The majority of us will eventually need long-term care. This includes at home care, assisted living, or nursing home care. This can be extremely expensive. Indeed, nursing home costs can exceed $120,000 per year. It is critical that you plan ahead for this possibility.
Fortunately, many planning strategies and options exist. Long-term care insurance is one possible approach. Medi-Cal planning, where strategies are used to protect assets while becoming eligible for Medi-Cal (which pays the cost of nursing home care) is also important. Indeed, we have helped countless families protect their estate while obtaining eligibility for government benefits.
See Facing the Reality of Long-Term Care (2014), authored by Michael Gilfix and Mark R. Gerson Gilfix, available here. This publication presents a comprehensive, practical and multi-generational analysis of this topic.
For more information on long-term care planning, click here.