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Many Americans hope to grow old in the comfort of their own homes. However, this aspiration is increasingly challenging as in-home care’s financial and emotional costs continue to climb.

Across the U.S., families are spending as much as $240,000 annually for round-the-clock care for loved ones with conditions like Alzheimer’s or dementia. For others, the financial burden has pushed them to exhaust savings or tap into home-equity loans just to afford basic home healthcare services. Sometimes, family members leave jobs, close businesses, or delay retirement to care for aging parents or spouses.

The costs of in-home care are escalating at an alarming rate. According to Genworth’s 2023 Cost of Care Survey, the national average cost of hiring a home health aide is $5,000 monthly, with 24-hour care exceeding $180,000 annually in many areas. Over the last five years, these costs have grown by nearly 20%, with experts predicting they will continue to rise.

Adding to the pressure is the fact that Americans are living longer than ever before. The U.S. Census Bureau estimates that by 2030, more than 70 million Americans will be 65 or older, with nearly 10,000 people turning 65 daily. Advances in medical care mean that people are not only living longer but often with chronic conditions that require ongoing support. This translates into decades of care for many families, further straining their financial resources and emotional well-being.

For those committed to aging in place, the need for Long Term Care Estate Planning has never been more critical. At Botti & Morison Estate Planning Attorneys, we understand families’ unique challenges when balancing caregiving responsibilities with their long-term financial goals. Estate planning is essential for addressing these rising costs, protecting assets, and setting up strategies to fund long-term care. Download my eBook: “Understanding Long-Term Care Medi-Cal” for information on the In Home Supportive Services Program (IHSS) provided by Medi-Cal and other important advice.

Proper planning can help protect your family’s financial future while honoring the desire to remain at home during retirement. Contact us today to explore how estate planning can provide security and peace of mind as you or your loved ones navigate the challenges of aging in place.

Thanks for reading.

Christopher E. Botti, Esq., Certified Specialist in Estate Planning, Trust and Probate Law