When it comes to estate planning, there are a multitude of matters that you may have to take into consideration. For example, you may look for ways to reduce the tax burdens associated with your estate and deciding how your assets will be split up after you pass away. However, there are other issues you may want to examine, such as long-term care. At Joseph A. Ledwidge, P.C., our firm understands how complicated these topics can be for residents of Jamaica, New York.
While estate plans dictate how assets will be distributed upon a person’s death, long-term care planning can lay out how assets will be split up while the person is still alive (if they require long-term care). If you or your marital partner ever have to live in an assisted care facility or require long-term care, planning ahead can help you stretch your money further and simplify your life during these times.
For some people, looking ahead and envisioning death or long-term care can be challenging. However, those who have taken steps to protect their assets through estate planning may have more peace of mind during this phase of life. Moreover, long-term care can be incredibly expensive and those who are ready to take on the costs associated with care may be able to lessen the financial impact. If you do not plan ahead, your estate may not distributed according to your wishes.
On our page dedicated to estate administration , you will find additional information related to estate planning.