You are probaby asking yourself, "Why is an attorney talking about insurance?" I thought attorneys estate planing was all about Wills, Trusts, Powers of Attorney, and eligibility for State and Federal programs. That may be true for most attorneys, but to have a real comprehensive plan your attorney should consider every aspect of your future. This includes your life insurance, health insurance, IRA and pension, title of your home, finacial future of your children and even your long term care. If your attorney is leaving out a portion of your future, how can you trust him or her to help you plan.
You future planning is like a boat. You need everything to be right before your boat leaves the dock. Only a fool would have a great hull on a boat but leave without a motor. No one in their right mind would leave the dock without fule for their engine. Who would like to be on the sea with no fresh water? Obviously, no one would think of heading out into the sea with this type of preperation. So why would you accept only partial planning for your future.
Now you know that a comprehensive Estate Plan includes long term care insurance, but what is long term care insurance. The nutshell version of long term care insurance is that it provides funds for you if you become incapacatated and can not take care of yourself. This insurance does not just apply to the elderly. If you were in an accident and needed to be cared for 24 hours a day for a couple years while you are recovering, long term care insurance will cover it. If you develop a disease where you need help injecting yourself and getting dressed. Long term care insurance will cover it. I could go on and on about the benefits of long term care insurance, but I will give you this fact and let you think about it until my next post. The national average annual cost of a private room in a nursing home is over $79,000.00 a year. That is $217 dollars a day. This type of expenditure can quicky depleate the asses of any size estate. Especially if you multiply this cost by two for a married couple.If you would like to have an estate to leave your children, consider long term care insurance as an integral part of your estate plan. Look for more about long term care insurance in upcoming posts.
If you would like to know more about how to start your own estate plan. Call the Law Office of Jonathan W. Cole to find out how a will trust and power of attorney can get you on the right tract for the future.
Law Office of Jonathan W. Cole
5013 W. 95th St.
Oak Lawn, IL 60463
(708) 529-7794
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