Estate planning is often considered “end of life” planning. That’s true to an extent – it’s largely concerned with distributing your assets and wealth after your passing. However, as Californians are living longer, many are discovering the need for long-term care planning. It can ensure that you’re able to receive the care you deserve during your senior years, while safeguarding your assets and the legacy you want to leave for your family.
A major concern: Escalating costs
Long-term care is paid for primarily by your family’s savings – which can quickly run out – and long-term care insurance, which can be very expensive, and hard to qualify for if you are a senior or you have existing healthcare conditions. Many long-term care insurance plans also have high deductibles, which means you’ll still be dipping into your family’s savings and depleting your assets during your senior years. Others cover only short facility stays. Medi-Cal might be an alternative, but increasingly difficult qualification requirements make that unlikely for any but individuals with little to no money at all.
Let us help with a custom long-term care plan
Adequate long-term care planning can help you pay for long-term care during senior years, including medical care and even senior community living, while not bankrupting the legacy you want to leave for your family. At Cross Law, we offer a broad range of long-term care planning tools and solutions that help to build a buffer between your care needs and your family’s financial savings. Because every situation is different, we provide customized long-term care planning. We also offer estate planning and other end-of-life and incapacitation-related solutions based on your needs.