Developing A Life Care Financial Plan

For individuals who now have or may have chronic long-term care needs, a Life Care Financial Plan includes specific financial advice, assistance with coordination of community resources, and identifying and accessing payor sources (such as Medi-Cal (Medicaid), and any other public benefits to which you may be entitled). Upon development of a Life Care Financial Plan, it can be used as a guide toward maintaining the highest quality of life.

The primary goals of a Life Care Financial Plan are:

1) Promoting your good health, safety, and well being at all times.

2) Assisting you with health care and long term care decision-making for life.

3) Providing assistance, decision-making and referrals to a qualified attorney/individual if eligibility for Medi-Cal (Medicaid) or other public benefit programs are required.

4) Protecting and shielding family wealth for your benefit and the benefit of your heirs, and specific advice regarding investments related to the above.

As attorneys Gilfix and Strauss aptly stated : "Planning to preserve a portion of one's estate when facing long-term care is conceptually tantamount to arranging one's personal finances to take maximum advantage of tax protection and deductions. In both circumstances, the attorney advises the client about opportunities presented by law and regulations to minimize the loss of assets. Tax planning and tax advice are and have been 'mainstream' for decades. Asset preservation planning in the face of long-term care is not yet mainstream, but is rapidly emerging"