Did you know that this week is National Estate Planning Awareness Week? In 2008, Congress declared the third week in October as National Estate Planning Awareness Week. This week is a great time to create a comprehensive estate plan or to have your existing estate planning document reviewed and updated. In honor of National Estate Planning Awareness Week, the Samuels Law Firm will discuss a few common misconceptions people have about elder law plans:
- I’m too young for an elder law plan. WRONG!
The sooner you plan, the less likely you will lose your savings to the high costs of long term care. A recent report by Genworth shows that the annual average cost for nursing home care is approximately $97,000. Tragedy can strike anyone at any time. It’s best to hope for the best, but plan for the worst.
- Elder law plans are just for the rich. WRONG!
Very few of us can afford to pay thousands of dollars a month out of pocket for care. Working with an elder law attorney to put a comprehensive plan in place can save you and your loved ones not just tens of thousands of dollars, but it will lessen the emotional turmoil on your family.
- When I die, my kids will obviously just get everything. WRONG!
Probate court is no place any family wants to be after a loved one dies. Creating an elder law plan is the only sure method to stay out of the courts, avoid unnecessary court fees, and make sure that your specific wishes are carried out.
At the Samuels Law Firm we can assist you and your family with creating a plan that meets your long term care or special needs so you can age with dignity and peace of mind. We would be happy to assist!