Wednesday, May 1, 2013

The importance of long term care planning - an all too common story

     The individuals named in the story are fictitious.

     Peggy and her husband, John, got married at a young age.  After a wonderful marriage lasting over 60 years, John became sick and required around-the-clock care.  Peggy did everything she could to take care of John herself; however, after a few months, she began to have medical problems of her own that prevented her from providing John with the care he needed.  Reluctantly, Peggy had to find a skilled nursing facility to take care of John.

     The couple had always been frugal and saved about $350,000 over their lifetime.  They owned their house outright.  Over time, the nursing home bills significantly ate into Peggy and John's lifetime savings.  When John finally passed away, Peggy was left with only a small fraction of what was saved over a lifetime.  She would survive him by 15 years, living mainly off of Social Security.

     We have seen stories similar to this one much too often.  Please take the time to seek counsel from an Attorney with the knowledge and ability to help you protect your hard-earned savings from the costs of long term care.




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