The average annual cost for long-term care in\u00a0Michigan last year was just under $88,000\u00a0for a semi-private room<\/a>. For most retirees, that’s a stifling figure that far surpasses their income. In the most recent 2010 census, average retiree income was reported at just under $26,000 annually<\/a>. For retirees hoping to leave money to their families, this creates a disparity between the legacy they dreamed they’d leave behind and the actual funds that remain. However, knowing how to plan for long-term care can help retirees leave more assets for their loved ones. The first step is keeping close track of one’s assets.<\/p>\n Life is unexpected, so it’s better to plan earlier than later. If you’re already retired, your assets are likely dwindling already. For\u00a0a Medicaid application\u00a0for long-term care, applicants are asked to verify transfers of assets for the past five years<\/a>. A lot can happen to your health and (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The average annual cost for long-term care in\u00a0Michigan last year was just under $88,000\u00a0for a semi-private room. For most retirees, that’s a stifling figure that far surpasses their income. In the most recent 2010 census, average retiree income was reported…<\/span><\/p>\nSo When Should I Start Planning?<\/strong><\/h1>\n