One of the greatest threats to your family's legacy? A long-term
stay in a nursing home.
Traditional Estate Planning vs. Long-Term Care Planning
Traditional estate planning involves planning for the distribution of your assets upon your death. Long-term care planning involves some aspects of traditional estate planning, but also plans for the possibility you will need long-term care. This becomes more important as the cost of long-term care continues to rise. The cost of just one year of long-term care in a Rhode Island nursing home can exceed $100,000. For the average middle class family, this expense has the potential to cause financial devastation. At Ball Law Associates, P.C. we will develop your individualized plan utilizing a combination of traditional estate planning and long-term care planning techniques.
The "Wait and See" Approach to Estate Planning
We plan for so many of life's events, but when it comes to estate and long-term care planning, many of us prefer not to think about it, believing it will somehow all work out. Unfortunately, procrastination can be costly for you and your family. The "wait and see" approach significantly limits your planning options. Typically, the best financial results can be achieved by planning early.
Reduce the Burden on your Loved Ones
In our experience, many people have no estate planning documents or, if they do, the documents are outdated and do not reflect their current objectives. Having an adequate estate and/or long-term care plan in place may help reduce the burden on your loved ones. None of us know when we may die or become incapacitated. It is important to take action while you are healthy and can be actively involved in the planning process.
Special Needs Beneficiaries
Families who have loved ones with special needs require special planning. Proper planning in these cases is of great importance for a number of reasons, one of which is preventing the loss of a disabled child's government and/or other means-tested benefits. It is important for loved ones with a special needs beneficiary to plan properly. Please contact us to discuss special needs planning options.