All too often, estate planning is thought of as “end of life” planning. That’s true to an extent – it’s largely concerned with disposing of your assets and wealth after your passing, and distributing those to your heirs and beneficiaries as you decide. However, as more and more Californians are living longer, more are finding the need for long-term care planning. Elder care can be immensely costly – so costly, in fact, that it can wipe out your family’s savings in a very short period of time.
Long-term care planning is important for a variety of reasons, but primarily for ensuring that you are able to receive the care that you deserve during your senior years, while safeguarding your assets and the legacy you want to leave for your family.
There are two primary sources for paying long-term care costs – your family’s savings and insurance. However, long-term care insurance can be very costly, and it can also be difficult to qualify if you are already a senior or you have existing health and care conditions. On top of that, many long-term care insurance plans have very high deductibles, which means that you’ll still be dipping into your family’s savings, and eating away at your assets during your senior years. Others only cover short facility stays.
For some, Medi-Cal might be an alternative, but increasingly difficult qualification requirements make that unlikely for any but individuals with little to no money at all, which means you must once more look at dipping into your family’s savings to pay.
Adequate long-term care planning can provide you with the means to pay for long-term care during senior years, including medical care and even senior community living, while not bankrupting the legacy you want to leave for your family. At Cross Law, we offer a broad range of long-term care planning tools and solutions that help to build a buffer between your care needs and your family’s financial savings. Every situation differs, and Cross Law provides customized long-term care planning, as well as estate planning and other end of life and incapacitation related solutions for Bay Area clients.