You don’t have to be a Miami estate planning lawyer to understand the importance of planning for future health care costs.
According to an article on marketwatch.com, Americans borrowed approximately $88 billion to cover medical expenses last year. Health costs are reason number one for bankruptcies among the middle class. The U.S. Department of Health and Human Services estimates that 70% of those aged 65 and older will need long-term care at some point. With the average monthly cost of nursing homes in Florida reaching as high as $8,882, there is no time like the present to start planning for your golden years, especially if you want to protect your assets and wealth.
Long-Term Health Care Mistakes to Avoid
Estate planning mistakes abound when it comes to long-term care. Meeting with a Miami estate planning lawyer now to go over your options could save you a lot of heartache in the future.
In the meantime, keep reading for some of the most common mistakes that we see people make:
- Purchasing long-term care insurance with inadequate benefits. If you purchase a policy that has gaps in coverage, you could be left with not enough cash flow to take care of those gaps. In such cases, assets may need to be sold off to pay for care.
- Not understanding Medicaid. Many people believe that they have to deplete their life savings before they can qualify for Medicaid benefits. A Miami estate planning lawyer can help you come up with a strategy to qualify.
- Long-term investments with no liquidity. When your wealth is tied up in investments, you can’t use it to pay for your care.
- Assuming your will takes care of long-term health arrangements. Don’t assume that barebones estate planning will put all the pieces in the right place.
- Failing to put advance directives in place. Be sure to designate a durable power of attorney in case of incapacitation. Otherwise, your family may be in for a long guardianship battle in the courts.
Talk to a Miami Estate Planning Lawyer Today
As you can see, planning for long-term health care requires specialized knowledge if you want your strategies to hold under pressure. Creating an estate plan now and putting all the proper protections in place can give you the peace of mind you need to know that your future is secure.
If you need help putting your estate plan together, don’t wait any longer. Get in touch with a Miami estate planning lawyer today at Casal & Moreno. We will work with you to create a plan that fits your family’s needs.