The Right Way to Plan Your Estate

There are some people who don’t plan for their estate maybe because they don’t have time or simply because they don’t care. This shouldn’t be the attitude especially now that more people will require long-term care which can hurt your assets in the future. It pays to plan ahead and make the necessary arrangements that can save your loved ones money, time and stress.

Here are the things you can do:

 

1. Plan for a period of disability or incapacity, in case you cannot make your own decisions.
2. It's also important to have trust or will in place.
3. Nominate guardians if you have minor children
4. Avoid probate.
5. Consider long term care insurance coverage.

Sources: http://www.greenbaypressgazette.com/story/money/2014/10/27/estate-planning-right-way/18029541/
http://www.ltcoptions.com/5-advantages-long-term-care-planning/

How Will You Pay for Long-Term Care?

Around 12 million Americans will need long term care today. By 2050, that number will most likely double and become 27 million. How will these people cover long term care? They can pay for nursing homes, assisted living facilities, CCRCs and other long term care facilities through long term care insurance. However, only 11% have purchased long term care insurance policy. Also, a lot of people don’t have enough retirement funds that can cover these unforeseen expenses. There are government programs available but Medicare doesn’t cover the core of long term care and Medicaid on the other hand will ask you to spend down your assets first before you can become eligible. 

These are the different ways you can pay for long-term care:

1. Medicaid
2. Long-Term Care Insurance
3. Self-Funding

Original Source: http://health.usnews.com/health-news/health-insurance/articles/2014/10/28/youll-likely-need-long-term-care-but-how-will-you-pay-for-it

What are the Different Types of Elder Care Services?

Old age comes with physical and mental changes, which can affect the way we can carry out our daily living activities. We may need assistance in carrying out ADLs like eating, bathing, toileting and traveling. There are actually different types of elder care services you can choose from. You have the option to receive care at home or move to long-term care facilities if ever you’re suffering from chronic illnesses. 

Here are the different types of long term care facilities:

1. Caregiving
2. Home Care
3. Home Telehealth
4. Adult Day Care
5. Assisted Living Facilities
6. Nursing Homes
7. Retirement Homes
8. Continuing Care Retirement Communities
9. Hospice Care

Original Source: http://www.ltcoptions.com/elder-care-services/

When to Use Alternatives to Long Term Care Insurance Coverage

According to a survey conducted by Genworth, around 15% of people who don't have long-term care insurance or don't plan to purchase one have an back-up plan. Those 70% of Americans who are 65 and above and will require long term care at some point of their lives have myriad of options to choose from.

Here are some alternatives you can choose from:

1. Annuities with long term care riders
2. Hybrid life insurance plans with long term care riders
3. Single premium whole life insurance policies

Click the link to read the full article on "When to Opt for Alternatives to Traditional Long Term Care Insurance."

How to Balance your Career and Caregiving

It’s hard to do two things at the same time like pursue a career and provide informal caregiving to your aging loved ones. According to studies, around 42% of Americans have provided care in the last five years and 17% are currently providing for care. The average age of people providing care is 49 which is the peak for earnings, promotions and other career achievements.

This is a challenging task but not impossible to do. All you have to do is evaluate your needs and explore your options in order to function well while working and become an efficient caregiver. The key is balancing your career and caregiving. 

Original Source: http://www.pbs.org/newshour/updates/juggling-work-care-aging-loved-ones/

Avoid these 7 Money Mistakes when you Turn 60

You should be in full-on protection mode by the time you’ve hit 60. You spent a great deal of time to build up your nest egg and making sure that this will be enough to cover all your future expenses. However, there are people nowadays who outlive their retirement income. One of the reasons is the high cost of long term care services such as assisted living facilities, nursing homes, adult day care and home care. They can easily avoid this if they have purchased long term care insurance policy. Click here to learn more about this insurance product.

To help you make sure that you will not outlive your retirement savings, here are seven money mistakes you should avoid once you turn sixty. 

1. Investing as if you're still in your 20s
2. Women not taking into consideration their longer life-span
3. Claiming social security too early
4. Not purchasing long-term care insurance
5. Upgrading your standard of living
6. No will or estate plan
7. Retiring without transition plan

Original Source: http://finance.yahoo.com/news/7-money-mistakes-you-should-avoid-in-your-60s-163250164.html