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Long-term care: Timely action can greatly affect affordability

As we have noted before for our readers, elder law matters often revolve around a common set of issues that need to be closely considered and acted upon to ensure peace of mind for seniors as they approach or pass beyond retirement.

Asset distribution, inheritances, legacy concerns and other matters relating centrally to finances all need to be dealt with, of course, to help fully effect a sound and well-tailored estate plan. The question, “Where will I live?” is also a common concern for many seniors that needs to be addressed and resolved.

A front-and-center issue for many senior individuals and couples is also health care, specifically the focus upon funding sources for care that might be required during advanced years.

That is a logical and necessary elder law focus requiring close input from a proven estate planning attorney. Long-term care planning is flatly necessary for virtually all individuals and couples in Texas and elsewhere, and timely attending to it can pay huge dividends when that care is needed.

A recent Forbes article underscores why lack of planning can yield tremendously adverse consequences. An estimated 70 percent of Americans will require long-term care during their lives, and few people across the country harbor illusions about the true cost of that care.

It is flatly expensive, with costs always escalating. A recent study posited that a private room in a nursing home costs on average about $96,000 annually.

Fortunately, timely planning can go far toward ensuring comfort and financial stability in advanced years. A seasoned estate planning attorney with in-depth experience in elder law matters and long-term care planning can discuss options with any individual or couple seeking information on this important topic.

Source: Forbes, “New and unexpected ways to fund long-term care expenses,” Jamie Hopkins, April 21, 2014

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