As a healthy senior or baby boomer, there are important steps to plan ahead so you don’t worry about going broke in a nursing home, or being a burden for your children. It starts with finding the right elder law attorney.
As a healthy senior or boomer, it’s important to look ahead to what would happen, not only what would happen if you die, but what happens if you don’t die.
And so, in the situation where so many people are in the estate planning, they have a will in place, and that really deals with who’s going to get my stuff if I pass on. And that’s important but, really the more important thing for you is what happens if you don’t die? What happens if you live? What happens if you live a long life but become ill and need care? That’s why it’s important to plan ahead for long term care.
There are different types of planning ahead for care.
For example, many people have IRAs in place that they worked hard to put money into, and they expect to spend that on their care if needed later in life. The problem with that is that the care is so expensive. Generally, it’s over $75,000 a year to pay for that cost of care.
If you’re young enough and healthy enough, you can qualify for certain types of long term care coverage that will leverage that IRA. That could make it possible for you to get care at home, care at assisted living, or care at nursing home without running out of money, perhaps ever in your lifetime. So it’s important to deal with planning ahead with some of the financial considerations that are available.
With the right elder care planning, you can combine the right types of trust, the right types of financial products, and wind up with a result that’s much more powerful than either of them by themselves.