When you are working and planning for your active retirement years it can be a lot of fun to envision the future. You will finally have the spare time to do all of the things that you always wanted to do. The key is to plan ahead intelligently so that you have the financial resources to do so.

This is why it is wise to develop a relationship with a retirement planning attorney at a relatively young age. The longer you have to achieve your goals the more likely it is that they will come to fruition. When you have a professionally formulated road map to follow there is little doubt that your visions will become a reality if you diligently stick to the plan.

This having been stated, comprehensive planning should include all of the eventualities of aging. If you take a close look at the statistics and apply some simple common sense to the equation, there may come a time that follows your active retirement years when you are not fully capable of tending to your own personal needs. Statistics that have been provided to us by the United States Department of Health and Human Services indicate that some 70% of individuals who reach the age of 65 will someday require some form of long-term care. This is a pretty profound number, and if you want to be prepared it is wise to plan ahead.

There are many different nursing homes and assisted living facilities out there and some have better reputations than others. It is important to do your research and identify the facility that serves your needs. Asking friends, family members, and business associates for referrals is one way to garner helpful information. Another is to do research on the Internet, and there is a Nursing Home Compare portal on the Medicare.gov site that is very useful to this end.

Another thing to consider would be the costs associated with long-term care, which can routinely exceed $200,000 for an average stay in a nursing home. To explore your options with regard to addressing these costs, simply arrange for a consultation with an estate planning attorney.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

Tags: Elder Law, Estate Planning, Long Term Care

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