Have CAREfidence In Your Planning Goals

If there are insufficient assets to cover the potential cost of care, there must be a determination whether siblings or adult children should become part of the discussion.  Are they willing or able to accept the physical, financial, or emotional responsibility role as a caregiver in the future?   It can become quite clear how there are seen and unseen events that make this a potentially disastrous planning scenario.

  If insufficient assets cover the potential liability, plans should be set in motion to qualify for Medicaid should care be needed.  This would include recognizing that "Aging In Place" is unlikely and a "spend-down" of assets - based on the state of domicile - will be necessary to become eligible.  An estate planning or elder law attorney should be consulted to draft necessary documents and address any legal ramifications.

  You might think "self-funding" is a logical way to cover potential LTC expenses not covered by Medicare, your Medigap plan, or health insurance.  However, regardless of the size of your asset base, there are many reasons why self-funding may not be your best strategy.  If self-funding remains your intention for future care needs, the essentials of Self-Funding LTC should be considered to make it viable planning.

 There are insurance solutions for LTC Planning that efficiently and effectively enhance a self-funding strategy.  This is accomplished by reallocating or repositioning a small percentage of your existing resources to transfer all or some potential future liability.  This option can be helpful for several reasons and may be more cost-effective than you might think.