A recent poll conducted by the Associated Press and the NORC Center for Public Affairs Research reported on a trend that we’ve seen all too often at our practice – Americans are not adequately preparing for the high-cost reality of long-term care.
The poll was given to Americans 40 years or older, and the results are worrying. Three in 10 respondents prefer not to even think about getting older and two thirds have admitted to doing little to no planning for long term care. This is a cause for concern given that according to the same article, “government figures show nearly 7 in 10 Americans will need long-term care at some point after they reach age 65.”
This “I’d rather not think about it” attitude is all too common and it is likely to lead to catastrophe for many older Americans down the road. The average cost of a nursing home is $6,700 a month, and nursing home costs in Sacramento are even higher.
The best way to shelter your assets from the extremely high costs of long term care is to work with an estate planning and elder law attorney. The estate planning process takes time. All too often, individuals ignore the need to plan, until it’s too late. A medical emergency suddenly arises, such as a bad fall, a stroke or a heart attack, and an individual finds that they need nursing home care for the rest of their lives and has no way of paying for it.
As the Baby Boomers begin to hit retirement age in droves, the need for estate planning and elder care preparation will grow exponentially. Even though it can be uncomfortable to think about growing old or losing your autonomy one day, estate planning doesn’t just help you – it also helps protect your financial legacy. Instead of spending all of your hard earned retirement savings on nursing home bills, estate planning helps you pass your assets on to your children or your grandchildren.
So ask yourself, Are You Preparing For Long Term Care?
Now is the time to begin to plan for long-term care. Hopefully you will not require care for many years to come (or ever!), but if you do, you will be prepared. Contact Justin Gilbert, an estate planning and elder law attorney in Sacramento who can help you save your assets for the next generation. Call us at (916) 467-4999 to schedule an estate planning consultation.