Long Term Care Planning
Planning for Long Term Care Expenses
None of us like to think about it, but statistics don't lie. Many of us will need professional nursing or medical care at some point in our lives. And it doesn't come cheap. The average nursing home stay in New Jersey is over $120,000 per year and rising. 24 hour home health care is just as costly. Even a very healthy nest egg can be rapidly depleted with that kind of expense! There are strategies which may help you protect some of your hard earned money. I have listed a few below. There is no one size fits all solution when it comes to long term care planning. The only thing that is true of everyone is that THEY NEED A PLAN.
Contact us for a free consult to see how long term care needs fit into your overall financial and retirement plan.
Insurance Solutions
Hybrid and traditional long term care insurance can help cover some of the expense - but not everyone needs or can afford insurance. We can help you decide if long term care insurance should be part of your overall holistic financial plan...or if another strategy might make more sense.
Remember - we don't sell insurance - our only motive is finding our clients a strategy that bests suits their financial and family situation!
Gifting / Medicaid Strategies
While not for everyone, it is sometimes possible, with advance planning and good legal advice, to gift away some assets, or transfer them out of your name. The idea is that if you run out of money, government programs like Medicaid may be able to take over. A carefully planned gifting program will ensure you retain sufficient assets to secure the care you need - but make sure your spouse or children aren't left penniless either. We can work with your elder care or estate attorneys when crafting these "asset protection" or "Medicaid planning" strategies, or if you don't have one, we may be able to refer you to a trusted professional.
Independent / Assisted Living
Truth is, if you want to be sure you keep all options open, and have access to the very best care and residence options, your best solution may be to "self pay". And many people with the means to do so may choose from various residential options such as Assisted Living facilities, Indpendent Living, or Continuing Care Retirement Communities. These facilities may require a large lump sum "buy in" and hefty monthly fees - but in return they promise the ability to provide as care needs change over the years.
We can help you decide if such a community may be a good fit, either for you - or your parent or loved one. We will often work in conjunction with aging consultants and care experts.