2 Things You Can Do to Prepare For Long-term Care

2 Things You Can Do to Prepare For Long-term Care

2 Things You Can Do to Prepare For Long-term Care. We’re not invincible (even if we like to think we are)

The need for long-term care caused by an incapacitating illness, a fall, or cognitive impairment such as dementia, to name a few, can be a difficult thought. These long-term care events have the potential to negatively impact our finances, put stress on our family and friends, and make the future unclear. The pressure of these events can be eased through well thought out preparation. Here are two proactive things you can do to protect your future:

1. Obtain proper legal documents: In instances where you are unable to make decisions for yourself, documents such as a power of attorney or advanced medical directive can ensure your wishes are executed the way you want. See a qualified estate planning attorney to prepare these documents for you or ensure your documents are up-to-date.

2. Plan for the costs: Receiving care is expensive and a lack of planning can create a financial disaster, draining retirement assets quickly. A qualified financial planner can assist you through the planning process to ensure you are well prepared. For helpful facts visit LongTermCare.gov.

Talk with us about your portfolio or financial plan here: Talk with an advisor

More Reading: Teaching Money Management to a Disorganized Teen

close

Expert Strategies. Straight to Your Inbox.

Join the hundreds of other families and receive weekly financial insights.

Subscribers also gain access to our exclusive monthly client memo that we don't share anywhere else.

We don’t spam! You can unsubscribe at any time.