Planning for the cost of chronic disability should be a part of everyone's estate plan. A private room in a long-term nursing facility in Florida averages a wallet-busting $80,000 a year. With numbers like that, you can see why families stand to be wiped out when a loved one requires long-term care. At-home care and assisted living are also very expensive.
Medicaid benefits and VA benefits may allow you to hold on to a good portion of your nest egg, but planning with long-term insurance is a good first line of defense. Of course, you must be in sufficiently good health to qualify, and you must be able to budget for the premiums. The good news for those who have long-term insurance or are thinking of getting it, is that premiums are tax-deductible under certain conditions. Read more about 2012 deduction limits.
Attorney Joseph S. Karp is a Florida Bar Certified and Nationally Certified Elder Law Attorney focusing on Elder Law, Probate, Estate Planning, Asset Protection, Special Needs Planning and Estate Litigation. He is AV rated by Martindale Hubbell. Mr. Karp is the founder of The Karp Law Firm, a South Florida law firm with offices in Palm Beach Gardens, Boynton Beach and St. Lucie, Florida. Mr. Karp was named a 2011 SuperLawyer by SuperLawyer Magazine and a member of the 2011 Florida Legal Elite by Florida Trend Magazine. He is admitted to practice law in New York as well as Florida. Visit Mr. Karp's Florida Elder Law and Estate Planning website.
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