By Attorney Mitch Adel
Recently a life insurance company conducted a survey and found that 80 percent of Americans acknowledge that there will be a need in the future for Long Term Care planning and half of those surveyed believe that the costs of this type of care will double in the next 14 years. Yet, despite this realization, less than half are sure of ways to prepare and, less than half are currently setting aside funds in the event that it happens to them. The larger problem is that this is a bigger concern for women, yet only a quarter of women are saving for their future needs compared to a third of men.
I personally have met with hundreds of families who do not realize this potential problem until it is pointed out during our meetings. The problem lies in the fact that women on average have a longer life expectancy than men. When the husband has a catastrophic health care issue or long term health care need, his wife will likely be able to be his caregiver in an effort to keep him in the home longer and when the husband eventually goes into a facility, the assets are available for the surviving spouse will be greatly reduced. The problem is that when the wife has the same need, if her husband has predeceased her, there is no one living in the home to be her caregiver. Many children step up to help, but more often, it is difficult for the children to care for their parents because they must care for their own families or they live far away from their parents.
What is the solution? Families need to start planning sooner. Specifically people need to start working with attorneys and financial advisors that assist in both the growth of assets and the preservation of assets.
In an effort to protect client’s assets, attorneys create trusts, but no trust can give you financial growth. Financial advisors sell products designed to give you financial growth, but no financial product can protect your assets. However, when you marry the two concepts, Trusts and Financial products, you can achieve both – growth and protection!
Last year, in an effort to make sure that our clients could achieve both, my partner, Thom Cooper, and I started Cooper & Adel Financial.
If you would like to learn more about the above study please visit http://www.fa-mag.com/fa-news/9046-most-americans-dont-prepare-for-long-term-care-planning-survey-says.html
If you would like to learn more about Cooper & Adel Financial please call our office at 800-798-5297










