The “ripe old age” that select members in legions of families might have lived to in previous generations would not be considered particularly impressive these days.
Many of our readers across Kentucky are probably familiar with the expression “80 is the new 60” or something similar. For varied reasons tied to diet, exercise and medical improvements, many millions of Americans are living far longer presently than they used to.
And that understandably has health-linked implications.
Reportedly, “an estimated 70 percent of those age 65 and older will require long-term care at some point.” What will that look like in a given case? Can strategies be implemented in advance to help dampen its costs and maximize its effectiveness?
What are the basic contours of long-term care planning?
Here’s an essential point regarding long-term care (often termed in shorthand form as LTC planning): It will look different in most cases, with there being no boilerplate strategy applicable to all who need it. Some individuals will be able to remain in their homes throughout their lives. Others will move to elder-care facilities such as a nursing home or veterans’ center. Some will have LTC insurance policies in place that help to materially defray costs. Others will need to rely heavily on government programs like Medicaid.
The role that estate planning attorneys can play in LTC matters
On-point input from proven legal counsel concerning LTC strategy and implementation can help a family formulate a timely and tailored long-term care plan. Experienced attorneys importantly look to key variables like preferred options, cost containment, asset preservation, lawful tax avoidance, possible trust creation, gifting strategies and other related matters.
A timely and well-considered long-term care plan can make a material difference in how the future might look to an affected individual and supportive family members. An estate planning law firm with a strong record of advocacy on behalf of valued clients can provide further information.