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Senior Citizen's Guide to Cleveland

Who Needs to Do Estate Planning?

These are frightening times we live in. According to , the number of seniors who will need nursing home care is expected to double – even triple – by the year 2030. states that the typical American over 65 has a 75% change of needing some help with daily activities such as bathing or simply getting to the grocery store. If your kids can’t be there, how much will you have to spend to get the in-home care you need?

According to AARP, 70% of Americans over 65 will spend at least some of their lifetime in a nursing home. One in 10 seniors will live more than 5 years in a nursing home. Even at a modest rate of $5,000 per month, that works out to a staggering $300,000.

Your goal should be to protect your loved ones so that they are never out of money and never out of options. Proper estate planning should include a review of both your legal and financial resources needed to achieve your goals for lifestyle, legacy, and loved ones. Most people have a will but fail to have a “powerful” Power of Attorney, a Healthcare Power of Attorney and a Living Will.

To do a well- constructed estate plan, you should sit down with a qualified elder law attorney. He or she needs to know how you want to be protected in the event that you have a disabling disease such as Alzheimer’s or Parkinson’s or when you pass away. We need to know not only who you are trying to protect, but also how you want to protect them.

No one wants to be out of money or out of options before they are out of breath. While it’s not possible to guarantee specific results, an elder law attorney works with clients and families to guide them through the minefield of public benefits, veteran’s benefits, Medicare, Social Security, special needs trusts, powers of attorney and Medicaid. Our job is to increase the quality of life of our clients, not just to figure out who-gets-what after you pass away. Create peace of mind for yourself and your family by creating an estate plan before it is too late to protect your hard earned assets.

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