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Long-Term Care Planning Archives

Uncertainty looms in long-term care insurance market

In general, people purchase insurance policies as a safeguard against life's uncertainties. Because of this, it's generally not welcome when the status of the policy could be up in the air. Over the last several years, the market for long-term care insurance has been anything but stable, which may prove concerning for many people.

Estate recovery may factor into long-term planning in Michigan

The significant cost of long-term care might be on the minds of many people. Whether this need will arise sooner or later, it’s possible to prepare for the possibility of an extended stay in a nursing facility. Although this kind of care might simply become necessary, receiving adequate care is going to create a financial burden.

The perils of forgetting about long-term care in an estate plan

Many of our Michigan readers may think that all of their estate planning needs will be met once they have a will, a trust and the appropriate power of attorney forms. While these instruments are vital to a good, comprehensive estate plan, there is another aspect that needs to be considered - long-term planning for care in advanced age or poor health.

Long term planning can include money for charities

The holidays have long been considered the season of giving. People give to charitable organizations that they believe need their funds. However, between 80 and 90 percent of people who give to charitable organizations during their lifetime, fail to leave a legacy to any charitable organization after they pass. However, with the right long term planning, Michigan residents will be able to secure the future of their families and the charities they have supported during their lifetime.

Is long-term care an essential part of an estate plan?

Many Michigan readers may believe that estate planning involves simply planning for how assets will be distributed after they die. While that is a good start, it does not include everything. A comprehensive estate plan encompasses quite a bit more, including planning for the later years of a person's life and trying to anticipate the issues that may occur. That is why most estate plans include powers of attorney - documents which designate an appointed person to make financial or medical care decisions, should the planner become incapacitated. This type of scenario does not happen to everyone, but almost everyone does get older and has medical issues that need to be addressed.

Are Michigan residents planning for long-term care?

In the wake of the changes to federal tax law at the beginning of the year, many of our Michigan readers may have seen previous posts here about updating an estate plan to account for the differences from previous years. There is no doubt that tax planning is an important part of protecting assets, which in turn is one of the primary goals of estate planning. However, there is more to an estate plan than simply designating property distribution upon death. People in America are living longer, and as such many people, including many Michigan residents, will probably need to start thinking about long-term planning and retirement when they consider their estate plans. A recent article discussed many of these considerations.

Long-term care could rise to the top of estate planning concerns

The end of one year and the beginning of another probably has many of our Michigan readers thinking of what options are best for them when it comes to financial decisions. As our nation's leaders spend the beginning of the year working toward trying to figure out how much each of us should be paying in taxes, they are also working on changes to some government benefits, which could include Medicaid and Medicare. When the dust finally settles on these issues, our Michigan readers will probably want to make some tweaks to their long term planning, and one recent article has suggested that it may be time for many to consider long-term care insurance.

Is long-term care an issue for Michigan residents?

Michigan residents have many different areas to cover when it comes to constructing a comprehensive estate plan. Most everyone will need a will and a couple of different forms of power of attorney. Some will need to consider trusts, which can be one of the best methods of protecting assets. However, when it comes to estate planning, many people may not even think of one particular area, which can be even more important than all the others: long-term planning.

How important is it to include long term care in an estate plan?

Most of our Oakland County readers would like to have a financial plan. But what does that mean, really? Does it just mean saving for retirement? Or how about budgeting household expenses and saving specifically for "splurge"-type expenditures like vacations? While these types of steps can absolutely make up part of an overarching financial plan, some people don't think to take care of what can be the most important parts -- long term planning and estate planning.

You and your family - are you part of the "sandwich generation"?

Ever heard of the "sandwich generation"? Most of our Michigan readers probably haven't, but apparently this is the term that some use to refer to the children of baby boomers, mostly because these are the people who will find themselves supporting both their parents as they age and require long-term care, and their own children as they set out to attend college.

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