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