What We Do

planning for long term care expense

Have you thought about the possibility of having to reside in a nursing home due to a physical illness or Alzheimer’s disease? Would your entire life savings – your wealth – be used to pay for such care in a nursing home or home care? Don’t be the ostrich – get your head out of the sand and address the possibility of such an event happening.

  • First, get educated about long term care insurance; talk with your financial advisor, attend a seminar, read unbiased blogs on the internet. If you are healthy, it may be a viable option.
  • If long term care insurance is not an option for you (or your parent), consider the advantages/disadvantages of transferring assets to an irrevocable trust for the benefit of family member during lifetime. If five years passes from the time of the transfer until you need nursing home assistance, the assets transferred to the trust (primary residence, vacation home, investments, etc.) may be “non-countable” assets when applying for Medicaid eligibility.

The rules are complicated, but ignoring the issue altogether can have drastic results. Wealthplc can assist you with choosing the right path.