#17 of 25 Estate Planning Mistakes Long Term Care

Failing to Plan for Long Term Care
As people live longer, the number of people who spend some time in a nursing home continues to increase. With costs nearing $100,00 per year, a nursing home stay can
destroy your estate and financial plan. Yet many people fail to plan for this increasingly likely event. The result is that you will be forced to use almost all of your assets to pay for your nursing home care until you qualify for Medicaid (usually referred to as Medicaid spend down). A number of financial planning options exist to leverage your financial resources to cover your long-term care expenses. Several estate planning options also exist to protect assets from Medicaid spend down.