Why Do People Need To Plan For Long-Term Care Expenses?
In Oklahoma, long-term care expenses are currently running between $6000 and $7000 a month plus incidentals. Where a typical family is receiving Social Security at $2000 or $3000 a month, this can be a financially crippling expense for them. Years of saving can be wiped out in a short period of time. Whichever of a married couple is in the long-term care facility is going to need to have someone spend some time and money for their care over many years into the future. This is extremely important to the mental wellbeing of both the patient in the facility and the spouse in the home. Further, the expenses of the home do not go down enough to make a significant difference, and yet the income drops drastically when the patient’s Social Security is paid to the long term care facility. This is a recipe for financial disaster.
If the family has planned well in advance, much of the disaster can be averted. Although no one is ever going to be happy to be in a long-term care facility, we can drastically reduce the misery. By planning well in advance, you will greatly increase the financial resources available to both the institutionalized spouse and the spouse who remains at the home. This will allow both of you to live a better quality of life and maximize your independence. If the spouse who has stayed in the home has money set aside, they can still attend the church of their choice, go out to eat with friends and family, and even take vacations. The same can be true of the spouse in the long-term care facility. If there is money set aside for his or her care, there can be a van that can take them to church. There can be time with family at holidays and even on vacations. The mental stress that comes with depending solely upon your children and loved ones to meet your every need is greatly reduced when you know you have money set aside for the proverbial rainy day.
In summary, if you want to ensure that you have a more independent life that is more enjoyable and that has less stress, then planning for long-term care expenses is one of the most important things that you can do. Almost 70% of us are going to need long-term care during our life. The odds that you will benefit from having a financial plan in this situation are overwhelming. Make a plan today and use a certified Medicaid planner such as Terrell Monks, the senior attorney at Oklahoma Estate Attorneys.
Is It Ethical To Plan For Long-Term Care Expenses And For Medicaid Qualification?
Fortunately, I practice law in the state where most of the people are ethical and honorable, and with some regularity, someone will ask me whether it is appropriate for them to make financial changes to qualify for Medicaid assistance to pay for the terrifically high cost of long-term care. For some time, this question troubled my mind and then one day, I realized that 4 times a year I go to my accountant and I have the accountant look at my business expenses and income and give me advice on how to maximize the amount of money that I get to retain for my family and to minimize the amount of money that I am required to pay to the government. No less than the United States Supreme Court has said that this exercise is lawful and appropriate.
In my mind, my interaction with my certified public accountant to assure that I’ll pay the minimum amount of taxes actually owed and to maximize the quality of life of my family is substantially the same as your seeking advice from my office on how to maximize the quality of life for you and your family and minimize the losses that come from incurring $6000 or $7000 a month in long-term care expenses. If you and your spouse or you and your children find it important to maintain independence and important to maximize what you can do for your surviving family after you are gone, you should speak with us. We can help.
For more information on Long-Term-Care Expense Planning In OK, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (405) 754-4166 today.
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