“My mom is in a nursing home — is there anything I can do other than spend all of her money on care?”

“My mom is in a nursing home — is there anything I can do other than spend all of her money on care?”

The answer is yes.

We have a lot more options if we plan ahead of time.

If you give me five before we’re going into a nursing home, we can do almost anything.

But sometimes we don’t have that luxury, or we might plan and then tomorrow there’s a stroke and now we’re facing nursing home.

There … (Read more)

“If I’m 40 should I buy long term care insurance?”

“If I’m 40 should I buy long term care insurance?”

This is a great question and we have to look at the answer from a practical viewpoint.

First, it is smart to consider preparing for the unfortunate event of needing long term care.

Second, is it something that you can afford?

If you can afford it and it’s a good logical thing for you to do, then sure buy the insurance.

But it goes with what I was saying before.… (Read more)

Fifth mistake (and solution) in planning for your long term care

This is our final post in the series of “Five mistakes commonly seen in long term care planning” — if you haven’t already feel free to read the first four mistakes so this one will make sense:

1. Assuming you or your family will not need long term care;
   
2. You not having a long term care plan or strategy;
3. Not having the proper basic estate planning documents; and
4. Transferring assets (including your home) without having proper legal advice

Fourth critical mistake (and solution) in planning for your long term care

Continuing our discussion of the five most common mistakes we see folks making before they need long term care, we will turn to the fourth mistake.

You can find the articles on the first mistake (assuming no long term care will ever be needed), the second mistake (not having a long term care plan), and third mistake (not having proper estate planning documents) if you haven’t already read them.

Fourth Mistake: Transferring assets without proper legal advice

The … (Read more)

Third critical mistake (and solution) in planning for your long-term care

Continuing our discussion of the five most common mistakes we see folks making before they need long term care, we will turn to the third mistake.

You can find the articles on the first mistake (assuming no long term care will ever be needed) and the second mistake (not having a long term care plan) if you haven’t already read them.

Third Mistake: Not having proper basic estate-planning documents

Estate planning can get incredible complicated with all sorts of strategies.  … (Read more)