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Boomer focus: taking action on long-term care planning

The baby-boomer generation is filled with hard-working planners. But they often neglect one important aspect of their estate and retirement planning: long-term care.

With the coupling of today's spiraling health care costs and an aging demographic group that is seeing high numbers of its members living to truly advanced ages, money pegged for health care is truly a bigger issue for millions than it has ever been before.

"[T]he ruinous cost of long-term care" can certainly become the reality for those who do not plan at all for future contingencies.

Fortunately, much can be done to prepare for the future and protect assets at the same time. One or more specialized trusts can be crafted as central estate planning instruments that help implement an elder law plan. A proven planning attorney can also help a client identify, value and shelter many assets that can be lawfully kept beyond the reach of Medicaid and nursing home administrators.

It also bears noting that a truly protective and well-drafted estate plan will carry out a person's intentions regarding both long-term care and support and asset distribution to heirs upon death. An experienced elder law attorney can explain how and help a client implement a strong and practical plan.

It can literally pay down the road to implement a sound long-term care strategy before it is actually needed.

Source: Fox Business, "Estate planning mistakes every boomer should avoid," Casey Dowd, Aug. 21, 2014

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