You Don’t Know What You Don’t Know Until You Wish You Would’ve Known!

ALL ESTATE PLANNING DOCUMENTS ARE NOT EQUAL. I Google a lot of stuff about the services we provide to see what other people are saying to get ideas to share with you. So naturally, the marketing algorithms on my social media platforms show me all kinds of ads for free or steeply discounted estate planning documents.

Out of curiosity, I usually click and see what kind of templates and questions they are using to create their legal documents. Some of them are OK. But so far, NOT A SINGLE ONE has offered a prompt to add provisions to safeguard against long term care costs. Until I started working in this field, I would have never known to look for that.

Why are those provisions important? Did you know that after the age of 65 there is a 50/50 chance that you will need long term care beyond what Medicare covers? Depending on your supplement package, Medicare only covers a maximum of 60 days for in home care. For skilled nursing care, it only covers the first 20 days 100%. Some additional coverage may extend up to 100 days depending on your supplement.

According to SeniorCare.com the current cost for in home care averages around $3,800 per month and a skilled nursing facility averages $7,600 per month.

• The average stay in a skilled nursing facility is over 2 years or almost $185,000.
• After 65, you have a 50/50 chance of having to pay that out of pocket.
• Just one or two months of either of those services could cover the cost of an estate plan that provides long term care provisions.
• A long term care insurance policy may help cover some of the expense, but the premiums and co-pays will most likely be more than the cost of a proper estate plan.

I have said this before in a previous post: Basic estate planning determines the most efficient way to distribute your estate after you pass away. Elder law adds provisions to your estate plan to provide for you and your beneficiaries while still alive but may be incapacitated or disabled. IF YOUR ESTATE PLAN DOES NOT INCLUDE ELDER LAW PROVISIONS, YOU MAY NOT HAVE AN ESTATE LEFT AFTER PAYING FOR LONG TERM CARE.

If one of your beneficiaries should become incapacitated or disabled, their inheritance could be quickly depleted by long term care costs or be vulnerable to predators. Elder law provisions can protect them and their inheritance to ensure that they have the best quality of life possible.

Having basic estate planning documents is better than having nothing. (Unless those documents are not properly drafted and executed. Then it’s the same as having nothing.) But the whole goal of planning for some of life’s worst times is to provide peace of mind and security for you and your family. This is not the time to cut corners and skimp on quality. What little bit of money you save now can cost you or your loved ones a whole lot of money later.

At Joplin Elder Law, we offer the first consultation for free. It doesn’t cost a thing to learn more about how an elder law attorney can potentially save you and your family tens of thousands of dollars if you should need long-term care. We can review any existing estate planning documents you have in place and make recommendations for changes or confirm what you have will work when the time comes.

Before signing up for estate planning documents online, CALL US! Or, fill out the form below and we’ll call you to schedule a free consultation. It doesn’t cost a dime to learn more about your options to protect your family, secure your care and leave your legacy.