Why Your Estate Plan Needs to Factor in Long-Term Care
You probably don’t want to think about spending the last decade of your life in a nursing facility any more than you want to think about the end of your life in general. The only problem with that is: long-term care can completely drain assets you intended to leave to your loved ones. Here are three reasons you have to consider long-term care when planning for your estate.
- It’s more common than you think – Most people avoid thinking about long-term care because many people don’t need it. However, about 10% of people end up spending more than three years in a nursing home. 4 out of 10 people will at least spend some time in nursing care. And any time in a nursing facility is going to cost thousands of dollars per month.
- The costs add up fast – Depending on the facility you are in, costs can range from $40,000 a year to over $100,000 per year. That can eat away at an estate very quickly. You can minimize the costs and protect yourself against running out of funds with the right estate planning.
- It’s not covered by healthcare – It is unlikely that your health coverage is going to pay for long-term care. Medicare and Medicaid are great for doctor’s visits and prescriptions but not long-term assisted living. And yes, there are private insurance plans that cover long-term care. You just need to be sure you don’t spend your entire estate on premiums.
Planning Ahead for Long-Term Care in California
Petrov Law Firm can help you organize your estate so that long-term care doesn’t end up costing your family their inheritance. Contact us today at 619-344-0360 to speak with an experienced estate planning attorney.