There are many costs that people in Nevada face as they age. Among the most expensive is what is needed to pay for medical care near the end of life. In fact, long-term care can cause stress to some families who must pay for the needs of their loved ones. This is one of the reasons that such needs are being added to many of the documents created by those working in estate planning.
Traditionally, in Nevada and elsewhere, estate planning includes the creation of documents such as wills, powers of attorney and those used to create trusts. Now, some are adding long-term care planning. This can come in the form of an insurance policy, though a recent report notes that only a few companies remain selling these types of insurance plans.
Others find it helpful to buy a rider to their life insurance policies that pay for long-term care. This type of insurance is a new area of growth, the report notes. In addition to insurance, there are other options, including placing ownership of assets in a trust or making funds available in estate planning for this type of medical care.
The options for people considering estate planning in Nevada are many. Because it can be difficult to consider all potential issues that a plan needs to cover, some find it important to complete a review of available options before entering into the process. This is an effort that can pay off when the needs of an individual in Nevada are cared for while they are alive and their assets are distributed according to their wishes when they die.
Source: The Press Democrat, Fewer Americans buying long-term care insurance, Robert Digitale, Dec. 8, 2013