Many people don’t think about their potential long term care needs until they’re faced with the need for long term care. When faced with the emotional and physical turmoil of a loved one’s long term care needs, families quickly learn how costly long term care is. Sadly, long term care can easily devastate an entire life’s savings in a short period of time.
Even sadder still, families pay out-of-pocket for the high cost of long term care without realizing that there may be other options and possible financial assistance available to supplement those high costs. All too often, families go online and research the disease afflicting their loved ones and look for support groups. Families rarely consider meeting with an elder law attorney to discuss asset protection strategies.
If there is ever a time to reach out to an elder law attorney, it is when your loved one requires long term care. An experienced elder law attorney may help protect your loved one’s life savings from devastation, while your loved one continues to receive the level of care you desire and expect for them.
As with many of life’s decisions, the decision to buy long term care insurance or to implement proactive asset protection strategies is preferable, but they are not the only options. If you or a loved one is faced with the need for long term care, whether at home or in a facility, contact an experienced elder law attorney to discuss your options based upon your particular situation.
For more information on long term care asset protection planning, click here.