Estate planning involves a lot of different steps, such as listing your assets, deciding if you want to use trusts, writing a will, creating a medical directive, using powers of attorney and much more. You really want to take the time to think of everything; don’t just assume that you can write a will and call it a day.
One thing to think about is the cost of future care you may need. You want to budget this into your financial picture. It can impact how many assets you have to leave to your children, what type of medical care you receive, and the like. With careful planning, you can set up a budget to pay for the care you could need in the future.
At the top of your considerations may be the cost of a nursing home. The facility can give you a safe place to live with the assistance you need as you age. But that type of high-level care comes with a cost.
In the United States, experts note that the average cost for a semi-private room in a nursing home is $245 every day. For a fully private room, it averages about $30 more, at $275 per day. to make this easier to budget for, that means the average monthly cost is $7,441 for a semi-private room and $8,365 for a private room.
As noted, those are just the averages. You need to take the time to look into the costs in your area and make a plan that works for your family. Be sure you know how this fits into your estate plan and what steps to take.