Seniors and their families face unique issues and complicated laws and regulations. The fear of losing control and running out of money can turn retirement into a time of anxiety and worry. We strive to help our aging clients maintain control and dignity as they grow older.
The U.S. Department of Health and Human Services estimates that 70% of people over the age of 65 will need some type of long-term care. One in three seniors will develop some type of dementia.
This means that estate planning is not just about planning for death or a short-term period of incapacity. Seniors have to consider issues such as asset protection, long-term care, taxes, special needs planning, and planning for a substitute decision-maker during periods of incapacity.
If your estate plan does not include considerations for long term care, you may need a new plan. Even if you just signed a new will and power of attorney, it is possible that your current plan won’t work when long-term care becomes a factor.
Unfortunately, many seniors’ estate plans are not tailored for their actual needs. Those plans usually work very well if you don’t get sick and have plenty of money. But if you don’t plan for long-term care, a nursing home stay can literally cost you your life’s savings.
Jason is a member of ElderCounsel, the National Academy of Elder Law Attorneys and the Elder Law and Special Needs Section of the N.C. Bar Association. The world of elder law is constantly changing. So we are constantly learning and keeping up with solutions that work in North Carolina as well as trends that are developing around the country.