Elder Law and Estate Planning Basics

Elder Law and Estate Planning Basics

What is Elder Law?

  • Choosing someone to help you make health care decisions
  • Getting help 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

Home Care

  • unpaid home care – spouse, children, family, friends
  • paid home health aides – average cost $24 per hour, costs vary depending on number of hours you need

Assisted Living

  • costs can range from $4,000 per month to $7,000 per month, depending on the level of assistance you need

Nursing Home

  • average cost is $15,000 per month

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