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Recent Posts
How Insurance Deductibles Work

An insurance deductible is the amount you, the insured, pay before any claim is paid ...

The post How Insurance Deductibles Work first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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Enhancing Estate Planning through Heir Involvement

Estate planning goes beyond legal formalities; it’s an essential process that facilitates meaningful family dialogue ...

The post Enhancing Estate Planning through Heir Involvement first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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Social Security, Medicare, and HSAs

If your employer health plan is a health savings account (HSA) paired with a high-deductible ...

The post Social Security, Medicare, and HSAs first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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Will Your Long-Term Care Planning Default Keep You from Proper Protection?

July 3, 2018

Most people assume that they do not need long term care planning in their overall estate planning. Since illness and death are both extremely difficult subjects to broach on your own, many people don’t even realize the serious possibility of facing the high statistics. In fact, a recent fidelity study found that the amount of money people will have to spend on typical medical and health care expenses in retirement is up 70% from 2002 numbers. LTC-lawyer-NJ

A person retiring this year at age 65 will have to come up with around $280,000 just for their health care, and the cost for long term care insurance is not helping the situation either. In fact, long term care insurance premiums have been rising dramatically in recent years and this means that people now have to pay more to get even less support from their long-term care policies. It is a huge mistake to assume you won’t be touched by long term care. There is a possibility that you have already encountered a family member who did not do appropriate planning and has had to suffer financially as a result of a sudden incapacitating event, such as a diagnosis of dementia or even a broken hip that leaves them in the nursing home for far too long.  A tsunami of baby boomers is expected to retire in the coming years and have a significant need for long term care.

Details from the U.S. Department of Health and Human Services shows that a person turning 65 this year will have a 70% chance of needing long term care. But fewer than 16 % of American adults today have long term care insurance to pay for that. Avoidance is the planning default because many people don’t realize the opportunities available to them or how to most appropriately fit it into their existing schedule. If you find yourself in this situation, it is important to schedule a consultation with an experienced estate planning lawyer in New Jersey today to learn more about your options and to consider how Medicaid and other planning tools can help you while you are still alive.

 


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Schedule your free Exploratory phone call

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can be of assistance.

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Explore all available job
listings and become a part of an amazing team.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts
How Insurance Deductibles Work

An insurance deductible is the amount you, the insured, pay before any claim is paid ...

The post How Insurance Deductibles Work first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
Enhancing Estate Planning through Heir Involvement

Estate planning goes beyond legal formalities; it’s an essential process that facilitates meaningful family dialogue ...

The post Enhancing Estate Planning through Heir Involvement first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
Social Security, Medicare, and HSAs

If your employer health plan is a health savings account (HSA) paired with a high-deductible ...

The post Social Security, Medicare, and HSAs first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more