The new mantra of the baby boomer generation is beginning to sound something like:  “I’m getting older, I’m not in the best of health, I’m worried about the costs of long term care, and I’m scared to death.”  This is the kind of stuff that keeps people (including myself) up at night.  It’s enough to make you crazy.  I wish that I could tell my clients not to worry, that it’s going to be alright, but often times it’s not alright, the effects of aging take over and many people end up in a nursing home and then the financial pain begins.  A long term stay in a nursing home can completely exhaust your estate, leaving nothing for your heirs.

The sooner you plan for this possibility the better.  Time can be both your worst enemy and your biggest ally, depending on how you approach the problem.   Often I am contacted by the families of people who are literally on their way to a nursing home- at this point time is not on their side.  Sure, we can preserve some assets but only a fraction.  I call this approach the “emergency planning mode.”  It is kind of like being on a game show, but the prize is your own “stuff” and you win by getting the privilege of keeping some of your own “stuff.”  Emergency Planning Mode is, of course, not the best approach to the problem.

The best time to plan is well in advance of needing nursing home care.  Given enough time and proper planning all of your assets can be preserved and sheltered from the costs of nursing home care.   Many people utilize irrevocable trusts to protect and preserve assets long term.  This is the best option for dodging the nursing home cost bullet, which can be financially devastating for you and your family.   Irrevocable trusts are also a great way to avoid probate and to ensure that you can pass something on to your heirs or favorite charity.

If you’re worried about the cost of long term care, get out in front of the problem.  Make an appointment with a qualified estate planning attorney and see what can be done to protect your assets.   Just because you can’t take it with you doesn’t mean that you have to give it to the nursing home.

If anybody would like to discuss their option, please contact my office for a free estate planning consultation:  203-234-7400.  If a one on one with an attorney is too much to start,  my firm will be hosting asset protection seminars in October and November,  please contact my office to reserve your spot.