Long Term Care Planning

retirement and estate planning is about love of family not just money

One of the Major challenges that retirees increasingly face is the threat of mounting health care costs consuming their retirement savings. We work with a number of local senior centers, and unfortunately we see this happen. We see where people qualify for low-income services because they had aged into poverty. They had worked hard, saved, and labored to pass on a legacy to the next generation, but a medical emergency resulting in an expensive rehabilitative stay or home health care service needs, rapidly depleted those carefully garnered savings. 

The older one becomes, the harder it is to effectively plan for long term care. In turn, options begin to be increasingly limited to reverse mortgages, loans, or depleting assets so their loved one qualifies for a Medicaid bed in a Medicaid approved facility. This matters because no one wants to become a burden to a loved one, disrupt their life, or give their hard earned assets to a nursing home. Most people cherish their legacy, and want to control whom it goes to. They generally want it to go to the people they loved the most, that they know sacrificed for them in their old age, and whom they feel earned the right to receive part of their legacy as a final act of love.

The Pension Protection Act

Thankfully, there are still some consumer friendly options to consider. There are financial tools that exist under the Pension Protection Act that can be used to finance future health care expenses, while still creating a legacy to pass on to your loved ones. These are much better options than loans, reverse mortgages, or making monthly long-term care insurance payments. They are also backed by statutory law.

Financial Review for Long Term Care

Part of the preparation, is that we do a complete financial and legal review to identify the great things you’ve been doing and identifying where small improvements can be made. Since we have both a legal and financial team, this includes important documents that are crucial to maintaining smooth access to your finances during health emergencies, as well as the in-depth financial review itself. We have a commitment to using plain English in our communication, and we work to take the mystery out of the legal and financial world.  These are always great conversations, and for many clients, the first time they’ve had their portfolio analyzed in this manner, and the first time they’ve seen how their finances intersect with their legal documents.  

Let’s Talk

If you would like to start talking about ways to ensure your legacy goes to your loved ones, rather than a care facility, let’s start a conversation today! Call us at (847) 592-5405 to learn more about our retirement planning solutions.

What Our Clients Say

Trust and a Solid Reputation can only be earned with time, experience and performance.  If you’re looking for a retirement and estate planning firm to help provide your family with guidance, than we hope you begin your search by reading some of our testimonials below, to see if our client’s experiences are what you are looking to find.  We can talk about how hard we work to provide the best service possible, but it has much more meaning when it comes from the folks whom we have planned for in the past.

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