It’s More Important Than Ever to Be Mindful of Long-Term Care Costs

July 15, 2019

More people today recognize the potential impact of long-term care because most children of baby boomers have experienced it first hand by helping their loved ones with medical issues associated with aging.

Long-Term Care – New chalkboard with outlined text – on wood

However, these children should also be careful to incorporate potential planning sources for long term care in their own estate plan. The Genworth Cost of Care Survey in 2018 found that a private nursing home’s average cost will run your over $100,000 per year.

Given that the National Care Planning Council says that the average stay in a nursing home is 835 days, you need to be prepared for how expensive this could be if you were to have one long term care event. Considering that the US Department of Health and Human Services says that 7 out of 10 people will require some form of long-term care in their lifetimes, you need to be thinking about whether or not you can afford to self-fund.

Those who have taken no other action to prepare for long term care, such as consulting with an estate planning attorney about Medicaid or purchasing a long-term care insurance policy, are essentially set up to fund their own long-term care if it were needed.       

If you’re not sure what your next step is in crafting a Medicaid plan, you don’t have to do it alone. Sitting down with a lawyer can present you with options and give you a set of next steps.


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

Should You Prioritize Charitable Giving in 2025 — or Wait Until 2026?

With major tax law changes set to take effect in 2026, now may be the ideal time to evaluate your charitable giving strategy. Learn how ...

<p>The post Should You Prioritize Charitable Giving in 2025 — or Wait Until 2026? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

New IRS MATH Act Brings Clarity — Why Business Owners & High Net Worth Families Should Care

The IRS MATH Act, signed into law in late 2025, requires the IRS to “show its math” when it flags errors — meaning clearer notices, itemized adjustments, and a 60‑day window ...

<p>The post New IRS MATH Act Brings Clarity — Why Business Owners & High Net Worth Families Should Care first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Strengthen Your Retirement Strategy with a Roth 401(k): Tax-Free Growth for the Future

Discover how a Roth 401(k) can enhance your retirement plan with tax-free growth and flexible distribution options—ideal for high earners and long-term planners. Why a Roth 401(k) Might Be the Missing Piece in Your Retirement Plan When it comes to planning for retirement, diversification isn’t just about what’s in your portfolio—it’s also about ...

<p>The post Strengthen Your Retirement Strategy with a Roth 401(k): Tax-Free Growth for the Future first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>