Elder Law and Estate Planning Basics
What is Elder Law?
- Choosing someone to help you make health care decisions
- Getting help in managing your finances
- Choosing someone to manage your affairs if you become incapacitated
- Putting an estate plan into place
- Planning ahead for your long term care needs
Everybody Needs Long Term Care
- The number of seniors needing long term care is growing as Baby Boomers turn age 65
- There are currently 44.7 million people in America age 65 and older, representing 14.1% of the US population, and that number is expected to double by 2060
- Currently, an estimated 12 million people need long term care, and that is estimated to grow to 27 million people by 2050
- The lifetime probability of becoming disabled is 68% for people age 65 or older
How Do I Plan for Long Term Care?
- Where do you want to receive services?
- Who will provide your care?
- How will you pay for your care?
Long Term Care Costs
- unpaid home care – spouse, children, family, friends
- paid home health aides – average cost $24 per hour, costs vary depending on the number of hours you need
- costs can range from $4,000 per month to $7,000 per month, depending on the level of assistance you need
- the average cost is $15,000 per month
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