We are all human and we are all vulnerable to accidents and illnesses that could occur at any moment, no matter if we are young or old. This is a fact that every Florida resident must face, and it is the reason why everyone should consider creating a plan for their long term care in the event of incapacitation.
In the case of a sudden heart attack, a stroke or a car accident that renders a person incapable of making decisions — or incapable of caring for him or herself — it may be necessary for the person to receive long term care at a nursing facility. No one wants to think of something like this happening to them, but in the event that it does, Florida residents will be far better served if they have a plan in place beforehand.
There are several important components to a well-organized long term care plan. For example, Florida residents will want to make sure that they have both a medical and financial power of attorney in place and that they have selected appropriate and responsible individuals to serve as powers of attorney. These individuals will be able to make decisions on behalf of the incapacitated person, both for his or her medical care and for his or her financial affairs.
Next, estate planners may want to set up a special trust that will protect one’s assets from depletion if it is necessary to check into a nursing facility. On the other hand, long term care insurance may be a good solution for those who have a steady upper-middle class income but do not consider themselves as high net worth individuals who need to protect their estates in this fashion. Every estate planner’s situation is different.
While it is always better to get one’s long term care planning completed early, there are also solutions available to families who have a relative that is suddenly incapacitated and does not have any kind of long term care planning, powers of attorney or special trust set up to protect his or her assets.