One of the biggest decisions made by senior baby boomers today is moving into a retirement community. This can be a difficult transition as if often means leaving a home that a loved one has lived in for decades, in addition to developing a new routine and encountering new people.
Have you been putting off retirement of long-term care planning because it seems like it’s far off in the future? Or you have relatively good health now, so you’re not really worried about what’s coming next?
Giving yourself plenty of time and considering the types of services that each community offers can help make this transition easier. Evaluating the cost is often a crucial component for the person entering a retirement home, as well as his or her family members assisting with the change. Planning ahead such as doing estate planning approximately five years before you may need to enter a nursing home can help you to protect the vast majority of your assets from having to be spent on care.
An estate planning attorney and a financial advisor may be used to put together a trust to help protect your interests now and well into the future. There are many different questions that need to be answered as it relates to elder law and estate planning, but working with a knowledgeable attorney can help you do so effectively.
