Sickness. Incapacity. Death. These are among the most challenging subjects to contemplate, yet some of the most universal. Most of us don’t think about financial planning for long-term care needs, which is surprising, because going broke is also a big concern as we age.
Money worries people. The news is riddled with talking heads discussing the stock market and economy. But, statistically speaking, the most likely threat to your savings is not a recession but the much more likely need for long-term care services due to sickness and incapacity that comes from old age.
It’s no surprise that our health care system offers very little in terms of long-term care. For what we pay in premiums, you’d think some long-term care would be covered. What is available is, in general, extremely expensive. It seems that unless you are poor or very well off, your options for long-term care are few and far between.
This kind of planning is where an expert can help us. A Medicaid planning lawyer puts together strategies to help clients pay the exorbitant costs associated with long-term care and protect their assets. Hence, they have something to pass onto their heirs.
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