Livens & Reed, PLLC

Long-term care planning is supported by family discussions

Many people throughout the country and in Texas have a sense of immortality that defies logic and reality. They believe, for example, that they will not become so disabled or unable to care for themselves at any time in the future such that they will need outside help or institutional care. When considering the expensive cost of long-term care, many people rationalize away the need for long-term care planning.

While one can admire the positive thinking that puts such thoughts out of reach, the statistics defeat the idea that a person will likely escape the need for outside help some day. Since the facts suggest that most people will benefit greatly from having a plan in place, it may be time for people to revise their unrealistic thinking and at least examine the options available. Perhaps the strongest way to do this is to start with obtaining an overview from a financial planning expert and from one's estate and long-term care planning attorney.

It is also highly recommended that any plan be discussed and formulated with one's closest family members and friends. The problem is best approached as a group effort, with everyone who will assist in providing care or funding being involved in the discussions. The effort made by a family unit to evaluate and choose some planning steps for future eventualities may turn out to be the deciding factor in preserving assets for inheritance by the children of the individual.

The use of insurance funding to assist in later long-term care for Texas residents will be a strong move toward peace of mind for both the elderly beloved and for his or her children. Where the budget cannot accommodate some of the costlier avenues, a trimmer structure can be put in place to ease the stress of the ever-growing costs of long-term care. Families will benefit by seeking out hybrid forms of insurance that will provide lifetime benefits should the long-term care provisions become unnecessary.

Source:, "Why is there a Need for Long Term Care Planning?", April 20, 2016

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