Long Term Care planning usually involves the review of how one could pay for long term care in the event of disability and/or incapacity. This review may involve an elder law attorney, an accountant, a financial planner and/or a long term care insurance broker. One way that long term care can be paid for is by using your income and retirement funds as well as your savings. However, since the average cost of nursing home care is now between $9,000 and $10,000 per month, a lifetime of savings can be depleted quickly.
Discussing alternative ways to pay for long term care with an elder law attorney can help you protect those savings and enable you to protect your family as well. Learning about long term care insurance and how it can help to protect you and your family can be important. For veterans and their families, reviewing how veterans’ benefits may help to cover some of the costs of long term care may also be important.
Our clients often do not know the many things that go into the process of paying for long term care. Whether you are planning for yourself or for a loved one, it is important to know what your options are, the costs associated with your plan of choice and from where these fund with come. Financing can come from various areas, and our skilled attorneys will help you analyze your income, assets, and insurance as well as veterans’ benefits, if applicable, which could be used to help cover these costs.
As part of long term care planning, our legal team can help you take steps to protect your assets. Because nursing home care comes with a high price tag, we can help you develop a strategy to protect your assets from being depleted to pay for long-term care. This protection plan could also protect the assets of a spouse, so that he or she could maintain his or her standard of living.
To learn more, check out our law firm’s long term care planning page on our website. Because the costs associated with long term care and nursing homes are often high, it is important to understand how such costs could be paid while protecting yourself and your family