Have You Ever Thought About Long-Term Care?

 Posted by Renee Anderson on May 13, 2019 at 4:51 PM

(Today we have a guest blogger, Ronald A. Wright, of Wright & Associates Attorneys at Law.)

    Planning makes a difference. I can’t begin to tell you how many times I have told a new client: “Make sure you have a Durable Power of Attorney and secondly plan out your long term care needs.” 

   I have heard from several sources that 70% of those reaching 65 years of age will spend some time during their lifetime in a long term care facility, and the cost can be as low as $3,000 a month or a mid-level cost of $6,000 per month or well over that $6,000 a month price tag. 

   You can burn through your savings in short order if you don’t plan ahead. Any benefit that has a “look back” period, whether it is Medicaid benefits (5 years) or Veterans benefits (3 years) means that if you didn’t plan ahead, say 3 or 5 years, you may be out of luck or have to pay out a portion of your savings to pay the “penalty period” imposed by Medicaid. Preplanning can preserve your assets for your spouse who may still be living at home or for your adult children or grandchildren. 

   I may be able to help someone in need to some degree, but if I had more time I could do so much more. 

   Oh, and also remember the Durable Power of Attorney (DPOA) I mentioned. In a DPOA you, not the court, will designate who will make financial and medical decisions for you in case you become incapacitated. Everyone should have a DPOA and many people will, no doubt, need one. 

Ronald A Wright Ronald A. Wright is a member of the Indiana Bar and a practicing attorney with offices located in Carmel, Indiana. He received his undergraduate degree from Indiana University majoring in political science and has received a Juris Doctorate degree from Valparaiso University School of Law. With over forty years of experience, he is the senior attorney with the law firm of Wright & Associates, PC. He supervises the firm’s practice, which, along with general business related services, emphasizes estate planning, guardianship, probate, and veterans’ benefit assistance. Over the years, Mr. Wright has prepared and presented seminars and presentations on a variety of topics such as estate planning, business succession planning, general business planning, veterans benefits, and retirement planning to a variety of audiences made up of attorneys, insurance agents, accountants, veterans groups, and laypeople among others.

WRIGHT & ASSOCIATES

A PROFESSIONAL CORPORATION

ATTORNEYS AT LAW

11550 N. MERIDIAN STREET, SUITE 235 CARMEL, IN 46032 (317) 575-1900