In recent years, a common trend has emerged in the home care and assisted living industries as Baby Boomer reach retirement age. The majority of American adults underestimate their future needs for home care and as a result, aren’t completing the necessary planning. A study from the University of Minnesota states that 60% of Americans age 40-65 believe that it’s unlikely they will ever need any type of extended out-of-hospital care. In reality, 70% of those in this demographic will require some level of medical assistance at some point in their lives.
It can be easy to forget about future medical expenses when planning an estate. However, this common oversight has caused many financial problems for seniors and their family as they struggle to afford mounting medical bills. KTF Law’s team of Minneapolis lawyers help individuals plan for their future needs and ensure their assets remain protected.
Including medical assistance expenses in your estate planning is a smart way to prepare for your future needs and protect your family from the burden of these costs. Before speaking to an estate lawyer, be sure to:
- Speak with your doctor about potential future costs associated with your health
- Research the cost of different types of medical assistance to get a feel of what to expect
- Meet with your financial planner to discuss your wishes
Next, it’s time to contact KTF Law to schedule your free legal consultation with our Minnesota attorneys. Our team will work with you to develop a secure estate plan that meets your wishes and protects your family. With a reputable background in family law, our lawyers are prepared to help you understand probate law and how it applies to you.
It’s never too early to start building a will and planning your estate. Don’t wait another day! Call our law firm in Minneapolis to get started today.