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Family 'Matters' | Estate Planning: Long-Term Care Insurance

Family 'Matters' | Estate Planning: Long-Term Care Insurance

August 24, 2023

Long-Term Care Insurance is another piece of the Estate Planning puzzle. Why do YOU need Long-Term Care Insurance?

'Example: Clair worked for many years as a nurse in the military and then as a civilian for the remainder of her career. At retirement, she had her pension income, Social Security, and a small income from another source when she retired. Between the three sources, she had more than enough to live off of.

When it came time for Clair to need assisted living and later memory care, she and her family did not need to worry about the cost; her monthly income took care of ALL expenses, and there was no need to supplement with her investment income. Clair can no longer manage her finances due to her condition. Fortunately, she had an estate plan in place years prior, giving a family member Power of Attorney as well as establishing a Trust, and she worked with her financial advisor, which kept her in a good position financially. Clair's situation is the exception, not the rule, but her planning gave her family peace of mind and the legal power to provide Clair with the best possible care.

Clair's personal caregiver saw firsthand what a financial burden assisted living, and then a memory care facility could have on a resident and their family if they were not in the same position as Clair. This prompted a conversation between our advisors and the caregiver. The caregiver was concerned about being a financial burden to her family in the future and wanted to ensure there were funds to protect her and her family from financial hardship due to long-term care. Her conversation with our DFG advisors led to reviewing and then purchasing long-term care insurance and opened up a discussion about estate planning.'

No one likes to think about the "what ifs," but it is sometimes necessary. Clair thought of the "what Ifs" and established an estate plan early on, and this made it easier for her family to provide care for her. Though she did not need to rely on it, Long-Term Care Insurance is one of the pieces of the Estate Planning puzzle and should be discussed as an important family 'matter'.  Long-term care is more than being in a care facility; it could mean having assistance at home or staying at an adult daycare facility while the family is working.

There are many ways to ensure you have coverage for long-term care, and the sooner you prepare for it, the less likely the cost of your care will be a financial burden to your family. The DFG Team would like to walk you through the options, as there are many, so you can have the peace of mind you deserve. Clair's caregiver now has that peace of mind, and we would also like you to.

Contact our Dixon Financial Group, LLC LPL Financial Advisors today to schedule a complimentary consultation to discuss your long-term care insurance options, and you will receive the "In Case of Emergency Guidebook" and supporting information; copies are limited, so please call today. Taking these steps today can help ensure your family can afford your care needs and act on your behalf in an emergency or after your passing. Our LPL Financial Advisors want to help.

Please help others by sharing this information.

David S. Dixon, CFP®

Jacob S. Bierstedt, CFP®, ChFC

#DixonFinancialGroupLV #LPLFinancialAdvisor #EstatePlanning #Long-TermCareInsurance #FamilyMatters

This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation.