Have you crafted personal plans for your long term care? What if you need care and support beyond what your spouse or other family members can provide? It’s natural to want to avoid thinking about these difficult subjects, but it’s crucial for you and your loved ones to have a basic idea of plans if something were to happen to you.
Many adults want to receive long term care in their own homes rather than moving into a senior living community or nursing facility, according to a recent research study. This is a phenomenon referred to as “aging in place” and even though increasingly more people intend to age in place, few actually have a plan to pay for these expensive in-home care services should they be needed.
Many are under the perception that government programs will automatically help fund long term care supports and services. The population of Americans aged 65 and above is anticipated to grow to more than double by the year 2060. Nearly 90% of recently surveyed adults said they wanted to receive ongoing living assistance in their own home or in a family member’s home, according to that study.
Only 2% of the survey respondents say they wanted to age in a nursing home. Unfortunately, however, many people don’t have a holistic perspective on their long term care plan and how this is affected by the assets they own and their oncome streams.
For most people, aging in place could be an option based on their medical condition, because they might not need the advanced support required by an assisted living or nursing facility.
Call for a consultation with an experienced California estate planning and elder law attorney can be the first step towards creating a long term care plan that works in conjunction with your estate plan.