This infographic created by the SCAN Foundation highlights the high costs of long term care – and the lack of confidence Americans have in their ability to pay for care. With statistics like this (and the fact that 70% of Americans over 65 will require care), it is surprising that many fail to consider long term care insurance. While no one enjoys thinking about the possibility of needing care, long term care insurance is most cost effective if purchased at a younger age. There are also more options than most realize, such as insurance hybrids that include long term care insurance and life insurance. These hybrid plans essentially guarantee that the coverage you pay for will be used during your life time, even if you are part of the 30% that won’t require care. Meet with an experienced elder law attorney to discuss if long term care insurance is right for you.
78% of Americans under the age of 36 do not have a will or a trust in place. Frankly, most millennials show little interest in estate planning. This can create quite the mess if you are ever (God forbid) involved in a tragic accident. As discussed in a Wealth Management article, planning your estate is […]
Estate planning can become complicated quickly if you are remarried. Here are a few things to consider, from Forbes. Your accounts. Oftentimes, one may choose to keep their accounts separate when remarried while having some joint accounts for groceries, utilities, etc. This can be a good thing, as separate accounts can limit the risk of […]
The cost estimating website “Howmuch” has released estimates for the cost of long term care in each state. The report examines costs for adult day care, home health aides, assisted living and nursing home care. Michigan while expensive, is fortunately is not at the top of the list for any category. For a month in […]