The Retirement Reality Check Estate Planning Strategies for Long-Term Care
Sudoku have millions in your bank accounts, you may wonder how you could ever afford it, especially considering that the price is likely to rise even more. That’s where estate planning can come into play. Most Americans don’t plan on working for the rest of their lives. They dream of retiring and enjoying their last 25–30 years in peace, where they can spend time with family, travel the world, and relax with their hobbies. Have you considered how much money you need to save to retire comfortably? An analysis by personal finance website GOBankingRates.com found that the minimum amount required for 25 years of retirement in Florida is $920,736. That cost could be even higher if you need long-term care in an assisted living facility or nursing home. Until you start investigating the cost of long-term care facilities, you likely don’t realize how expensive they can be. A semi-private room in Florida costs around $10,182 per month, according to SeniorLiving.org. That’s over $100,000 a year to share your room with someone else! If you don’t
While some may think estate planning is primarily a means to pass on your assets to your heirs, it’s also a way to safeguard and protect your future. Our team excels at creating comprehensive and customized plans to help cover any long-term care costs and unexpected surprises that pop up along the way. Here are a few estate planning strategies we can use to help keep you protected in case you need long-term care. Long-Term Care Insurance: This insurance helps pay for assisted living communities, skilled nursing homes, and in-home care as long as you meet the qualifications. The earlier you invest in it, the more affordable it is.
it’s so important to put a plan in place so you can qualify for Medicaid. This can take extensive time and planning, but our team is here to help you through the process. Reverse Mortgage: A reverse mortgage is a great way to fund long-term care. You don’t even have to repay your borrowed funds; once you move from the house, the lender will sell it to recoup their investment.
Medicaid: Medicare offers limited financial support for long-term care, which is why
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