Is a Long-Term Care Asset Protection Plan Right for Me?

Long-term care is often associated with a prolonged illness, health condition, disability, or another ailment that prevents you from living entirely independently. Long-term care provides help with basic day-to-day activities, like assisting with laundry and bathing.

As Americans are living longer, the need for long-term care is increasing. In fact, nearly 70% of those over 65 will require long-term care, whether that is at home or in a healthcare facility or nursing home. Most services will last an average of three years, but one in five seniors will need assistance for five years or more.

The Unique Costs of Long-Term Care

Long-term care costs can be extremely debilitating. The financial aspects of long-term care can not only be expensive, but they can also have other unique challenges. For example, once you are unable to care for yourself, you also may not be able to keep up with your regular financial obligations, such as paying bills on time or setting aside savings as necessary.

Many people have concerns that creditors from these long-term care facilities will eat away at the inheritance that is really meant for their family members. Some older Americans also have trouble with loved ones or family members misusing their assets while they are in a fiduciary role as well.

What is a Long-Term Care Asset Protection Plan?

Long-term care asset protection plan addresses a variety of issues associated with long-term care. The focus is on adjusting your assets so that you can qualify for Medicaid or VA pension benefits to help pay for the high cost of long-term care. However, it also touches on a variety of other issues, including concerns associated with misuse of your finances, even after you have passed on, and how you would like your health care carried out.

If you are worried about any of the following aspects of your future, a long-term care asset protection plan may be a good solution:

  • Not having enough money if you or your spouse have significant health problems
  • Not having any control over who provides your long-term health care
  • Choosing the care you want and where you would like to receive it
  • Creditors that may eat away at inheritance meant for your loved ones because of long-term care
  • The misuse of your property or money left to children or other loved ones
  • Providing support to a child or other loved one who has a disability either during your lifetime or after you pass
  • Ensuring that your wishes regarding both finances and care are carried out

If any of the above concerns resonated with you, we can help. A long-term care asset protection plan is uniquely tailored to you. Each program is designed based on your concerns, desires, and goals, and our team here at Legacy Planning Law Group can help you create the plan that fits you. Call (904) 880-5554 today!

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Written by Legacy Planning Law Group

Legacy Planning Law Group is dedicated to working with individuals and families to help protect the assets they have built throughout their life, and make everything simpler for families who have lost a loved one. We help thoughtful people achieve the peace of mind that comes with planning their personal legacy and passing on family harmony.