No Minnesota resident knows exactly what the future might hold for them and their loved ones. While there can be many exciting opportunities yet to come, there can also be challenges and risks that may present themselves over time. Accordingly, it is essential for individuals to be prepared for these risks and plan as best they can.
Many St. Paul residents work very hard for their entire life to provide for their families. It can take decades of work to build a person's wealth and achieve a certain standard of living. Unfortunately, without proper planning, the assets a person has accumulated over these decades can disappear quickly when individuals do not cover the rising costs of long-term care.
It can be uncomfortable for St. Paul residents to confront unpleasant thoughts about what might happen in their future. This is often a driving reason for why individuals may not engage in estate planning, as the thought of passing on and not being alive is one that many would like to avoid if possible.
As members of generations continue to live longer, it is becoming more likely senior citizens will need some type of long-term care. In fact, the U.S. Department of Health and Human Services found about 70 percent of those who reach age 65 will need some form of long-term care, lasting an average of three years. And this medical care can be expensive.