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Don’t Be An Ostrich When It Comes to Senior Care

The ostrichAre we in denial about our future?

Statistics show that most Americans are in denial about senior care and their future needs.  Roughly 70% of Americans 65 and older will require some type of long-term care. But few do enough or anything at all to plan for this. This is critical, with assisted living costs increasing faster than the pace of inflation. For those who are looking to move into a private-pay assisted living community, the median cost of rent and care in the U.S. is about $50,000 a year.

Finding the money to support senior care needs is difficult, but not impossible. Start with the following:

Inventory and Find Ways to Maximize Assets. Consider the value of your assets, like your home and your savings, then calculate your anticipated senior care costs. This includes things like the cost of living with inflation, medical expenses associated with illnesses you may have and the costs of different types of care—like memory care, home care, nursing care, assisted living and long-term care communities and other family circumstances.

Look at Other Factors Concerning Senior Care. Smart strategies include financial planning, but also legal planning—like a will, powers of attorney, and a living trust to protect yourself and your family, and emotional planning, which includes leaving a legacy for your family or managing family dynamics.

Conduct Research. There’s plenty of misinformation about senior care, but education can help eliminate misconceptions. The best source is a knowledgeable estate planning and elder law attorney. Some people think that lawyers just draft documents. However, the documents are really just part of the legal service. There’s also the time, effort, and advice that goes into the document, working to address an individual’s unique circumstances.

Work with Professionals Who Can Provide Support. When it comes to senior care, you’ll need advice from several professionals, such as your family doctor, your financial advisor, an insurance agent or broker and your attorney. You may also work with a geriatric social worker.

Share with Your Family. Communicate your plans with your family to be certain that your wishes are understood and to help alleviate concerns your family may have regarding your care.

Whether you are looking out for yourself or your parents, planning and expert advice is crucial to ensure that you can afford the costs of senior care.

Reference: HomeCare (July 2017) “5 Ways to Sort Through Long-term Care Planning”

 

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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
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Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.