Anyone looking ahead to the future probably has their primary focus in terms of estate planning on how to protect their assets. However, it is also powerful to consider coming to grips with the possibility of long-term care.
Overlooking the prospect of a long-term care can put people in a very dangerous and an unfortunate situation, meaning that they won’t be able to get the help and support that they need when it comes time to recovering in a nursing home or other assisted living facility.
Long-term care is very difficult to understand particularly as it relates to the prospect of Medicare and Medicaid and whether or not these will work. Sitting down with an experienced estate planning attorney is most people’s first concept of working with a lawyer to develop a long-term care plan.
According to a recent study of financial advisors, approximately 60% of those who responded who were working with those clients who had $1 million or more in investable assets shared that fewer than one quarter of their clients had a long-term care plan.
Unless someone has had a direct family experience with a long-term care issue and has taken this as a wakeup call to protect their own interests, they might not understand the many benefits linked to long-term care planning and having a clear strategy designed to assist in the event that a disability or other event suddenly emerges. Talk to a lawyer to get more help.