People who create their own estate plans without the assistance of an attorney often think that an estate plan only covers who gets their assets after they pass away. However, a good estate plan also considers how much money a person needs during their lifetime and ensures that those costs are covered without eating unnecessarily into the estate. One of the largest costs for elderly people is nursing home care and it continues to rise.
Although the costs of nursing homes varies from state to state and facility to facility, the average cost of private nursing home care has continued to rise in the United States. How much?
As reported recently by the Wills, Trusts & Estates Prof Blog in “Average Rates for Nursing Homes Rise Nationwide,” you can expect to pay $91,250 a year for private nursing care at present!
Of course, given the law of supply and demand, these costs likely will continue to rise in the coming years.
Many people fail to take nursing home and other retirement costs into account when creating their estate plans. As a result, there may be little or no “estate” left when they pass away. In fact, there may even be debt.
In some cases, people who create their own gifting plans can later learn that they have given away money they actually needed to meet their later-in-life expenses, such as nursing home care.
This is another reason that you should always seek the help of a professional to create your estate plan. You need to make sure that your life and your estate are both planned for properly.
Why not contact an experienced estate planning attorney today?
Reference: Wills, Trusts & Estates Prof Blog (April 12, 2015) “Average Rates for Nursing Homes Rise Nationwide.”