You worked hard to grow your assets and to have enough income to leave an inheritance to your heirs. Many people take pride in not relying on the government to provide for them, but in doing it all themselves. However, many of those same people fail to plan for what to do in the last years of their lives and they end up relying on government assistance for long term care in a nursing home.
Long term care is extremely expensive and many retirement plans do not include the possibility of needing it. The money that was supposed to be left to your heirs can be quickly eaten up by the need to pay a nursing home. When that money runs out, then it’s up to the government to pay for the care. The government will pay through the Medicaid program, but it may not be in the facility you would pick.
You can plan ahead for the possibility of long term care and still have enough money for your retirement and to leave an inheritance for your heirs. However, planning ahead is the key. An experienced Estate Planning attorney can assist you in making the long term care plans that are right for you.