Elder Law & Long-Term Care Planning
Diana Khan
Empowering Legacies | Attorney | CEO | Speaker & Coach | ABA On the Rise Top 40 Young Lawyer
Planning for the future can be challenging, but it’s essential to ensure your long-term care needs are met without exhausting your life savings. According to the Department of Health and Human Services, the average annual cost for long-term care in a semi-private room is $116,070.00 (as of 2019) based on the Genworth Annual Survey of Long-Term Care Costs. This cost can increase significantly when factoring in health issues and quality of life considerations.
At DK Law Group, we offer strategic solutions to manage these costs and improve your long-term quality of life, including options to extend in-home care and prevent the need for reverse mortgages.
Planning Ahead: Age-Specific Recommendations
Under the Age of 50
Long-Term Care Insurance: Consider purchasing from a Certified Financial Advisor to cover future expenses.
Advance Medical Directive: Execute this document to legally enable your family or loved ones to make critical health decisions on your behalf.
Financial Planning: Calculate projected costs and start saving monthly to prepare for retirement.
Under the Age of 65
Deferred Long-Term Care Annuities: Discuss selective options with a Certified Financial Advisor.
Irrevocable Medicaid Trust: Establish this to qualify for additional government support while protecting your assets.
Home Modifications: Invest in home improvements like ramps, handrails, enhanced lighting, and medical alert systems to support aging in place.
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Over the Age of 65
Estate Planning: Finalize your estate planning and structure your assets to align with your goals.
Long-Term Care Facility Selection: Begin researching and selecting preferred facilities. Communicate your preferences to your family to ease their decision-making process if you need to transition to assisted living or in-home care becomes impractical.
Get Started with DK Law Group
Planning for long-term care is a vital step in securing your future and preserving your assets. Schedule a complimentary, no-obligation consultation with us to start your estate plan and explore your options.
Contact Us
DK Law Group
10451 Mill Run Circle, Suite 400
Owings Mills, MD 21117
Phone: (443) 739-6724
Email: [email protected]
Website: www.dklawmd.com
Take control of your future today with DK Law Group. We're here to help you every step of the way.