Asset Protection
There are two simple questions you can ask yourself about long-term care (LTC)
Question #1: You may never need care, but, what if you did? How would that affect your family?
Four important considerations when a loved one needs care:
Spouses — Many times caring for the chronically ill loved one can make the caregiver chronically ill as well.
Children — When a spouse isn’t involved, other loved ones carry the burden. Often the eldest daughter quits job, moves in or moves parent in her home, gives up career —as any child would probably feel obligated to do.
Family dynamics — When informal care is needed, it may not be shared equally among the adult children. Often one sibling bears the burden and it can affect the relationship with siblings.
Unnecessary losses — You can never avoid all losses; however, the unnecessary spiritual, emotional, financial, and familial losses could be mitigated when your clients are prepared.
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