As Americans, especially the Baby Boomer generation, live longer lives there is an increased concern that eventually many of those individuals will require some type of special care or long-term care. Living in a full care facility can cost upwards of $7,000 per month.
This discussion from the Wall Street Journal gives two sides to the argument of whether or not to purchase long-term care insurance. While I don't agree with every point made, I think the article helps to provide some helpful food for thought.
Whether you have long-term care insurance or not, planning for your future is critical and can help to remove the incredible stress placed upon family members when an aging family member requires care -- especially when that family member lacks capacity to participate in their own care decisions. Careful planning with an estate planning attorney and financial adviser can ensure that there is a plan in place to guide long-term care decisions and provide adequate financial resources to execute the plan with minimal additional stress on all parties involved.
Do you have a plan for your future?
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