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.”
“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”
Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.
The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!
I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.
Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.