If you are going over estate planning matters, you may have various questions, such as which type of trust is ideal for you, who you will name as your estate’s executor, or how your assets will be distributed among beneficiaries. However, you may also want to consider the potential way that long term care could affect your estate and take steps to prevent problems from arising down the road. At the New York law firm of Joseph A. Ledwidge, P.C., we know that people sometimes have a lot of uncertainties when it comes to these topics.
When thinking about the future of your estate, you should not overlook the possibility of long term care. In the event that such care is required, you should try to minimize the impact care will have on your estate and avoid significant estate shrinkage. Even if you have a high net worth, long term care can be costly. Although each case is unique, you may want to look into long term care insurance. However, this coverage can be very expensive, so it is essential to carefully go over all of your options before settling on any decisions.
With estate planning, you are able to prepare for unexpected events and have a plan in place that ensures your property is handled according to your wishes. On our firm’s estate administration page, you will be able to read more about some of the legal aspects of distributing assets among beneficiaries, probate, and other legal issues involving estate planning .