The Importance of Long-Term Care Planning

Key Takeaways | The Importance of Long-Term Care Planning

Long-term care costs are the number one threat to your home and life savings.

It is important to protect your spouse and family from the financial burden of long-term care.

Avoid making mistakes in long-term care planning that could prevent you from getting the care you need.

Consider asset protection strategies, such as a five-year protection plan, to qualify for Medicaid and protect your assets.

Start long-term care planning early and explore long-term care insurance options.

Episode Notes:

In this episode, attorney Bill Miller discusses the importance of long-term care planning and the potential financial impact of long-term care costs. He shares personal experiences of families struggling to pay for long-term care and emphasizes the need to protect one’s home and life savings.

Bill explains the limited options for paying for long-term care, including Medicaid, long-term care insurance, and out-of-pocket payments. He also highlights the importance of having the right estate planning documents in place and the benefits of asset protection strategies. The episode concludes with a recommendation for early planning and an exploration on long-term care insurance options.

Notable Moments:

(00:00) Introduction and Disclaimer

(01:00) Personal Experience with Long-Term Care

(04:05) Protecting Spouse and Family

(05:26) Avoiding Mistakes in Long-Term Care Planning

(07:37) Statistics and Costs on Long-Term Care Needs

(09:08) Importance of Estate Planning Documents

(12:09) Asset Protection and Medicaid

(14:18) Medicaid Qualification and Asset Limits

(19:58) Five-Year Protection Plan

(22:45) Asset-Based Long-Term Care Insurance

(30:25) When to Start Long-Term Care Planning

(31:21) Conclusion and Call to Action







Subscribe to Our Blog