Have You Thought About Long Term Care?
Updated: Apr 28, 2020
Planning makes a difference. I can’t begin to tell you how many times I have told a new client: “Make sure you have a Durable Power of Attorney,” and secondly: “Plan out your Long Term Care needs.”
Approximately 70% of those reaching 65 years of age will spend some time during their lifetime in a Long-Term Care facility. The monthly cost of these Long-Term Care facilities can be as low as $3,000 or as high as $10,000.
You can quickly burn through your savings if you don’t plan ahead. If you don’t plan ahead, any benefit that has a “look back” period, whether it is Medicaid benefits (5 years) or Veterans benefits (3 years), may leave you out of luck and having to pay for a “penalty period” out of pocket from your savings.
Pre-planning can preserve your assets for your spouse, who may still be living at home, or for your adult children or grandchildren.
In regard to the Durable Power of Attorney (DPOA) I mentioned, with it, you, not the court, will designate who will make financial and medical decisions for you in case you become incapacitated.
Everyone should have a DPOA and many people will, no doubt, need one. Please call our office if you would like me to review your documents.