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.
Long-term care can be very expensive. Many individuals know of three ways to pay for care:
Government programs — This may require them to spend down assets first.
Long-term care insurance — In many cases traditional LTC can be very expensive, hard to qualify for, and to many, viewed as a “use it or lose it” policy.
Self funding — Requires to pay out-of-pocket for all expenses. This means paying dollar-for-dollar and could potentially wipe out everything that has been worked for and saved. If an individual has assets to protect, explore the Care Solutions portfolio of asset-based long-term care product.
Alternatives: The Care Solutions Portfolio we offer utilizes strategies aligned with the Pension Protection Act to provide. For those that desire to do Asset Protection Planning, they can do so with favorable tax treatment. Asset-based LTC is designed so that nothing is wasted if care is never needed. Any unused benefits can pass to heirs or other named beneficiaries. Asset-based LTC can also be a great way to use existing assets already ear-marked for long-term care expenses. For more information make an appointment to see us and learn more about this strategy.
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All written content on this site is for information purposes only. All information and ideas should be discussed in detail with your individual advisor prior to implementation.
Advisory services are offered through Pinnacle Investment Advisors, LLC, a registered investment advisor in the state of Ohio. Insurance services are offered through Temple Financial Solutions, an affiliated company. The presence of this website shall in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the State of Ohio or where otherwise legally permitted. Neither Pinnacle Investment Advisors, LLC, nor Temple Financial Solutions are affiliated with or endorsed by the Social Security Administration or any government agency.
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