If you live a long life, you may need long-term care eventually.
You want to live a long life.
But you do not want to believe your body will age.
You will age.
Your health will deteriorate.
You cannot deny this.
According to the recent HomeCare article titled “5 Ways to Sort Through Long-term Care Planning,” you should start planning now for the inevitable.
If you live passed age 65, you have a 70 percent chance of needing long-term care.
Long-term care costs are only increasing.
For example, if you plan to move into a private-pay assisted living community, then the medium cost of rent alone is $50,000 a year.
How can you prepare for this future cash call?
Know yourassets and plan accordingly?
Start by taking inventory of your assets.
These include your home and savings.
Then figure out how much your senior care will likely cost.
You should calculate the cost of living with inflation and medical expenses factored into the mix.
You will need to determine what types of care you may need.
Do you want nursing care?
Do you want an assisted living community or a long-term care community?
Would you prefer in-home care?
Determine the costs for your desired wishes.
Consider different aspects of senior care.
These includes both financial and legal planning.
What kind of legal planning?
Set up a will, a living trust and powers of attorney.
This will save your family from making hard decisions later.
Find experienced advisers.
Do your research.
You cannot believe everything you hear.
Be intentional about finding an experienced and trustworthy estate planning attorney or elder law attorney to provide the best advice for your situation.
You also may need the advice and help of your financial advisor, family doctor and insurance agent.
A geriatric social worker may fit into the mix.
If you are in the greater Kansas City area, then I strongly recommend Steve Kuker of Senior Care Consulting.
Steve represents individuals who are seeking the most appropriate long-term care setting and he is not paid by the care facilities.
Truly, Steve is independent. I appreciate that.
Communicate in advance.
Sit down and talk with your family and your trusted advisors.
As you plan for your future or the future of your loved one, following these steps will provide you with peace of mind.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: HomeCare (July 2017) “5 Ways to Sort Through Long-term Care Planning”