It’s not always easy to consider the possibility that you, your spouse, or your parents will become disabled and require a nursing home. Without considering this possibility, your family has a significant financial blind spot.
As of 2016, for Assisted Living Facilities the annual cost is $49,320 per year. The current cost for a private room in a nursing home is, on average, $97,455 per year.*
If your family is not close to dealing with nursing home care today, you can see the projected rates for the years 2025 and 2035 increase significantly:
There is good news. With proactive elder law and disability planning, you can limit the risk of all assets being lost to nursing home expenses.
Elder law and disability planning is in addition to a general estate planning discussion. For example, creating a Revocable Living Trust will help you avoid probate and limit creditors after death, but does not address Medicaid considerations.
In most cases, this type of planning includes a meeting with the parents and adult children. A group meeting can be productive to ensure all members of the family understand the goals and path to achieve those goals.
It is important to be proactive with elder law planning. Your planning options diminish as you get closer to going into a nursing home.
If you and your family are proactive, elder law and disability planning is an area where we can give you comfort in knowing that, if you or your loved ones becomes disabled, you will be prepared.
If you have questions, feel free to contact us and schedule an initial consultation related to elder law and disability estate planning.
Elliott Stapleton Attorney with CMRS Law
123 Boggs Lane, 1st floor,
Cincinnati, Ohio 45246
*Source Genworth.com Cincinnati, Ohio; visited on 2016.02.06