The average yearly cost of skilled care in a nursing home currently now totals more than $176,000 per year as of 2022. That's over $14,000 per MONTH! People are living longer and likely could spend more than a year in one of these facilities. Without proper planning, the staggering cost of medical treatment could easily wipe out some or all of the patient’s life savings. Planning before a crisis hits — or pre-planning as we call it — will also most often produce the best outcome with respect to your desired overall estate plan.
At Steinbacher, Goodall & Yurchak, we understand the daunting challenge facing families as they look to save their hard-earned assets. We work with you to help avoid these troubling waters. Our goal is to preserve the quality of life for the patient and his or her spouse, and preserve the estate for their loved ones. We give our clients options to protect their loved ones and their estates, as well as the flexibility to receive care in a nursing home or in their own homes, where they would like to stay. For those that it is medically feasible to remain at home with in-home care, there also may be a variety of options depending on income and/or asset level. For those who need protection, we are there to meet their needs.
Long-term care planning protects assets from unforeseen health care costs - be it nursing home or in-home care costs. It insures that your hard-earned life savings will not be consumed by a catastrophic event. We protect both you and your family. Some of our planning tools, such as powers of attorney, wills, and trusts, put the appropriate decision makers in place to help you through hard times caused by unforeseen medical events. Trust accounts and planned gifting also allow you to take advantage of nursing home and tax regulations to maximize the amount of your estate protected for your spouse and your heirs.
Call us today for a free consultation at 1-800-351-8334, or schedule a consultation online.