By Kathy Cooper
Over the years, we’ve heard a number of unique plans to avoid paying for long term care. I thought you might want to hear about them:
“I’ll never go to a nursing home. I just plan to wake up dead one day.”
“If I find out I have Alzheimer’s, my thought is to rob 7-Elevens until I’m caught and go to jail. They have to take care of you there.”
“I’m going to give my kids cash gifts, a little at a time. How’s the government to know?”
“I have a bunch of silver and gold in my safety deposit box that they’ll never find out about, so my plan is golden!”
Although these are entertaining ideas, they are naive at best. You may have read estimates that 70% of all seniors over 65 will require some type of long term care and over 30% will end up in a nursing home at some point in their lives. These are large numbers that are likely to include you and me – and, believe me, the Government is onto your plan to squirrel away money.
The best idea to avoid losing it all to pay for your long term care is to plan early, before your are faced with a crisis. An experienced Ohio Elder Law Attorney can help you and your family identify options to protect and preserve your wealth in a way that complies with the law of the state so that you won’t have to go directly to jail to get your bill paid!