The NCPC publishes periodic articles under the title "Planning for Eldercare". Each article is written to help families recognize the need for long term care planning and to help implement that planning. All elderly people, regardless of current health, should have a long term care plan. Learn More...
From its inception, the goal of the National Care Planning Council has been to educate the public on the importance of planning for long term care. With that goal in mind, we have created the largest and most comprehensive source of long term care planning material available anywhere. This material -- "Guide to Long Term Care Planning" -- is free to the public for downloading and printing on all of our web sites. Learn More...
The website findlaw.com, describes estate planning as follows.
Though often overlooked or put off in favor of more immediate concerns, a comprehensive estate plan can resolve a number of legal questions that arise whenever persons die:
An "estate" consists of all property owned by an individual at the time of his or her death, including:
An estate plan can accomplish the following:
Older Americans control a great deal of the wealth in this country. They are also very interested in protecting what assets they have from loss. In addition, seniors want their assets to stretch out as long as possible in order to avoid running out of money well before they die.
It is also important to understand that a great deal of the wealth held by elderly Americans is in the form of home equity. Estate preservation strategies strive not only to preserve the wealth of elderly Americans but also to attempt to convert home equity into cash to be used in the final years of life.
Since the wealth of most elderly Americans is in the form of equity in their homes, asset preservation strategies should focus on retaining that equity for the heirs or using the equity were an inheritance for children is not a concern. For those who have assets and investments and savings, similar strategies can apply. This planning can include strategies to lessen the impact of taxes, strategies to preserve the assets from the cost of long-term care, and strategies to get a better investment return to help the assets grow.