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Posts Tagged ‘running out of money’

Why Plan? What’s the Need?

The greatest fears of seniors are one, running out of money, and two, ending up in a nursing home. Consequently, they lose their personal independence. Also, the loss of their hard earned savings. The average cost of nursing home care in Maryland is approximately $100,000 to $150,000 per year, dependent on your location, within the state. Unfortunately, most seniors pay for nursing home care utilizing their savings until it’s depleted.  Subsequently, they qualify for Medicaid. Therefore, Medicaid will pay the cost of the nursing home, less all the senior’s income. With asset planning, whether in advance or in response to…

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