One of the most frequently asked questions College Station elder lawyers receive is, “When should we start planning for long-term care?” The short answer is, “Long before you need it!”
When it comes to your home, your health, and your finances, you want to be in the driver's seat. That is why it is so important to plan now for any future care you may need. Even if you have a nice nest egg set aside for retirement, it could quickly become cracked and scrambled if you require a stay in a nursing home or need assisted living. A nursing home stay could easily cost you $5,000 to $10,000 per month. How long would your money last at that rate?
Many people realize that long-term care is a rising concern for elderly individuals. While it is true that most people living in long-term care facilities are older, planning for long-term care is not something you should put off. At any point, any one of us could require long-term care. Just one accident could place you in a long-term care facility for the remainder of your life.
Unfortunately, we have seen families forced into debt and even bankruptcy to meet the needs of their loved ones. This is why we discuss the need for long-term care insurance with all of our clients. Additionally, we make sure that you have all of the proper legal documents such as powers of attorney and healthcare directives in place in the event something happens to you and someone has to step in and make financial and medical decisions on your behalf.
A solid Medicaid Plan and/or Irrevocable trust may also be a wise idea in order to protect your family's finances from the grasp of long-term care facilities, without jeopardizing your loved one's access to benefits such as Medicaid down the road.
When setting up your plan, it is important to meet with an attorney that not just handles estates, but also elder law issues, in order to create a strategy for long-term care that will protect your family and provide total peace of mind.
If you have any questions about a long-term care plan or would like to discuss the documents that you need, contact our College Station elder lawyers at 979-703-7014.
There are no comments for this post. Be the first and Add your Comment below.
Leave a Comment