Around 70% of seniors will receive long-term care help at some point during their life. Although we work hard our entire lives, if a long-term care event hits, it can devastate a lifetime worth of saving within years. Not only can the costs be devastating, but the burden on our loved ones can be enormous. So, what should you do? Plan.
An elder law attorney can help you plan for those costs and burdens. There are a number of strategies in the planning arsenal that are available, depending on the needs and goals of the family. So, the answer to the question of whether you can protect your life savings from long-term care costs is “Yes!” if you do proper planning. But the question you should be asking yourself is “Why” is this planning so important?
Most people don’t relish the idea of working their entire life to end up being broke. But more importantly, most people don’t want to worry about their spouse becoming impoverished or their children having to try and take care of mom or dad. Elder law planning is critical for financial security.