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Planning for Long-Term Care

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 only option, as the trend now is to consider what is called a “hybrid” long term care strategy.

Some younger individuals may want to consider private insurance as a method for paying for healthcare in retirement. This is because we can no longer assume Medicaid or other government programs will be available in the future as they are today. With a 3 trillion-dollar deficit and 9,000 baby boomers turning 65 each day, we recommend you consider these hybrid programs to pay for home care, assisted living or nursing home care. 

Hybrid policies can be purchased with money from your IRA or 401(k), and the insurance company will guarantee a monthly benefit. Riders can be purchased to add lifetime benefits. We advise clients to have a funding vehicle in place since many of the options for private healthcare at home or in assisted living won’t accept government programs.

If you want to find out how we can help you save time, money, and worry, we offer a no-obligation consultation with one of our experienced financial advisors. You can schedule your appointment today by calling us at 216-520-1711, or by sending us an email here.
 

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