In the next four decades, up to $30 trillion in financial and non-financial assets is planned to be passed from the baby boomer generation, the biggest at one time and the wealthiest in the U.S. history, to their beneficiaries.
Navigating such a transition is important, but it could be further complicated by the rising costs of long term care. People in the United States are living longer than ever before. While at face value this seems like good news, failing to plan for your future could generate extensive costs later in your life. For example, an unexpected long term care event could cause up to $90,000 for an annual stay in a private nursing home room. This and other expenses, particular should you choose to live at home and work with a home health aide or other healthcare professional or home assistant can be catastrophic.
This could decimate somebody’s retirement savings and the assets they plan to pass on to a loved one. Buying long term care insurance may be one of the most important steps that you can take in order to protect your wealth and plan ahead for your future.
Long term insurance gives you some peace of mind that your assets will be protected should something happen to you. Most individuals do not expect the experience of having to use their long term care insurance, but it can be a great thing to have in the background in the event that something suddenly happens to you.
Your estate planning attorney can help you accomplish your estate planning goals.
