Tag: Long Term Care

Here is a guide to help people who are worried about long term care costs in the future. There are three basic strategies: do nothing, buy insurance, or give away assets. When giving away assets, there are two approaches: direct gifts, and an irrevocable trust. This segment focuses on direct gifts. A PowerPoint presentation accompanies this segment — watch this segment on YouTube’s Answers For Elders channel.

This hour, elder law attorney Jim Koewler at the Koewler Law Firm provides us with a guide to help people who are worried about long term care costs in the future. There are three basic strategies: do nothing, buy insurance, or give away assets. In this segment, Jim goes in further detail about buying insurance. There are two approaches: the "traditional" long term care insurance, and having long term care insurance tied to an asset investment.

This hour, elder law attorney Jim Koewler at the Koewler Law Firm looks at the criteria used to compare planning strategies. There are three basic strategies: do nothing, buy insurance, or give away assets. The criteria Jim uses compare those methods are: the cost to implement the strategy, the risk to your money, how convenient is it to carry out the strategy, how much control does it give you over money, and the likelihood that it will protect your assets.

This hour, elder law attorney Jim Koewler at the Koewler Law Firm provides us with a guide to help those who are worried about long term care costs in the future. He talks about how older senior loved ones can protect their life savings and plan for the costs of long term care. Goals are to avoid becoming a burden to our children, leaving a financial legacy, military benefits, earning a feeling of accomplishment and preserving your identity.

All about long term care insurance. Insurance takes the burden from you. You want to look at a stable company and stick with it for life. These are companies you don't see in the news, don't take risks, and have a history. One that underwrites on a long-term care model is best, rather than a disability model.

Elder Law and special needs attorney Jim Koewler talks about planning ahead — what do people need to plan for? When you can't take care of yourself, and you have trouble with activities of daily living — being able to get out of bed or a chair, bathing, eating, toileting, or dressing on your own — you're either injured (temporary) or facing a permanent change. How do you plan ahead for that financially? You can 1) do nothing, 2) buy insurance, or 3) give money away now while you're healthy, and rely on Medicaid later on. If you pick 3, work with a long-term care attorney to find a balance of what you need to care for yourself vs. what you're able to live without. Jim addresses all three choices.

David Clemons talks about Long Term Care Funding.