Did you know that the cost of long-term care could be more than $13,000 a month? This is a cost that people often fail to prepare for when they plan for retirement. Without accounting for these astronomical long-term care costs, you may be able to afford care for one spouse while leaving the other with little to money to live on. Not only is this a major concern but it is most likely not your ultimate goal. This could mean you no longer have the financial ability to pay for your children’s wedding, birthday, bar mitzvah, and communion – things you have been saving for your entire life for.
This article will first address the widespread myths that lead people to believe the false narrative that it is too late to plan ( it’s not ), and they can’t do anything to protect their family and their assets ( you can ).
Some of the most common, but incorrect, things that I hear are:
• “The state is going to take my home so we’ll just figure it out later” • “I have way too much money to qualify for care, so I’m not going to do anything about it.” • “It is too late for planning, I will just pay what I have to” • “I read that I can give away a certain amount of money every year, and that’ll be okay.” • “Let me just give everything away and that’ll solve all my problems. I don’t need a lawyer”
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