When most people think about estate planning, they focus on what happens after they pass away, who receives their assets, how their property is distributed, and how to avoid probate.
But one of the biggest risks to your estate doesn’t happen after death.
It happens during your lifetime.
At Borden Law in Las Vegas, we help clients understand a critical truth:
long-term care costs can significantly impact your estate plan if you’re not prepared.
The Reality of Long Term Care
Many people underestimate the likelihood of needing long-term care.
According to national data:
- Nearly 70% of individuals over age 65 will require some form of long-term care
- The average duration of care is about three years
- One in five individuals may need care for five years or more
Long-term care includes assistance with everyday activities such as:
- Bathing
- Dressing
- Eating
- Mobility
This care can take place at home, in assisted living, or in a skilled nursing facility.
The Cost of Long Term Care
The financial impact can be substantial:
- Nursing home care can exceed $100,000 per year
- Assisted living averages around $70,000 annually
- In-home care may cost $30+ per hour
Over time, these costs add up quickly:
- 3 years of care → $300,000+
- 5 years of care → $500,000–$600,000+
For many families, this means:
- Retirement savings are depleted
- Assets intended for heirs are reduced
- Financial stress increases for spouses and children
Why Traditional Estate Plans Fall Short
Here’s where most people are surprised:
A will does not protect your assets from long term care costs.
A revocable living trust does not protect your assets from long term care costs.
A power of attorney does not protect your assets from long term care costs.
These tools are essential but they are not designed to handle the financial risk of extended care.
That means your estate plan may be perfectly drafted…
and still fail to protect your wealth during your lifetime.
What Long Term Care Planning Actually Does
A comprehensive estate plan should include strategies that:
✔ Protect a spouse’s financial stability
✔ Preserve assets for your children
✔ Maintain your ability to choose where and how you receive care
✔ Reduce the burden on your family
Planning early gives you more options and more control.
Common Planning Strategies
While every situation is unique, long term care planning may include:
1. Insurance Based Planning
Long term care insurance or hybrid policies can help offset care costs and protect savings.
2. Asset Structuring
Ensuring your assets are positioned for accessibility and flexibility when care is needed.
3. Public Benefits Planning
Strategic planning for programs like Medicaid, which has strict eligibility requirements.
4. Trust Planning
Certain types of trusts may help protect assets when implemented properly and in advance.
Why Timing Matters
One of the most important aspects of long-term care planning is timing.
The earlier you plan:
- The more strategies are available
- The more assets you can protect
- The more control you retain
Waiting until care is needed limits your options significantly.
How Borden Law Helps
At Borden Law, we guide Nevada families through both estate planning and long-term care considerations so their plans work in real life not just on paper.
Our approach focuses on:
- Protecting your lifestyle
- Preserving your legacy
- Supporting your family
