Paying for Long term Care
Our population is aging, and long-term care is becoming a reality for many people. Senior citizens often grow frail, requiring more assistance with their day-to-day activities. Sometimes the level of help required is more than their families can provide. Paying for long term care becomes an issue.
Long-term care may be needed 24/7 for months or years. In-home nursing care, residence at an assisted living facility, and residential care offered in nursing homes are all considered long-term care. As you might expect, this type of care is expensive. In fact, nursing home care in the Anniston area can cost around $6,000 a month and more than $7,000 a month in Birmingham. In-home care and assisted living may be less expensive, but the cost becomes a burden for most families. Paying for long term care becomes a huge concern for many families.
Chances are good that you or someone you love will eventually need long-term health care.
And paying for that care may take every asset you own.
That’s the bad news.
The good news?
There are ways to protect your property from the high cost of nursing home care. One of the best methods is through asset protection planning.
Asset Protection Planning
Don’t worry. Asset protection does not mean you will be hiding your assets or doing anything illegal.
It simply means we will use tried-and-true strategies for paying for your long term care while leaving as much money as possible for your heirs and make sure your spouse is not left destitute.
Trusts, life insurance and annuities, and asset exemptions are only a few of the methods available to you.
Planning for Long-Term Care
Most people will have trouble paying for long term care, especially extended nursing care. That’s why it’s so important to discuss long term care planning with your attorney. The sooner you start, the more we can protect.