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Living Trust Plus Asset Protection Trust
Evan Farr is the creator of the Living Trust Plus™ Asset Protection System used by dozens of attorneys across the United States.
If you’re a client or potential client who would like more information about the Living Trust PlusTM, please read this page and then click here to contact us for an appointment, or click here to register for one of our upcoming Living Trust PlusTM informational seminars.
Whether you're rich, poor, or somewhere in between, you cannot afford to ignore the potentially devastating costs of nursing home care and other types of long-term care. Nursing homes are the most likely and one of the most expensive creditors that most Americans are likely to face in their lifetimes.
Consider the following statistics:
• About 70% of Americans who live to age 65 will need long-term care at some time in their lives, over 40 percent in a nursing home.
• As of 2008, the national average cost of a private room in a nursing home was $212 per day or $77,380 per year, and the national average cost of a semi-private room was $191 per day or $69,715 per year.
• On average, someone age 65 today will need nursing home care for approximately three years. Twenty percent of individuals will need nursing home care for more than five years.
• Fifty percent of all couples and 70 percent of single persons become impoverished within one year after entering a nursing home.
• Long-term care is not just needed by the elderly. A study by a large insurance company found that 46 percent of its group long-term care claimants were under the age of 65 at the time of disability.
Contrast the above long-term care statistics with statistics for automobile accident claims and homeowner's insurance claims:
• Between 2005 and 2007, an average of only 7.2% of people per year filed an automobile insurance claim.
• Between 2002 and 2006, an average of only 6.15% of people per year filed a claim on their homeowner's insurance.
Almost everyone who drives has auto insurance, and almost everyone who owns a home has homeowners insurance, yet only about 10% of the population have Long-Term Care Insurance. The other 90% are totally at risk for winding up financially destitute because of the need for nursing home care.
Won't a Revocable Living Trust Protect My Assets