Be Certain Your Estate Plan Includes Long-Term Care
Long-term care relates to the medical attention you may require in the final years of your life. While this is something we don’t often think about (mostly because we don’t want to), it can be something that seriously affects the estate that you leave to your family. Here are three reasons to be sure that long-term care is factored into your estate planning.
- You may be more likely to need care than you think – In fact, about 40% of Americans end up in a care facility at the end of their life. 1 in 10 people spends three years or more in a nursing home.
- Long-term care is expensive – Depending on the facility you end up in, long-term care can cost anywhere from $40,000 per year up to well into the six-figure range. For most people, that can go through an estate pretty quickly.
- Insurance doesn’t cover long-term care – Medicare doesn’t cover an expense like this. If you do have coverage for long-term care, you may be paying out just as much in premiums as you eventually would have in care. In order to leave something for your family, you have to find a better way to plan ahead.
Long-Term Care as a Part of Your Estate Planning
If you live in the San Diego area, contact the estate planning attorneys at Petrov Law Firm by calling 619.344.0360 today. We can help you to develop an estate plan that leaves your assets to your family rather than to a long-term care facility.