While you may think there is plenty of time to worry about long-term care when you get older, many people do not plan for this important necessity until it is too late. The cost of long-term care can be devastating financially so planning for this future need can be important for both you and your family. Some people do not develop a plan for long-term care planning because they assume that if they are suddenly faced with this need there is some form of government entitlement to cover this expense.
Relying on the Government, under the above circumstances, is asking for trouble, although you may believe you have an entitlement to lifetime medical care, this is not the same thing as long-term care in the form of assisted living facilities, nursing home care or in-home assistance from caregivers. If you do not have an estate plan with long-term care arrangements in place, you may find that your family is faced with the challenge of determining how to provide supportive care while allowing you to maintain the highest quality of life. While long-term benefits are available to a limited number of people, they must meet federal poverty guidelines to qualify.
A recent poll conducted by the AP-NORC Center for Public Affairs Research found that thirty percent of seniors would rather avoid the issue of aging rather than plan for long-term care and retirement. Nonetheless, 25 percent of those same seniors expect that they will need some form of long-term care in the future; The federal government estimates that this number is closer to 75 percent of those 65 or above.
The cost for quality long-term care can easily be hundreds of thousands of dollars, which can wipe out the wealth you have built during your lifetime. Our New Mexico Estate Planning Attorneys work with clients to engage in long-term care planning so that our clients can receive government assistance with these expenses while protecting the assets that may have been built over their lifetime.
When families and seniors attempt to protect their assets with the prospect of long-term care on the horizon, it is easy to make critical mistakes. If your long-term care planning is not set up properly, your assets may be exposed so that they are unavailable to you or your beneficiaries or the quality of your long-term care options may be compromised.
The above information is designed solely to illustrate general principles of law, and does not constitute a specific legal opinion on individual cases. We suggest that you contact experienced legal counsel for a specific opinion tailored to your individual circumstances.
The New Mexico estate planning law firm of Jay Goodman & Associates, PC offers a free consultation in our centrally located offices in Santa Fe and Albuquerque so tht we can evaluate your complex estate planning issues and explain your options. Call us today to schedule your free consultation at (505) 989-8117 so that you can learn about your rights.
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