There are many things to think about when creating an elder law plan. At the top of the list is how you might pay for long term care. This can involve staying in a nursing home or even getting care at home to support your needs.
A nursing home is a facility that provides advanced care opportunities for those who are unable to care for themselves or don’t have the family or friends available to provide the kind of medical support they need. One of the greatest concerns of older Americans today is the possibility of ending up in a nursing home.
Although people are more mindful than ever about this possibility, this does not always mean they have properly planned for it or have the finances to cover it. Nursing homes can cost between $60,000 and $300,000 a year.
Many older Americans also prefer to stay in their own homes if it is possible for them. It is important to recognize that staying in your own home might not always be the best option because this can generate concerns for your overall physical wellbeing and the burden that it can place on family members.
One important consideration when only one family member is available to care for a parent or other older relative is the question of equity with other family members. Getting outside help is one possible alternative to a nursing home care that helps minimize the cost but still give your loved one the support that they need. Home care services can include:
- Services delivered to the home, such as meals.
- Home health care either part time or 24 hour care.
- Home making and personal care.
- Money management support.
- Adult day care centers
- Respite services that give caretakers a periodic break.
To discuss what is most appropriate for your family and what you want them to consider of something were to happen to you, it’s good to have your estate plan in order. Set up a call today to discuss your current estate plan and whether it aligns with the possibility of long term care expenses.
- Will an Underage Trust Beneficiary Receive Assets in Michigan After I Pass Away? - June 1, 2021
- Who Really Needs a Will in Michigan? - April 21, 2021
- Discuss Your Estate Plan with Your Generation X Beneficiaries - March 3, 2021