As you meet with your estate planner, you may consider how you wish to be cared for during your retirement years and medically. Your estate planner can discuss setting up a medical power of attorney, a do not resuscitate order (DNR), or planning for any future medical needs with you during your annual estate review. Arguably, leaving allowances for your long-term care can benefit your family in the long run.
Financial Preparation
When you meet with your estate planner to create a long-term care plan, they can help you budget for intensive or necessary medical care in the future. It is important to consider your financial status when creating plans, as long-term care for individuals can be quite expensive.
In 2021, assisted living centers in Utah averaged a monthly cost of $3,400 per individual, lower than the national average of $4,300. If you enter assisted living with your spouse right now, you may plan to spend almost $7,000 per month for the two of you to be cared for in an assisted living setting. Some communities also require an entry deposit, which can begin at a few thousand additional dollars.
Suppose you do not plan to enter an assisted or adaptive living community within the near future. In that case, costs are expected to rise and you will need to create a higher monthly budget to accommodate those increases. However, you should still enter the waitlist for your preferred community if you plan to enter a facility within the next three to five years, as waitlists are often long and you may not initially get your first choice apartment when you are initially contacted about move-in. With how expensive assisted living can be, your estate planner can help you determine how you will pay for this and create a plan to help you preserve your estate.
Peace of Mind
Creating a plan for when you do need to enter an assisted living facility can bring you and your family peace of mind as you will have a set plan. When the time comes that you will need to move into an advanced care setting, your family will not need to worry about finding the finances to send you or looking for an assisted or adaptive living facility as you will already have your position on the waitlist. Planning for this change in lifestyle now can help you streamline your move into advanced care and ultimately limit the stress your family may undergo.
South Jordan Estate Planning Attorneys
Estate planning may seem unnecessary, but it can truly bring you peace of mind as you prepare for the rest of your life. Our estate planning attorneys at Carr | Woodall want to see you and your family thrive as you prepare for the unexpected.
Are you considering moving to an adaptive or assisted living facility? Our team of estate planners can help you preserve your estate as you move to the next phase of your life. Call us at (801) 988-9400 or contact us online to schedule your initial consultation.