Eldercare Planning
As medical technology has advanced, we find that the risk of longevity has joined the mix of risks that could have an impact on one’s financial future. This is particularly relevant for the 77 million baby boomers poised for retirement during the next decade or two. Though the scope of eldercare planning is expansive and encompasses many aspects of life, such as healthcare, activities of daily living, transportation, social, and emotional well being, one should not forget that the financial implications and the ability to pay for care and medication is a major consideration.
We work with clients and their families, as well as outside legal advisors, when required, to develop a plan for the future in an effort to help avoid unnecessary stress and financial concerns down the road. Much like a college funding plan, it is necessary to undergo a needs assessment, and to determine if there is adequate income and assets to cover the cost of care when formal care eventually becomes a necessity. While advance planning and adequate saving is well advised, we oftentimes find that those who have saved sufficient resources to enjoy their retirement years fall into a false sense of security that they will have plenty of money to cover long term care if it is necessary. Ironically, it is the healthy spouse or family member that typically ends up providing years of demanding and strenuous care, only to destroy his or her health trying to avoid depleting their precious assets.
We’ll help determine if your plan should include long term care insurance, or setting up one of a variety of trust funds, a contingency fund with cash-like assets and/or segregated investments which can easily and quickly be liquidated to pay for long term care in the form of a monthly annuity payment, life insurance strategies or even a reverse mortgage.
We work with clients and their families, as well as outside legal advisors, when required, to develop a plan for the future in an effort to help avoid unnecessary stress and financial concerns down the road.