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Planning for Long-Term Care

Posted By Lineweaver Financial Group
August 29, 2019 Category: Longterm Care, Healthcare, Elder Law, Estate Planning, POA, Power Of Attorney, Retirement

Many people don’t know that over 69% of people turning 65 this year will need some sort of long-term care at some point in their retirement. Our firm specializes in planning for and managing retirement for private and institutional clients, and our clients often require advanced planning to protect their assets. First of all, it’s important that you have an elder law attorney. Elder law is a niche area of legal practice covering estate planning, wills, trusts, retirement healthcare planning and protection of assets. A good elder law attorney can help advise you on all these areas. The right planning starts with the right documents, especially the Power of Attorney. The power of attorney law changed in Ohio in 2012 to the Uniform Power of Attorney Act, and many powers of attorney documents don’t conform with this legislative change. We highly recommend for anyone with a power of attorney written prior to March of 2012, that you have that document reviewed to determine if it meets the new criteria.  Another important aspect of elder law is retirement health care planning. For example, most people under 80 don’t have pensions, and their net worth is primarily invested in IRA’s and 401(k)’s. These assets present a difficult challenge when planning. For those individuals, a leverage strategy using annuities and/or life insurance with long term care benefits can be very effective. Traditional long-term care insurance is no longer the on