Protect Your Assets: Smart Long-Term Care Planning with Ed Wollman

Protecting your assets while ensuring quality care for yourself or a loved one is a delicate balance. It requires careful planning to safeguard your financial resources without compromising the level of care needed. This involves understanding the various options available, such as insurance, trusts, and government programs. Navigating these choices can be complex, but it's essential for maintaining both financial stability and well-being.

 

Ed Wollman is a seasoned estate planning attorney with over 35 years of experience, specializing in helping families navigate the complex world of elder care and asset protection. As the founder of a prestigious law firm in Naples, Florida, Ed and his team of six attorneys provide comprehensive legal solutions for aging individuals and their families. On this episode, Annalee and Ed tackle the often-avoided topic of long-term care planning. They highlight the critical importance of having difficult conversations about aging with family members before a crisis hits. Stay tuned!

 

Quotes:

• "My rule of thumb is we families need to start having these conversations about aging sooner rather than later.”
• "The worst time to try to figure out what those next steps are, is in the stage of a crisis.”
• "If you're making decisions off of poor information, you're going to make poor decisions."
• “When families don't know what they don't know, they make very expensive mistakes.”

 

Takeaways:

• Schedule a family meeting to discuss aging plans and wishes, including healthcare and financial power of attorney details.
• Create a comprehensive list of all financial accounts, passwords, and important contacts (attorney, financial planner, etc.) to share with your designated power of attorney.
• Research and understand the differences between Medicare and Medicaid coverage for long-term care to avoid costly misconceptions.
• Consult with an elder law attorney to learn about asset protection strategies, especially regarding your home.

 

Conclusion:

Proactive planning for aging and long-term care is crucial, yet often overlooked until a crisis occurs. Families need to have open conversations about estate planning, healthcare wishes, and financial matters well before they're needed. Understanding the complexities of Medicare, Medicaid, and long-term care costs can save families from making costly mistakes and help preserve assets while ensuring quality care for loved ones.

 

Resources:

Annalee’s LinkedIn

Care Right Inc. Website

Episode Website

Learn more about The Elder Planning Specialist designation and certification program at Plan For Life Now

 

Guest Links:

Ed's Website

Ed's LinkedIn