God willing you and I will have this “problem” and live to be very old, but without the need for a lot of personal care. The Longevity Risk is the costs associated with living to be old. Although old age isn’t as much a prerequisite as is failing health and the need for some – or constant care.
Living assistance costs money, plain and simple. Having a person come into your home and help with some of the tasks depends on the level of care and skill required and a bit on the area you live in. We here in San Diego know that things tend to be a bit more expensive than other places. Modestly, however, I think the costs of having someone help with tasks such as bathing, cleaning, dressing, etc. can cost several thousand dollars a month. That adds up over time. If you need to go into a full or even a part-time assisted living facility, you can be looking at $5000 to $6000 a month and more if even more care is required.
Statistics show that the over 65-year-old segment of our population is predicted to grow by about 147% from the year 2000 to 2050, while the rest of the population will only grow by about 49%. That means the senior-citizen segment of our population is growing, and growing fast. Moreover, statistically we are all living longer than ever before. The longer we live, the higher the likelihood that we will need some degree of care in our senior years.
If we end up needing assistance with our day-to-day living, it is quite possible that we will end up using all of our assets, and potentially living our final years in poverty. Not a very happy ending. I can help.
There are choices available to most of us. Call me and let’s discuss options and we will see if we can keep the golden years golden.
Please see my Blog for more discussion on the topic of planning for the elderly and asset protection.
Please feel free to give me a call and we can establish your Living Revocable Trust, ILIT, or other Estate Planning goals today. If you have specific estate planning objectives, I can help create solutions to achieve your specific purpose.
See lots of estate planning information on my website at: www.myestate-plan.com
Thanks for reading my blog.
William Daniel Powell
This document is for informational purposes only. Nothing in this is to be considered legal advice. Nothing in this shall create an attorney/client relationship, nor shall it create a confidential relationship. If you need legal advice (in California), feel free to contact me or someone licensed to practice in your jurisdiction. I assume no liability or responsibility for actions taken, or not taken, as a result of reading this information.
Also, please remember that I speak in generalities in my blog and my website. There are so many different factors that can contribute and completely change the outcome that it would be impractical to discuss all of them here.