“I’ve made it clear to my family to never put me in a nursing home. So, why do I need an Asset Preservation Plan?”
While no one wants to or plans to go into a nursing home, the hard fact is that some of us will have to go into a nursing home in our lifetime. The biggest threat to your financial future is long-term care costs and having an Asset Preservation Plan in place will help protect your life savings from these expensive and financially devastating costs.
In this Elder Law Minute, Wes Coulson, Illinois Elder Law attorney, explains why you should have an Asset Preservation Plan in place to protect your life savings, even if you don’t plan, or want, to go into a nursing home in your lifetime.
Why do I need an Asset Preservation Plan?
Hi, I’m Wes Coulson and this is your Elder Law Minute. As you probably know if you’ve been to my website or you’ve heard other of our videos, I am a great believer in the idea that seniors should have a plan in place to protect their life savings from long-term care costs. So, here’s one of the things I hear back a lot in response to people that I suggest that:
“Well, I don’t have to worry about it. I’ve told my family, I’ve made it clear, that I do not want to go into a nursing home … do not put me in a nursing home.”
Let me share the eternal truths about nursing home care:
Eternal Truth #1: In all of my life I have yet met a single person who wanted to go into a nursing home or wanted to put a family member into a nursing home.
Eternal Truth #2: I’ve also never known the nursing homes to be empty.
There is only one way of reconciling those two eternal truths and that is to say that despite our best intentions and despite our best efforts, and those of our family, some of us are going to wind up in a nursing home. Statistically, if you’ve made it to age 65 there is about a 40 percent chance. So, do you need an Asset Preservation Plan? Yes, you really do. Thanks.
For more information on Asset Preservation Planning, visit these articles:
- Is Asset Preservation Planning Legal?
- The Morality of Benefits Planning
- What’s the Difference Between Estate Planning and Asset Preservation Planning?
- Long Term Care Costs: The Biggest Threat to your Financial Future
“Your Trusted Advisor on the Elder Care Journey”
Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.