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Posted on February 27, 2017

Helping Your Loved Ones with Long Term Care

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Published by Mike Schudel and the Carson Institutional Alliance Investment Committee

Seemingly so much of what we do involves looking ahead into the future. We think about the things we would like to do with our time, the tasks that we wish to accomplish and, sometimes, experiences we’d like to avoid. Aging is unavoidable and is not the most enjoyable topic to discuss – especially with our families as there can be so many emotions and unknowns involved.

This is where having a trusted advisor can become so important to you and your family. Nobody wishes to allot family time to talking about healthcare and lifestyle decisions that will need to be made later in life. The conversations may focus too much on the unknown and the morose instead of emphasizing the proactive solutions that can offer predictability and quality to that period of life.

We feel that the first step in helping loved ones with Long Term Care planning is to have a conversation. But instead of trying to manage it on your own, let us be your trusted advisor by helping you quickly identify the risks to both your financial portfolio and your lifestyle so that a solution may be arrived at.

Due to the many uncertainties of how we will age and what potential costs this may incur, long term care requires planning that can anticipate many different outcomes and condense them into an efficient solution. Therefore, one of the premier solutions we discuss with each client is one of the types of life insurance, Long Term Care Insurance (LTCi). LTCi will not be appropriate for all clients, just as no one financial solution is appropriate for all people. That said, most quality LTCi contracts today will pay benefits into the three major levels of care: in-home care, alternate living care facilities and nursing homes. Additionally, some contracts known as “Hybrid Long Term Care” combine life insurance or annuities with long term care benefits so that the insured’s family is confident – knowing that they will receive value from the policy they invested in. LTCi is a favored solution because it is one asset that is positioned to provide flexible benefits.

When you and your family are ready to start discussing this area of life, please consider including your trusted advisor who can help you identify the risks, the costs of long term care insurance and discuss the different strategies available to help you spend your future time on the tasks and goals you wish to accomplish knowing that you have made provision for the care you may someday need.

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