The cost of nursing homes and assisted living facilities has increased gradually over recent years. For many families, long-term care expense can easily get too costly very quickly. Without planning, these charges may deplete savings and have loved ones make difficult financial decisions.
That is where thoughtful estate planning comes into the equation. A great estate plan will save your assets while making sure you or a loved one receives the care you need, when you need it.
Long-term care planning is more than preparing for the future. It’s about keeping your independence, safeguarding your home, and having control over your healthcare and financial decisions. Resources such as a irrevocable trusts, powers of attorney, and advanced healthcare directives can assist in developing a sound plan that weighs care requirements against asset protection.
Medicaid planning is also a very important part of this conversation. While Medicaid does pay for nursing home care, it has strict financial requirements. With proper legal guidance, you can pursue ways of qualifying for Medicaid without losing everything that you’ve worked towards.
It is never too early to begin doing so. In planning for yourself or helping a parent plan for themselves, taking action today can bring about peace of mind and avoid crisis decisions in the future.
We’re here to help you tackle the complex issues of long-term care and asset protection. Call us today and schedule an appointment and learn how estate planning can improve your health, your wealth, and your future.
