Long Term Care Now a MAJOR Family Concern..

Most Americans eventually face two choices: either dip into savings to pay for long term care costs, or do without, if possible. But doing without often requires depending on family members to provide some or all the care.

Discussing the options with children or other relatives is imperative in this situation, but this is not so easy. Parents don’t want to be a burden to their children, and children want their parents to have the best care possible, but broaching the subject is rare, rare, rare. So, parents often use the online LTCi Buyer’s Advocate to help with asset protection plans. Using long term care insurance as part of your asset protection strategies is wise indeed. LTCi could also be the least problematic, yet biggest gift you could give to your children.
Let’s look at some situations that can create financial planning difficulties.

When planning a will, most parents expect to divide their estate equally among their children, because they do not want to show favoritism or cause any resentment. However, equal treatment can be difficult when one child has done well and another continues to make poor life choices. The ability to give to a child, especially when he has financial woes, is also a reflection of a parent’s own success. How, then, is one to treat the offspring who doesn’t necessarily deserve gifts, yet still needs the money?

Should children get their inheritance in one lump sum upon death of their parents or would it be wiser to create a trust?

Another concern is when wealth should be passed on to the next generation. The high costs of education are fueling many of these emotions. Should tuition costs be factored into inheritance? Should children have to wait until parents are dead to receive all of their inheritance?

Generally, families feel that inheritances are an act of love from one generation to the next, and long term care insurance coverage is a gesture of this love. Why? It protects the nest egg from our biggest risk, long term care costs, AND it protects our children from having to bear the burden of being caregivers.

Many folks believe the right way to handle their estate, however modest it may be, is to tell their children the reasons for passing down their assets, and what role they expect them to play in maintaining the family’s values. Making sure all siblings are informed helps to avoid trouble after one has died.

Here’s what to remember most: Talk to your children in advance, before a crisis occurs, about your bequest intentions, what you are leaving to them and why, plus why you have long term care insurance. At the end of the day, this is one of the best gifts you can give your loved ones.

Are you ready now to request your comparative rate quotes?

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