-term care insurance comes in. This type of insurance is especially designed to cover costs related to chronic medical care or significant periods of time.
On the other hand, preparing for serious sickness or incapacitation is just one part of a comprehensive estate planning strategy in Florida. One will also have to decide how assets are distributed in the case of one’s death as well as how minor children will be cared for. These and various other concerns will need to be decided while planning an estate. Also, the necessary legal documents and paperwork must be created and processed in order to ensure that one’s wishes are legally enforceable.