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Elder Law & Long-Term Care Planning

According to the Department of Health and Human Services, the average cost of long term care is $74,820 per year (as of 2010) for a semi-private room. That’s sharing a room and only the average cost! Once you start including the cost of health issues, quality of life, personal interests, a life time of savings can disappear faster than you expected.

There are a number of approaches to curbing these costs, extending in home care, preventing a reverse mortgage on your home, and improving your long-term quality of life.

Under the age of 50

  • Consider purchasing Long-Term Care Insurance from a Certified Financial Advisor
  • Be sure to execute an Advance Medical Directive to inform and legally enable your family or loved ones to make important health decisions for you.
  • Calculated the projected costs now, and determine how much per month you should save for after retirement.

Under the age of 65

  • Talk to a Certified Financial Advisor about selective and specific Deferred Long-Term Care Annuities.
  • Form an Irrevocable Medicaid Trust to qualify for additional government supplemental income without spending down your life savings and protect your home from being taken.
  • Consider investing in your home to make sure that it can support you in later years. This includes ramps, handrails, improved night lighting, medical alert system, etc.

Over the age of 65

  • Complete the funding of your Irrevocable Medicaid trust.
  • Begin selecting your preferred long-term care facility, and let you family know when the earliest you would consider the move. For example, if you fall a third time and need to call for help. This way, you won’t put them in the difficult position of wondering when they should get involved.

To learn more or get started on your estate plan, just schedule a time to visit us for a no obligation complimentary consultation.

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