Here's a big number to consider: $84,000. That was the annual median cost of having a room in a private nursing home in 2012. The figure represents an 8-percent increase in five years. It also means that planning for long-term care should start now and not later. The cost of care is steadily rising.
As baby boomers reach an age at which they might need care in a nursing home or an assisted living facility, it is important, in terms of estate planning, to know which government programs might be available to help with the financial cost. Incorporating these concerns into a comprehensive estate plan may involve options such as Medicaid, Supplemental Security Income, veterans' benefits or the creation of a special needs trust.