Nursing home expenses continue to rise with the nationwide average increasing to $91,250 per year for private and just over $80,000 for semi private rooms.
How much should you be saving for future nursing home care? Unfortunately, the cost is going up and people are grappling with how to pay for it.
As reported recently by the Wills, Trusts & Estates Prof Blog in “Average Rates for Nursing Homes Rise Nationwide,” you can expect to pay $91,250 a year for private nursing care at present!
Of course, given the law of supply and demand, these costs likely will continue to rise in the coming years.
Many people fail to take nursing home and other retirement costs into account when creating their estate plans. As a result, there may be little or no “estate” left when they pass away. In fact, there may even be debt.
In some cases, people who create their own gifting plans can later learn that they have given away money they actually needed to meet their later-in-life expenses, such as nursing home care.
This is another reason that you should always seek the help of a professional to create your estate plan. You need to make sure that your life and your estate are both planned for properly.
Why not contact an experienced estate planning attorney today?
Reference: Wills, Trusts & Estates Prof Blog (April 12, 2015) “Average Rates for Nursing Homes Rise Nationwide.”
