While it is not an easy matter to confront and accept, individuals in New York and elsewhere are aware that we cannot be around forever. One day, each of us will meet our demise. However, even with this reality in the back of our mind, individuals often think that they will be able to retain their physical and mental capacities throughout their entire life. While this is a very hopeful and optimistic viewpoint, the reality is that with old age, many may not be able to care for him or herself or even make health and financial decisions on their own.

This is where long-term care planning can be essential. Because there is a high likelihood that one will eventually require long-term care, it is vital to work that into their future planning. Consider these facts and figures. It was found that roughly 40 percent of those 65 and older receive some form of in-home care, lasting a year or less. It was also found that about one-third of the U.S. population receives care in a nursing home facility, and of these individuals, 30 percent of them say in the facility for one to three years and 20 percent stay five years or longer.

While it is common for elderly individuals to use nursing homes, this does not make it a cheap or affordable option for them. In fact, one average, a nursing home costs $97,500 per year. This is a very costly with health insurance and Medicare paying only a small percentage. Because of this, one should take steps to plan for such care in the future, helping to reduce the costs they or their loved ones will be faced with.

No one likes to think about requiring long-term care in the future; however, it is a real possibility for most individuals. Thus, it is vital for individuals to add longer-term care planning to their estate plan. This not only helps them address a difficult time when and if it comes up, but it also makes matters easier for loved ones.