Preparing For Long-Term Care
Florida is one of the most popular retirement destinations in the nation, and people move from all over the country to retire here. However, while the weather and accessibility are wonderful, the cost of nursing homes and assisted living care for retirees is far higher in Florida than it is in neighboring states and nation-wide. In fact, the average cost of a nursing home room in Florida is nearly $10,000 each month, equating to a staggering cost of $117,804 each year. And again, that’s on average. For many people, this is not a financial decision they will be able to make at the spur of the moment. In fact, most people have to spend years or even decades in order to ensure that they will have the resources to afford assisted living or nursing home facilities when the time comes. While many people bank on their children being able to take care of them, it’s simply not a safe bet when the cost and stakes are both so high. The best thing you can do is ensure that you are taken care of by taking care of yourself. The information in this article is intended to be general, but no two estate plans are alike. If you would prefer to receive personalized feedback based on the specific facts of your individual claim, you can contact the Law Offices of Larry E. Bray and schedule a consultation today.
How a Lawyer Can Help You Prepare for Long-Term Care
The best way to prepare for long-term care is to start working with an estate planning attorney as soon as possible. Although you may think you are fine to put off seeking legal advice until you reach middle age, the sooner you take action, the better, as there is no way of guaranteeing when you or your spouse will need medical assistance or have to retire. Each year that you put off creating a plan limits your options in the event of an emergency. A lawyer can help you grow your assets by shielding certain assets from tax liability, as well as by advising you on how to structure and organize your estate. They will likely have you work with a qualified financial expert as well to ensure that all of your financial goals can be achieved. Your lawyer can also help you create a living will and provide instructions and funds for your desired care. Your lawyer can also help you structure annuities to create a passive income for yourself even during retirement. These building blocks can be put in place early and create a strong foundation for a solid financial life. The sooner you seek legal help, the sooner you can begin building your ideal financial future with estate planning.
Schedule a Consultation with Larry E. Bray
If you are ready to create an estate plan or require assistance with an estate planning matter, Larry E. Bray is here to help. Contact West Palm Beach estate planning lawyer Larry E. Bray today to schedule a consultation and find out how you can protect and ensure your ideal financial future.