“You may never need long term care, but what if you did?”

How would that affect your family?

• Spouses — Caring for a chronically ill loved one can make the caregiver chronically ill as well.
• Children — Other loved ones, such as children, often carry the burden, too. Daughters who are employed are most likely to switch from full-time to part-time employment to help with care giving duties.
• Family dynamics — Informal care usually is not shared equally among adult children. One sibling may bear a larger burden, which can harm relationships.
• Unnecessary losses — A number of spiritual, emotional, financial and relational losses can be prevented when your clients are prepared for and protected from LTC risks.

How will you pay for it?

Three common ways to pay for LTC expenses

• Government programs — This may require them to spend their assets first.
• Long-term care insurance (LTCi) — In many cases traditional LTCi can be very expensive, hard to qualify for and, to many, viewed as a “use it or lose it” policy.
• Self funding — Few people are able to pay out-of-pocket, dollar-for-dollar, for all LTC expenses. Doing so can wipe out the savings they’ve worked their entire lives to build.

For more information on solutions call David Wingate at 301 663 9230.

David Wingate is an elder law attorney at the Elder Law Office of David Wingate, LLC. The elder law office services clients with powers of attorneys, living wills, Wills, Trusts, Medicaid and asset protection. The Elder Law office has locations in Frederick and Montgomery Counties, Maryland.