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Today’s demographics point to the fact that while we’re living
longer, the costs and risks of care are increasing. Since there is
no way to predict who will need long-term care, planning for it can
be complicated and confusing.
With 44 million caregivers in the United States, long-term care
needs are having an increasing impact at home and in the workplace.
More and more families find themselves unexpectedly dealing with the
complex issues of financial caregiving.
It takes specialized expertise to put together the pieces of the
long-term care “puzzle”. Some of the most critical issues to
consider are:
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Health – personal health and family medical history.
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Family Circumstances - marital status and desirability of family
support.
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Financial Resources – current and projected availability of
income, savings and other assets.
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Desired Lifestyle – comparison of “aging in place”, retirement
communities and other personal choices.
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Quality of Care – desirability of home care and/or facility care.
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Estate Planning Objectives – asset protection/preservation for
heirs.
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Taxation – implications of tax incentives and deductibility.
Planning for long-term care can be like threading a financial
needle. For many clients, meaningful long-term care planning has
helped to shape the difference in their lives between peace and
serenity or anxiety and fear. |
