Houston Estate Planning and Elder Law Attorney Blog
As time goes on, long-term care gets more and more costly for Americans. Unfortunately, it is all too common that we have clients come to us, worried about how they will pay for the long-term care facility they might eventually need. Today, we review the basics of what you need to know in this day and age about planning for long term care. As always, with more specific questions, speak with a Houston estate planning attorney that can help you figure out the best path forward for you.
Start Your Planning Early!
We cannot emphasize this point enough: plan early and often for your long-term care needs. If you are wondering: is now too early to start saving for my old age? The answer is, definitely not! With rising prices and an uncertain economy, it is more important than ever to begin thinking now (no matter how old you are) about how you might pay for your long-term care.
Think Through Ways to Fund Your Long-Term Care
The basic options are as follows for funding your long-term care: you can pay privately, electing to pay a nursing facility out of pocket. This is, of course, the most expensive option, but it also provides for maximum flexibility. Secondly, you can pay with some kind of long-term care insurance. This means that you need to get a policy in place early, which can be expensive and requires planning far in advance. Thirdly, can access Medicaid or other public benefits to pay for your long-term care. To access Medicaid, you need to position your assets in a way that allows you to qualify for this government funding – again, this can require careful planning and expert advice.
No matter how you choose to pay for your long-term care needs, it is important to reckon with the reality that 1) long-term care is getting more expensive by the year and 2) Americans’ life spans are also getting longer and longer by the year. By planning early and looking comprehensively at your payment options, you can position yourself well for wherever life may take you down the road.
Are You Looking for Your Houston Estate Planning Attorney?
If you are looking to start planning for your long-term care needs, call our firm at McCulloch & Miller. We are a group of Houston estate planning attorneys that provide holistic and attentive legal services for our client community. Time and time again, our clients tell us that we offer them not only solid legal advice but also peace of mind during a planning period that can otherwise be stressful and uncertain. At the end of the day, you shouldn’t have to make these kinds of tough decisions alone – let us stand in your corner and help lead the way.
To set up a consultation with a member of our team, give us a call today at 713-597-7176. You can also fill out our online form, and one of our Houston estate planning attorneys will reach out to talk with you about the details of your circumstances as soon as possible.