Long-Term Care: An Essential Part of Estate Planning
Most people don’t think about how long they may spend in assisted living or a nursing home before they pass away. However, if you are planning on leaving an estate to your heirs, you need to think about these things. Here are three reasons that you need to think about long-term care when you plan for the future of your family.
- It’s really expensive – Most assisted living or rest home facilities are going to cost your estate upwards of $40,000 per year, and some may be in the six figures range depending on the services you want access to.
- Your insurance won’t cover it – Things like Medicare don’t cover long-term care. Even most private insurance doesn’t cover this type of care. There are lifecare plans, but they are also expensive, so you need to be sure you don’t go through your savings paying in advance for long-term care you may not even need.
- You may be surprised by how many people require care – 40% of people are going to end up in some sort of care facility, even if it is not for very long. A mere year or two can be costly. If you are in the 10% who spend upwards of three years in a nursing home, that can eliminate the life savings of many people.
Planning Ahead for Long-Term Care in San Diego
Let Petrov Law Firm help you to plan your estate so that it goes to your family and not a long-term care facility. Call us today at 619.344.0360 to learn how we can help.