Creating a will or an estate plan is not the same thing as planning for Medicaid or for long term care. This is because most basic estate plans fail to include considerations about wealth or family assets and your legacy and wealth can both be quickly decimated by the costs of long term care. Long term care planning is a separate exercise that needs to be undertaken with the care of an experienced elder lawyer.
This is a very important conversation to have and process to follow because 7 out of 10 people in the United States will require some type of long term care in their lives. With long term care costing as high as $10,000 per month, it’s critical to see how this could decimate your retirement savings quickly.
Many long term care costs are not covered by Medicare and this costly mistake of assuming that Medicare will pick up the tab could lead your spouse suffering in the event that they needed long term care as well. Some of the advantages of long term care planning that can be assisted by the help of a knowledgeable attorney include:
- Saving the family home.
- Avoiding spending your entire life savings or retirement savings on nursing home care.
- Planning for nursing home costs and incapacity.
- Preserving assets to pass on to beneficiaries.
- Focusing on costs and care while a person is alive and healthy.
Thoughtful strategy is required to help accomplish your long term care planning goals. For further information set up a time to speak with a dedicated attorney who can guide you through this process and help you understand your unique concerns and how they align with your estate.
Need support with California long term care specifics? Our Pasadena estate planning law firm has guided many families through the process of planning for LTC.