Getting older with failing health is a common reality of life.
Planning early is key to protecting your assets when it comes to paying for long-term care.
By working in advance, you will have more tools at your disposal to meet your financial and health care goals.
A great place to start is through acquiring long-term care insurance in your 50s.
Are you in the midst of a Medicaid crisis?
According a recent article in The Boston Globe, titled “Seniors have more options than selling their home,” there are options for those in crisis medical situations.
To navigate Medicaid qualification and covering the cost of long-term care, the article points out the importance of working with an experienced elder law attorney.
Chances are the spouse who does not need long-term care will need a home, making selling your house to qualify for Medicaid undesirable.
An elder law attorney may be able to guide you through other options.
If you have plenty of time to plan, do not delay.
You will always have more options, including the ability to utilize long-term care insurance, if you prepare in early.
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: Boston Globe (August 19, 2016) “Seniors have more options than selling their home”