Wisdom
“The plans of the diligent lead to profit as surely as haste leads to poverty.” “Plans fail for lack of counsel, but with many advisers they succeed.” Proverbs 21:5, 15:22
You probably have a personal or family physician that you see somewhat regularly. You might have a CPA who helps you with your income tax planning. You may have a financial advisor who directs you in making investments or buying life insurance. You might have an attorney who handles your legal matters – like estate, business, or tax planning. But I would guess none of these people have helped you think about what happens between retirement and your inevitable demise.
If all of your money is spent on long-term care, why create an estate plan? If you have to sell your farmland to pay for long-term care, why have a business succession or family farm plan? If the state is going to claim all of your assets to cover your long-term care bill after your death, your will or trust will not be able to pass anything to your heirs.
A long-term care planner will be able to advise you about how your long-term care expenses can be covered without jeopardizing the planning you have done through your other advisers if at all possible.
Stewardship
“A good person leaves an inheritance for their children’s children.” Proverbs 13:22a
You worked hard your whole life. You scrimped and saved, pinching pennies in the hard times and saving for the next rainy day during the good times. You’ve built up some savings that are supposed to support you or you and your spouse with the rest going to your kids, grandkids, or the charity of your choice. And you just had your 65th (55th, 60th, 70th, 75th, 80th) birthday.
Maybe you’re concerned because you watched or are watching your parents lose everything to their nursing home expenses. Maybe you or your spouse has been diagnosed with early-onset Alzheimers. Maybe you saw something on the news about how long-term care expenses are increasing every year (up 5% in 2012!).
You (or your parents) don’t have to spend your life savings on long-term care. With the proper planning, you can receive the care you need while still leaving money for those who are most important to you.
Peace
“Consider the blameless, observe the upright; a future awaits those who seek peace.”
Psalm 37:37
We’re talking about peace of mind. Security. Planning eliminates worry, allowing you to focus on spending time with your family.
If planning for a spouse or parent, your time is better spent loving and caring for them rather than worry about paying their bills. You should be kept ‘in the loop’ with periodic updates, but your attention should be on your loved one.
When planning for yourself, the security of knowing how your long-term care will be paid for will allow you to live life in the way that is most comfortable for you. You can feel free to take that African safari you’ve always dreamed of because you know you aren’t spending money you might otherwise have needed to pay for care toward the end of your life.
We live in uncertain and sometimes difficult times economically. Whether you want to plan for your retirement, account for the eventuality of long-term care, or provide for a spouse or parent, a long-term care planner can help you find peace of mind with a strong plan.
