The United States is experiencing very rapid growth in its “senior” population. Many of us will live long, healthy lives. However, at some point, we may no longer be able to care for ourselves. Although we may not want to think about it while we’re fine, that’s exactly the time to start planning for long-term care.
Long-term care includes a variety of medical, social, and personal care services provided on a continuing basis to people with chronic illnesses or mental disabilities. Nursing care, physical therapy, and assistance with bathing, dressing, and other routine daily activities are just a few examples of such care. This may involve in-home care or it may require that you reside at an assisted living facility or nursing home. The older we get, the greater the likelihood that we’ll need long-term care.
The problem is that long-term care is very expensive and the costs continue to rise. Without appropriate planning, getting the care you need may end up depleting your financial assets, and, possibly, eating away at your children’s assets as well. Properly structuring your estate can help maximize the level of care available to you while minimizing, to the extent possible, loss of assets to your family. The best way to plan for your long-term needs is to be proactive, to plan well in advance. Waiting until you need care to start planning for it can often be a recipe for financial disaster.
Getting Legal Help
Elga Goodman is an experienced Elder Care and Estate Planning Attorney. She can help you and your loved ones address the various issues involved with planning your estate and addressing potential long-term care needs. Contact us today at 973-841-5111.
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