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Financial Friday: Long Term Care

| December 01, 2018

Life is not all fairy tales and happy endings. Quite frankly, the end of your life can be the most difficult for you, your caregivers and loved ones.

Taking care of our elderly is taxing emotionally and physically. So many decisions need to be made causing stress that can negatively affect a caregiver's relationships. Many caregivers will experience a loss of income due to taking off work to coordinate care, doctor’s appointments and other needs demanding their time.

Having an action plan in place is a blessing for you and everyone involved.

November is Long-Term Care Awareness Month, giving us the opportunity to start thus difficult but necessary conversation. We are here not only to guide you as you take on a caregiving role, but also as you age and eventually transition your financial responsibilities. Our final role is to continue your financial legacy upon the distribution of your estate.

This is a picture of my great grandmothers who both spent time in a nursing home. My Nana on the left required care from age 89-98. 

I have seen and felt the stress of taking care of a loved one first hand with my own family members and while helping our clients and their loved ones through the final stages and end of life.

I can tell you that when there is a plan in place, all parties feel more in control and less stressed. 

With 20 years of experience, we are seeing Long-Term Care Policies we positioned many years ago pay out their promised benefits. In these instances, Long-Term Care Insurance has shown its value.

When you become dependent on others for your daily care, Long-Term Care Insurance provides cash flow for nursing-home care, home health care, and adult day care. 

Long-Term Care Insurance is not attainable for everyone, and some choose to self-insure for this risk. We assist clients that do not have Long-Term Care Coverage in designing an action plan to cover the cost of their care.

We apply The EPPIC Method™ when finding the solution for your Long-Term Care plan.

The prime time to explore the purchasing Long-Term Care Insurance is between your 50’s and early 60’s. For our new and existing clients in this age group, we EVALUATE your current insurance coverages, costs, and needs. We explore and educate you on the different types of traditional and hybrid policies applicable to your specific asset and income level. In some instances, if you have a cash value life insurance policy, we are able to reposition your current life insurance assets to include long-term care coverage.

If insurance coverage is not an option due to age, health or you decide to self-insure, we design an income and liquidation plan.

A well thought out PLAN can help to ensure you are well taken care, and help to PROTECT your wealth from being depleted, leaving your spouse destitute and your heirs with no estate.

It is essential you INVEST your time in exploring your options and creating a plan for this important time of life. 

We are here to COACH you as you age and enter each stage of life. 

Clients and future clients, schedule your coaching call today to apply 
The EPPIC Method™ to create an optimal Long-Term Care solution and plan for you, those that will be supporting you during this phase of life.

Click here to schedule your coaching call.

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