As baby boomers age, families have more options for providing and paying for their care. Much has changed in the past two decades when it comes to long-term care options and how to fund them. Baby boomers and subsequent generations will need to plan for long-term care in a different way than their parents in light of factors such as longer life spans, the uncertain future of entitlement benefits, and rapidly rising medical costs. Choices when it comes to planning for long-term care include earmarking savings for long-term medical expenses, relying on entitlement benefits, or depending on their families. Long-term…
One of the most difficult decisions in long-term care planning is whether to purchase long-term care insurance (LTCI) and which of the wide variety of products to purchase. On the one hand LTCI premiums are high, they may be raised in the future, and if you are purchasing policies in your 50s and 60s, the need is probably many decades in the future. On the other, many are saved by their LTCI, able to choose their own care setting rather than rely on what is covered by Medicaid in their state, more comfortable hiring necessary help if doing so doesn’t…
The program, "Family Matters," focuses on financial planning for multigenerational households. At the Elder Law Office we work with many local families in this situation, often with aging parents who move in with adult children when their health deteriorates. One of the first episodes of the program delves directly into elder law issues. The program shares the story of a family that was forced to make many adjustments when a woman's 84-year old father needed a caretaker. The woman explained that the adjustment was not easy. Not only did the job of caretaker not come naturally, but figuring out how…
As reported in Financial Advisor, a growing number of residents are aware of the need to conduct long-term care planning, but a majority admit that they still fail to plan as properly as they should. Specifically, the study found that eight out of ten Americans believe that it is vital to prepare ahead of time for the assistance they might need as they age. Yet, nearly half those respondents claimed that in their own case they remain unsure how they will provide for their long-term care when they reach their golden years. Long-term care costs are high and rising. Most…
The Life Care Plan includes the services of an elder care attorney and an elder care coordinator, who work together, to enhance your, your loved one, or family member’s quality of life.
The Life Care Plan includes the services of an elder care attorney and an elder care coordinator, who work together, to enhance your, your loved one, or family member’s quality of life.
Frederick, MD 
301-663-9230
