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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.
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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