Creating a will, naming power of attorney agents and considering trusts are all important aspects of creating an estate plan. However, West Virginia residents may also want to consider how they are going to pay for the possibility of needing long-term care. Individuals could review their options for addressing this need while they are estate planning.
The costs of long-term care are substantial. As of now, private rooms in a nursing home facility could land in the price range of $92,378 to $160,000 per year, depending on the area. Even non-private rooms could still result in steep expenses. For instance, some areas may have costs of around $45,000 per year, and other areas may see prices closer to $55,000 per year.
As mentioned, these prices reflect the cost of care as of now. Individuals who are planning on their possible care needs 20 years from now could face an even more considerable expense. Projections indicate that a middle-range yearly cost for a private room in a nursing home could reach nearly $167,000. Of course, there may be other options that parties may be able to consider, but most avenues can still prove costly.
Because of the immense financial burden that long-term care needs can place on people and their families, using estate planning to address these possible future costs could prove useful. Individuals may be able to set up accounts that set aside funds for this purpose as well as ensure that they have their long-term care instructions detailed. West Virginia residents interested in long-term care planning may wish to speak with knowledgeable attorneys.
Source: Forbes, "Long-Term Care Insurance And The Importance Of Developing A Plan", Joel Johnson, Jan. 12, 2018