Research shows that as more baby boomers entire retirement and pass away in the coming decades, $30 trillion in assets will be passed on to loved ones like children or grandchildren. However, far too many people have not even taken the necessary basic steps to protect themselves and their loved ones. Failing to plan can make for unnecessary confusion and frustration for your beneficiaries. This great wealth transfer is a good opportunity for any baby boomer to set up a meeting with an experienced estate planning lawyer.
One of the biggest reasons to accomplish this is simply due to the rising cost of long-term care. Someone who has not approached long-term care planning with the help of an experienced lawyer well in advance may struggle to make things happen in the way they want. It might also require them to go through the probate process.
Long-term care has the potential to completely wipe out someone’s estate. The costs associated with long-term care, of course, depend on the patient’s individual needs and the location of the facility, but it’s expensive regardless. Just one long-term care event can take out a significant portion of someone’s savings or their estate, and this is to say nothing of long-term issues like cognitive decline associated with Alzheimers.
Bear in mind that research shows that the median cost per month for a home health aide is $3861 for approximately 44 hours of work. A private room inside a nursing home, however, carries a median monthly cost of $7698. Medicare only covers limited short-term issues and Medicaid, without proper planning, could require someone to spend through their assets before they qualify. All of this can make for a frustrating long-term care situation.
Thankfully, setting up a meeting with an experienced advanced planning lawyer can help you to lay the groundwork for your estate and your long-term care with enough time to achieve all your goals. Contact us at email@example.com.