View Upcoming Workshops Donate

Estate Planning and Long Term Care Class

Estate and long term care planning involves planning for how an individual’s assets will be managed, preserved, and in time, distributed. This could include how to plan for managing an individual’s property and financial obligations when s/he becomes incapacitated. Whether you are single or have others who depend on you, it is essential to create an estate plan.

It is estimated that 10,000 Americans are turning 65 every day.1 Of those, 70 percent will need some form of long term care at some point in their life.2 What most of us do not realize is 88% of the cost of nursing home care following hospitalization falls on individuals and their families.3 It is more important than ever for adults to learn about estate planning and long term care options. The process can be overwhelming and without the knowledge to understand what legal documents are needed and the process to remain independent, many are pushed into the court system. Going to court can cost time and money, and decisions about your personal life are taken out of your hands. So, no matter your income or situation, it is important to be informed and empowered so you can create stability for yourself and your family, and also provide a legacy for future generations. Attendees will gain the knowledge to evaluate their own needs and be ready to reach out to the professional of their choice to create a plan to protect their future.

Assets that could make up an individual’s estate include houses, cars, stock, paintings, life insurance, retirement accounts, and debt. Reasons for planning could include preserving family wealth, concerns for lack of money for unforeseen circumstances or long term needs and care due to illness or injury.

The most basic step in estate planning involves writing a will. Other major estate planning tasks include:

  • Choosing end-of-life wishes and creating a living will or advanced directive
  • Setting up durable power of attorney (POA) to manage retirement assets and investments
  • Establishing a guardian for living dependents
  • Naming an executor of the estate to oversee the terms of the will
  • Avoiding probate for estates that hold real property
  • Creating/updating beneficiaries on plans such as life insurance, retirement and investment accounts
  • Pre-planning for funeral arrangements
  • Limiting estate taxes by setting up trusts or accounts that include non-taxable beneficiaries
  • Establishing annual gifting to qualified charitable and non-profit organizations to reduce the taxable estate

2 U.S Department of Health and Human Services (, 10/10/2017.