By Rick Law Senior Estate Planning Attorney In Aurora, Illinois.
No one likes to sit around and think about all of the worst case scenarios in life. This is part and parcel to what makes contingency planning so difficult. But if you fail to plan, the need for long-term health care will leave you with few choices of means to pay for it.
These choices include:
• Your family can provide the necessary care informally (if they are able). However, doing so can come with serious costs to not just finances, but also to emotional and physical health for all those involved.
• You can pay for care from an income stream. This, however, can come at a high cost to both lifestyle and your ability to meet continuing financial commitments – especially if there is a healthy spouse still responsible for regular household and other living expenses at home.
• You can pay for it with investments. If the illness or need for care lasts long enough, there could be a need to liquidate assets, potentially creating tax liabilities and jeopardizing the financial viability of the surviving spouse as well as children who may be depending upon an inheritance.
As care planners and elder law attorneys, we may be able to help you avoid theses three scenarios. A comprehensive estate plan designed around your unique goals and means could save you more than just money. We hope to help save you the heartache… the physical and emotional toll that is often accompanied when a crisis strikes and there’s not an adequate estate plan in place.
If you’re ready to start getting your estate in order and secure your assets for the “worst-case” scenario, please give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now.
Rick L. Law, Attorney, Estate Planner for Retirees
Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Call 800-310-3100 for your free consultation now!