To everything, plan, plan, plan…
Taking just a little time today, can save you and your family, a lot of time, expense, and aggravation later. That’s why we plan.
The greatest fear of many retirees is outliving their assets. However, one of the greatest risks to a portfolio is that of an extended care need. And the likelihood of needing care increases with increased age. The older we are, the more likely we are to develop any variety of conditions, including cognitive impairment that may require us to have assistance with activities of daily living such as bathing, dressing, getting in and out of a chair.
Have you given any thought to a ‘Care Plan’?
Who would care for you in the event of an incapacity to care for yourself? What if your spouse was the one who needed care? Would you be able, physically, emotionally, and financially to provide the necessary care? Have you spoken with your children about your preferences if you need care? What would the impact be on your child’s life if he or she became responsible for your care? It’s important to acknowledge that an extended care situation will have a tremendous impact on you and your family and to design your own plan.
Introducing the Quality-of-Life Care Plan. Such a plan is one that addresses the essential medical, financial, emotional, and professional elements of quality care, not just for you, but for those you hold most dear, who have your best interests at heart.
So, do a favor for yourself and for your loved ones. Have a plan for the eventuality of needing care. Let people know your desires. Set up the financial resources. Let your family know what resources are available either in the form of assets or insurance to pay for your care. Then, enjoy the peace of mind that comes from good planning and get out there and enjoy the years that you’ve been given!
If you need help creating a plan, please let us know and we are happy to provide assistance!
We will also be having a webinar discussing planning for a long-term care event on Tuesday, December 6th, 2022 at 5:45 PM EST. If you would like to join, please click HERE to register!