The statistics indicate that most people don’t have a proper estate plan in place. At the same time, a significant percentage of the unprepared understand that they should take action.
Everyone knows that they will die someday, but most people are also going to reach their elder years. Once you start to reach an advanced age, certain contingencies may present themselves, and this is why a comprehensive plan for aging is recommended.
About 40% of people who reach the age of 65 will live in a nursing home someday. Nursing home care is quite expensive, with the average annual cost for a private room in California exceeding $100,000.
Medicare doesn’t pay for long-term care, but Medi-Cal may be an option if you plan ahead intelligently.
The segment of the population that is at least 85 is called the “oldest old” in geriatric parlance. This segment of the population is growing rapidly. According to the Alzheimer’s Association, around 45% of people in this age group suffer from Alzheimer’s.
As we all know, Alzheimer’s disease is not the only cause of incapacity among elders. So when you combine all possible causes of incapacity, you see that it is very possible that you may find it difficult to make sound decisions during the latter portion of your life.
Your plan for aging should include durable powers of attorney that empower agents to make medical and financial decisions on your behalf in the event of your incapacity.
Elder Law Answers
If you would like to put a plan for aging in place, contact our firm to arrange a free consultation. We place an emphasis on elder law, and we can answer all of your questions and provide you with possible solutions.
- Generational Wealth is Key to Leveling the Playing Field - November 24, 2020
- Fair Isn’t Always Equal and Vice Versa - November 19, 2020
- Staying Current is Especially Important in the Pandemic - October 28, 2020