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.
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.
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 ...
Learn MoreJuly 10, 2019 |
Chronic illness is much more common than most people anticipate. There’s a good chance that it has already touched your life in some way. If ...
Learn MoreJuly 9, 2019 |
The decision that you make to place a loved one in a nursing home can be a complicated one, and it probably required a lot ...
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Having an estate plan is an important part of your overall financial picture, especially if you’re a parent. A recent study found that plenty of ...
Learn MoreJuly 3, 2019 |
Too many people are under the impression that asset protection planning is only relevant for the very rich who want to downsize their tax bill. ...
Learn MoreJuly 2, 2019 |
Many people already know that the cost of nursing home or long term care in their older ages can be extremely high. The average cost ...
Learn MoreJuly 1, 2019 |
As part of your overall retirement plan, you’re probably counting on your Social Security benefits. But what happens if you miscalculate and end up taking ...
Learn MoreJune 26, 2019 |
In your estate, a fiduciary has important legal responsibilities that must be addressed with the utmost level of care. Finding the right fiduciary is extremely ...
Learn MoreJune 25, 2019 |
A family business is something that goes far beyond a profit-generating venture. For you and your loved ones, it’s a source of pride and family ...
Learn MoreJune 24, 2019 |
Not all lawyers are created equal, and finding someone to help you with your needs or individual case requires doing a little digging into the ...
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