October is Long Term Care Planning month

October 11, 2017

October is Long Term Care Planning month. Statistics suggest that at least 70% of those over the age of 65 will need some sort of long term care services at some point. This doesn’t always mean that person is headed to the nursing home, and contrary to popular belief, nursing homes don’t “take” houses. Planning for long term care involves many possible strategies, and transferring assets – including one’s home – to children in order to provide “protection” often backfires, resulting in more harm than good. Before you engage in self-help, running the risk of endangering assets or disqualifying yourself or a loved one from receiving available government benefits, get some advice from one of our estate planning / elder law attorneys. An ounce of prevention is worth a pound of cure, and is always better than making the situation worse!