Sinclair Financial Solutions specializes in Eldercare/End-of-life planning which focuses on what happens if you or a loved one gets sick or injured in their retirement years!! This is not about the traditional Long-Term Care insurance that your grandparent or parent had. This is about protecting the assets you have, whether large or small, by ensuring You do not go broke by paying for home health care, assisted living, or a nursing home. A LOT of individuals are the sandwich generation… helping take care of your parents’ medical costs while spending your retirement money or taking care of your own children. (Sometimes all of the above!!) Statistically, this is generally a woman!
It is best to talk to a specialist before something happens, but in the event an illness or disability has already occurred, there is still hope. Sinclair Financial Solutions handles crisis planning as well.
A few questions to ask yourself below:
- How does one adequately protect themselves, their assets, and the inheritance he/she is planning on passing along?
- On the flip side, how does one protect the smaller amount of assets they have so they may receive Medicaid to help pay for nursing home needs?
- Did you know Medicaid will not pay for at-home services or assisted living costs?
- Did you know Medicare does not cover long-term care costs?
- Do I really need a will or a trust? How much does that cost?
- What is a beneficiary deed and what does it have to do with my house?
- My child or parent has special needs… how do I plan for that?
Studies1 have shown that some people spend more time researching their vacation2 or a new car than looking into their investment and retirement options!
Additional studies3 have shown that 70% of people over the age of 65 will needs some form of long-term care assistance in their life!!!
Yet, most people hope/believe they are in the 25%!!
It is more expensive to ignore these questions about your future than actually properly planning! The relief that one feels by putting their plan in place and not having to worry anymore is well worth the time to ask yourself a few questions.
Footnotes
1. https://money.cnn.com/2014/08/19/retirement/401k-investments/index.html
2. https://www.cnbc.com/2019/08/02/1-in-5-people-spend-more-time-planning-vacations-than-finances-survey.html
3. https://longtermcare.acl.gov/the-basics/how-much-care-will-you-need.html#:~:text=Someone%20turning%20age%2065%20today,bathing%2C%20and%20using%20the%20bathroom
https://aspe.hhs.gov/basic-report/what-lifetime-risk-needing-and-receiving-long-term-services-and-supports
