A cup of coffee will cost you just a bit more or a bit less depending on where you get it. Interestingly, however, the cost isn’t necessarily dependent on how good the coffee tastes. No, when it comes to geography and what you pay for something, remember the three things that determine real estate prices: location, location and location. And the effect of location on medical care and old-age expenses can be significant.
Planning for your old-age, or for the needs of an elderly loved one, is partly a test of geography in the health care economy. In fact, it’s more important to understand this fact of life now more than ever.
For some fresh analysis of this familiar topic, you might want to take a look at a recent Morningstar article titled “Health-Care Costs: Why Your Location Really Matters.” The article speaks to the “numbers” and to international comparisons. Regardless, the key for you to note is not the economics or even the politics behind this issue, but rather the very real circumstances you and your loved ones may be facing now or in the future.
So, how will you plan for the geography of medical expenses?
Have you or your elderly loved ones got your affairs in order by updating your Will and Trust so that your home and cash assets are protected from Medicaid and nursing home liens? There has been many changes in laws that may have impacted your estate plan. Call us for a review!
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If you have any questions or would like to schedule a consultation please call Attorney Patrick Kelleher at 781-871-PLAN (7526) or by email at Pat@myfamilylifeplan.com
Our firm helps families taking care of them for life. We not only “create” their Will and Trust, but we “maintain it and keep it updated” for them throughout their life! The meter is not running for our ‘Client Care Plan’ members!
Patrick J. Kelleher is a South Shore, MA resident and estate planning attorney serving and protecting families and businesses in the South Shore, MA area. For more information on estate planning visit our firm’s website at www.MyFamilyLifePlan.com where you can check out our Blog, free Newsletter library, free Estate Planning Channel on Youtube and sign up for a Free e-Newsletter!
Also serving the following communities South of Boston; Quincy, Milton, Braintree, Randolph, Holbrook, Weymouth, Scituate, Norwell, Hingham, Cohasset, Hull, Hanover, Pembroke, Duxbury, Marshfield, Plymouth, Rockland, Hanson, Halifax, Plympton, Carver, Abington, Whitman, Kingston
This article is not intended to provide legal or tax advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney.
Reference: Morningstar (January 11, 2013) “Health-Care Costs: Why Your Location Really Matters”