You've worked hard all of your life to accumulate some assets which you hope to pass down to your children and grandchildren to help them with a better life. If you are one of the 40%( according to studies) of people who, after reaching age 65, will need some type of long term care in the future , the results of your hard work can disappear if you don't take certain steps. For example, here in Massachusetts, nursing home care can be more than $300.00 a day or $ 110,000.00 per year. The current rate for in home care is over $20.00 per hour. If you need 10 hours of care per day to remain in your own home, that cost equals $6,000.00 each month. Government programs are available, but if you are a single individual, your assets have to reduced to reduced to no more than $2,000.00 to qualify. If you need to enter a nursing home , the past 5 years of your financial life will be closely examined by government agencies and innocent gifts, while you were healthy, like paying for a granddaughters college tuition four years ago or helping an out of work son save his house from foreclosure, can result in a denial of payment. A carefully crafted estate plan can prevent these financial disasters.
