The Pacella Law Group

Though many working adults in Los Angeles look forward to retirement, they may prefer not to think about what will happen as they age and their health declines. But there are important decisions that you can make right now that can make your golden years as comfortable and affordable as possible.

Most of us can expect to live a long time, perhaps even into our 80s, 90s and beyond. Unfortunately, few people can live fully independently at that age. Most people will require some form of long term care.

Nursing homes are probably the first type of senior care that spring to mind for many readers. That is certainly one option for long term care, but it is not the only one, and it may not be appropriate for all situations. Depending on your level of disability, other options like assisted living facilities, in-home care and adult day care may be a better fit.

All of these forms of long term care can be very expensive. The average cost of living in a nursing home is currently $51,404 per year. It is expected to cost as much as $358,505 in 2043, just as many readers may need such care.

Paying for long-term care can take several forms. In California, these include paying out of pocket, or paying with Medi-Cal benefits. You need to qualify financially for Medi-Cal. However, it is possible to qualify while still protecting certain assets in order to pass them on to family members through your estate plan. For example, an irrevocable trust may be able to help.

Source: Bank Investment Consultant, “Three Certainties in This World: Death, Taxes & Long Term Care,” Paul Werlin, Oct. 1, 2013