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By Christine Benz | 05-03-2010 04:43 AM

Where Estate Planning Meets Long-Term Care

Attorney Ben Neiburger offers tips for assigning finance and health-care power of attorney.

Christine Benz: Hi, I'm Christine Benz. I'm here at the Investment News Retirement Income Summit, and we're hearing today a lot about long-term care. And I'm happy to say I'm joined here today with Ben Neiburger. Ben is the principal at Neiburger Law, and he focuses a lot on estate planning matters at his firm. Ben, thanks for joining us.

Ben Neiburger: Well thanks for having me.

Benz: So, one topic that came up today was the interaction of estate planning and long-term care. So a question for you, Ben, is for someone who has an estate plan in place, and is also considering long-term care, how do they adjust the estate planning documents to reflect the existence of a long-term care policy?

Neiburger: Well with the long-term care policy, you understand that it pays out a stream of income for care, whether the care is at a nursing home, or an assisted-living facility, or at home. So they have to arrange the estate plan to control the payments that come out of the long-term care insurance, so that they can get those payments to go to the right places, so they can either stay at home in the community, or in the assisted-living facility with all of their friends, and those type of things. One of the best things to have is called powers of attorney.

Benz: A financial and health-care power of attorney for most people.

Neiburger: Exactly. So you're going to have one that's going to help people implement health decisions for you. And remember, these only come into effect when you're no longer able to make the decisions for yourself.

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