Financial Planning for Long-term Care

Start Early

Financial planning for long-term care should begin long before the need arises. Discussing finances early allows you to explore more options, such as long-term care insurance or establishing trusts that can protect your legacy.

Understand the Costs

Care costs vary widely based on geography and the level of care required. Whether you are looking at in-home care, assisted living, or skilled nursing facilities like The Beechwood Home, anticipating these costs allows you to create an accurate projection of your financial needs over several years.

Explore All Funding Sources

Beyond personal savings, consider options like reverse mortgages, life insurance settlements, and veteran's benefits. Working with a certified financial planner specializing in elder care can uncover resources you might not be aware of.

Medicaid Planning

Medicaid is the primary funder for long-term care in the US, but it has strict income and asset limits. Proper Medicaid planning, done years in advance if possible, helps individuals qualify for the program while safeguarding certain assets for their healthy spouse or heirs.

Seek Professional Advice

Elder law attorneys and financial planners can provide invaluable assistance in navigating the complexities of protecting assets while ensuring your loved one receives the care they need. They remain up-to-date on state-specific laws regarding look-back periods and estate recovery.