For many Florida residents, the scariest part about the aging process is the idea that we may not always be able to live independently. Barring an unpredicted medical event or a sudden accident, all of us will eventually require assistance to meet our daily life needs before we pass away. This is where long term care planning can help.
The costs associated with nursing homes and other kinds of medical services — like in-home health care — are completely unaffordable for the majority of Americans. Without a long term care plan, these costs will eat up the average American’s retirement savings in a heartbeat.
The Law Office of Mitchell I. Kitroser is familiar with the latest strategies in long term care planning for Florida residents. One of the most popular of those options involves the creation of a special trust account. The primary benefit of a long term care trust is that an individual can surrender legal ownership of his or her assets to the trust in order to qualify for government medical benefits. Best of all, you do not have to surrender control of your money in order to take advantage of such a plan.
Florida residents can maintain control of the assets inside their trust accounts until they die, become incapacitated or unable to manage their own affairs. At that time, a previously identified successor trustee will be legally responsible for distributing the trust assets in accordance with the terms of the trust.
We never know when a medical event or accident could result in the need for long term care. Therefore, every Florida resident could benefit from creating a long term care plan, regardless of their ages. Have you considered what will happen to you and your family in the event that you or your spouse becomes incapacitated?