What is Long-Term Care?
Asset protection and long-term care go hand in hand. Long-term care is a type of assistance people need to perform day-to-day activities, including eating, bathing, dressing, toileting, and transferring. As a part of the aging process, long-term care needs typically arise. This need may also be due to injury or illness, such as multiple sclerosis, stroke, rheumatoid arthritis, or cognitive impairment, such as Alzheimer’s disease. These services are often used in homes, assisted living facilities, or nursing homes.
Planning for long-term care needs involves making decisions, and taking action to minimize the high cost of paying for this care. This planning may consist of analyzing and protecting assets that will be impacted by long-term care costs.
Asset Protection for Long-Term Care Needs?
For many individuals, one goal of long-term care planning protects a lifetime of savings from being used to pay for long-term care costs. Elder Law Attorneys provide the expertise for protecting personal assets from long-term care costs. Consulting an Elder Law firm before there is a long-term care need helps to ensure the best outcome.
Should I be Planning Now?
The answer is yes! Recent statistics from the U.S. Department of Health and Human Services indicate that by the time we reach 65 years old, there is a 70 percent chance of needing long-term care during our lifetime. Therefore at least 20 percent of those Americans will need long-term care for longer than five years. The high cost of long-term care presents a threat to everyone’s savings and personal assets, including our children’s savings, should they pay for care.
Payment for long-term care expenses usually comes from personal financial assets, including retirement funds, private long-term care insurance, or both. For example, annual nursing home costs average $165,000 in 2019, while homecare costs averaged $220,000. These numbers can bring financial ruin quickly.
The Good News
Most importantly, whether you are pro-active or in the midst of a long-term care crisis, The Legacy Elder Law Center can help protect your assets from long-term care costs. Therefore, we commit to protecting you and your family while promoting maximum independence and control. The Legacy Elder Law Center is compassionate and protective of personal dignity. We are relentless in the face of threats to your family wealth. Contact us today for guidance on long-term care and asset protection.