Tag: long term care (Page 1 of 2)

Hollywood Cases Highlight the Benefits of Long Term Care Trusts.

March 4, 2025 / David Russell / 0 Comments

When planning for long-term care, many individuals focus on purchasing insurance or setting aside assets to cover future expenses. However, financial abuse and mismanagement can derail even the best-laid plans. A long-term care trust offers a structured, protective approach to ensuring that funds are used appropriately, especially when an individual is no longer able to manage their own affairs.

What Is a Long-Term Care Trust?

A long-term care trust is a standby revocable trust designed to provide financial oversight for an individual’s long-term care needs. While the settlor (the person creating the trust) is capable, they retain control over the trust assets. However, the trust includes springing provisions—legal language that allows a successor trustee to step in and take over management if the settlor is deemed incapacitated.

The trust can own various assets, including long-term care insurance policies, life insurance policies with long-term care riders, and liquid assets designated for care-related expenses. Once the successor trustee takes over, they are responsible for filing insurance claims, paying expenses from the trust, and managing trust assets to ensure care needs are met.

Lessons from the John Amos and Mickey Rooney Cases

One of the most compelling reasons to consider a long-term care trust is to prevent financial exploitation, as tragically illustrated in the John Amos and Mickey Rooney cases.

John Amos, a well-known actor, who died in 2014, has been called a victim of elder financial abuse by his adult children, each claiming that the abuse was perpetrated by the other.

Mickey Rooney, another famous actor, provided powerful testimony before Congress about the financial abuse he endured in his later years. Rooney described how he was isolated, financially exploited, and left without access to his own money. His testimony shed light on the widespread issue of elder financial abuse and the devastating impact it can have on an individual’s dignity and well-being.

A long-term care trust may have helped prevent such abuse by placing financial oversight in the hands of a designated trustee rather than leaving assets vulnerable to manipulation by infighting siblings or self-serving outsiders. With a properly structured trust, all care-related expenses are managed transparently and according to predefined terms, reducing the risk of unauthorized withdrawals or misuse.

Key Benefits of a Long-Term Care Trust

Ensures Funds Are Used for Care Needs
By designating a trust to own long-term care policies and other assets, funds are explicitly earmarked for care expenses. This prevents potential misappropriation by well-meaning but financially strained family members.
Streamlines Insurance Claims and Payments
Managing long-term care insurance claims can be overwhelming, especially when a person is already facing health challenges. The trustee, as the legal owner of the policy, handles all paperwork, ensuring that claims are filed correctly and benefits are used as intended.
Protects Against Financial Exploitation
With a structured oversight system in place, there is a clear fiduciary duty to manage funds appropriately. The trustee must follow the trust’s terms, keeping records and providing transparency that minimizes opportunities for fraud or undue influence.
Reduces Family Conflicts and Burdens
Family members often struggle with decisions about paying for care, especially when different parties have competing financial interests. A long-term care trust provides clear guidelines, removing ambiguity and reducing potential disputes.
Offers Continuity and Professional Management
If a person becomes incapacitated, the transition of financial management is seamless. The springing provision allows for immediate oversight by the successor trustee, avoiding court intervention or delays that could disrupt care.

Selecting the Right Trustee: The Case for a Professional

Perhaps the most critical decision when establishing a long-term care trust is choosing the right trustee. While some individuals select a family member, this can create conflicts of interest, emotional strain, and potential mismanagement. Instead, using a professional trustee—either an institutional trustee (such as a bank trust department) or an independent professional trustee—offers significant advantages:

Objectivity – A professional trustee is neutral and bound by fiduciary duties, making decisions based on the trust’s terms rather than personal interests.
Expertise – Managing long-term care expenses requires financial, legal, and insurance knowledge that a professional trustee brings to the table.
Accountability – Unlike family members, professional trustees are legally required to keep records, report transactions, and manage funds prudently.
Reliability – Professionals are available long-term and will not face personal circumstances (such as illness or financial hardship) that might interfere with management duties.

A long-term care trust is a powerful tool for ensuring that assets are managed effectively, claims are handled properly, and financial abuse is prevented. By structuring the trust with springing provisions and selecting a professional trustee, individuals can safeguard their care needs and provide peace of mind for themselves and their families.

In a world where financial abuse and care mismanagement are real threats, a well-crafted long-term care trust offers a practical, protective, and proactive solution. Whether planning for yourself or helping a loved one, considering this option is a smart financial move that can make all the difference when it matters most.

When Our Care Plans Went Off-The-Rails

February 21, 2025 / David Russell

When my parents approached or passed 80 years, they lived more than 500 miles from my siblings and me. As they and their friends aged, the writing became clearly written on the wall of their minds. They needed to be closer to family. As they considered their options, the one that seemed to make the most sense was a highly rated CCRC facility only 15 minutes from us that would allow them to live independently in a detached home, with access to Assisted Living, Memory Care, and Skilled Nursing all within the same campus.

The Move Into a CCRC Facility

They paid a significant entry fee of approximately $290,000 in 2009 as well as a monthly fee of around $3,000 that guaranteed them continual care for the remainder of their lives. In addition, future costs were predictable. The fixed monthly fee would only increase slightly each year, but that was much less than the monthly rate they would pay if either of them entered any of the care units only when they needed it. Prepaying while they were independent also gave them priority status over those who lived outside the CCRC campus on room availability.

About four years later, dad’s dementia got worse, and he moved to the memory care unit just down the street from their house. Not long after that, he was moved to the skilled nursing facility where he died within a year. Mom continued to live in independent housing for the next 10 years and maintained an active social life.

The Impact of COVID on Facility Staffing

In 2020-2021 during the Covid-19 pandemic, nursing homes around the country were limiting or curtailing visitation of family members. At the same time, nursing homes and other care facilities around the country were experiencing severe shortages of workers, either lost by attrition during the pandemic, or those who were working dropped out of the workforce and either did not return or found work elsewhere. Little did we know how this would impact mom‘s care later.

Mom's Move to Skilled Nursing Care

In late 2023, at age 94, mom suffered a bad fall resulting in stroke–like cognitive impairment that required her to move into the skilled nursing facility of the CCRC. She was also a fall risk, so leaving her unattended for even the shortest period risks her getting out of the bed or her chair (which she has done on more than one occasion), thus far avoiding a severe injury. We were informed by the staff that they did not have enough workers to monitor mom close enough to prevent a fall, so we were encouraged to hire private, 24/7 sitters for mom, because even at night when she is sleeping, she will try getting out of bed on her own.

Our Financial Plans Went Off the Rails

Financially, we are blessed. Mom and Dad had enough resources to enter a facility that is not feasible for many. However, the long term plan did not consider that in addition to the CCRC’s cost, we would also need to add private sitter costs on top of the CCRC cost. We believed – rightly or wrongly – that the CCRC would be all they would ever need from the time of their move until they both died. Now, fifteen years after their initial move to the CCRC, they have paid over $1 million to the CCRC and are currently paying nearly $20,000 per month because of the additional care we are having to hire privately.

As the financial planner for my parents when all of this began, I am lamenting my unpreparedness for this contingency – not because it means less of an inheritance for my siblings and I (we’ve all been given more than we deserve) but because financial planning is largely about adding certainly to uncertain outcomes, and I believed that the CCRC option provided more certainty. We may have still chosen the CCRC for many other reasons, but it was a mistake to think that costs would be predictable. After forty years practicing financial planning, if there is one lesson on repeat in my own life, it is that nothing is certain, and financial plans are best made using a pencil with a very fat eraser.

Moral of the Story

The moral to this story is that long term care is expensive. It is unpredictable, uncertain, and will look different than what you plan for. If receiving care is in your future – meaning you don’t die on the way towards some level of dependency – over-insure for it, over-estimate the cost of it, plan for receiving it longer than you think, and if you do have the resources to self-insure for it, discuss your plans with your heirs or adult children before you need care. Otherwise, that bumper sticker you used to see on the back of an RV traveling down the highway, might best be saved for the door of your room at the care facility.

Comparing and Contrasting Advanced Aging and Wealth Disparities

February 18, 2025 / David Russell

Early in my career, my sales manager asked his group of trainees of which I was one, “what is the difference between and elderly gentleman and an old man.” His response... “Money.”

Aging is an inescapable aspect of the human experience, and yet, the pathways through advanced age can be profoundly affected by various socio-economic factors, particularly wealth disparities. While financial resources impact access to care and quality of life for older adults, wealth alone does not guarantee a positive aging experience. Instead, the availability of resources often hinges on the willingness and commitment of caregivers, healthcare professionals, and community systems to provide adequate support.

Physical Health

As we enter advanced age, we inevitably face a range of physical challenges, including chronic illnesses, mobility issues, and sensory declines. While the wealthier among us may typically enjoy better overall health outcomes due to greater access to quality healthcare, nutrition, and supportive living environments, having financial means does not inherently ensure effective care.

Access to healthcare requires not only financial resources but also a network of committed healthcare providers, family members, and community support systems. Wealthy individuals might struggle if their caregivers are untrained, unavailable, or unwilling to facilitate their healthcare needs. Even with the best financial means, older adults can encounter barriers if there are no supportive systems in place to bridge the gap between available resources and personal needs. Michael Jackson had immense wealth and popularity, but towards the end of his life, he faced significant financial and personal challenges. Despite his financial resources, he had ongoing battles with management and family members over how his wealth was managed and was often surrounded by individuals who may not have had his best interests at heart.

Additionally, affluent seniors may have access to physical therapy, personal trainers, or wellness programs, but their benefits depend largely on the commitment and expertise of those administering the services. If caregivers lack the necessary skills or motivation to engage individuals in maintaining their physical health, the impact of wealth can be diminished. Therefore, it becomes crucial to recognize that financial ability without the support of capable caregivers may not translate to better health outcomes in aging.

Psychological Well-being

The psychological dimensions of aging are equally complex, with the implications of financial status playing a pivotal role in mental health. Feelings of loneliness and depression are profound concerns for seniors, particularly those facing the isolation that can accompany advancing age. Wealth can potentially provide mechanisms to combat loneliness—such as access to social clubs, travel, or companionship services—but again, financial means do not guarantee emotional well-being. Howard Hughes, the world’s first billionaire, suffered from years of self-neglect and declining mental health.

Wealthy individuals often benefit from networks that can provide such engagement, but they remain dependent on the reliability and affection of those around them. A lack of authentic connection can lead to feelings of emptiness, regardless of financial security. Conversely, seniors with limited financial means may find solace and community among family and friends, fostering psychological resilience even in the face of economic constraints.

Moreover, the attitudes and values of society toward aging can affect how both wealthy and impoverished individuals perceive their aging experience. In cultures that devalue the elderly or view aging as a burden, both wealth and poverty can lead to feelings of despair. What is required, therefore, is not just a financial remedy but a cultural shift that underscores the importance of maintaining psychological health through connection and mutual respect.

Cultural Perceptions

Cultural contexts wield considerable influence over the experiences of aging and perceptions of dignity. In societies that honor elders, aging is often regarded as a time of wisdom and respect, with cultural rituals and familial support playing crucial roles regardless of economic status. Here, dignity can be preserved through community engagement and intergenerational connections, promoting a rich sense of belonging.

However, wealth-driven cultures may regard aging more negatively, often associating it with decline and reduced productivity. This perspective can be particularly damaging for those who are financially disadvantaged. Yet, wealthier individuals are not entirely insulated from ageism—experiences of bias can still permeate their lives if society does not respect and value older adults. Actor Micky Rooney’s family gained control over his assets and personal freedom, even as the actor was objecting to the very authorities that were in place to protect him. Only after hiring and taking legal action, did he prevail with regaining his autonomy.

The key to maintaining dignity across cultural spectrums lies in fostering environments that are inclusive and supportive. This can be achieved through community programs that promote understanding and appreciation of aging and encourage engagement between generations. Such initiatives can help bridge the gap between economic divides, reinforcing the idea that respect for elders should not be predicated on financial status.

Dignity and Integrity Across Wealth Status

Ultimately, dignity and integrity are universal entitlements that transcend financial circumstances. Regardless of wealth, all individuals deserve recognition and respect for their life journeys. The challenge lies in creating a society that honors this belief and ensures equitable access to resources and support. All of the world’s wisdom traditions include honoring elders as one of its core tenants, but we have a history of unobservance. Jesus rebuked the Pharisees for their legalistic adherence to tithing, while they pardoned parental neglect (Matthew 15:1-9).

One promising trend is the development of intergenerational relationships that enable older adults to share their wisdom and experiences while offering younger generations insights into the realities of aging. In doing so, society nurtures an environment where all elders feel valued and empowered.

In this world view, it matters not whether someone accesses care and services through charity, Medicaid, or from personal wealth, each is treated the same.

The relationship between advanced aging and wealth disparities presents both opportunities and challenges. While financial resources can significantly influence physical health, psychological well-being, and cultural perceptions, they do not exist in isolation. The availability of these resources ultimately hinges on the commitment and compassion of caregivers, family members, and community networks. By recognizing and embracing the inherent dignity of every individual, regardless of their financial situation, society can cultivate an environment where all older adults are respected, valued, and supported in their journey through aging. In this way, the focus shifts from the limitations imposed by wealth disparities to the shared human experience of aging, highlighting the importance of connection, mutual respect, and integrity.

Mature woman (60s) helping elderly mother (90s) with paperwork.

Top Five New Year Resolutions for Financial Caregivers

January 14, 2025 / David Russell

As we enter a new year, many of us reflect on our goals and resolutions. For those who are stepping into the role of financial caregiver for an aging parent, the resolutions may take on a more personal and immediate significance. The transition into caregiving can be daunting, but with intentional planning and prioritization, you can provide meaningful support to your parent while also safeguarding your own well-being. Here are the top five priorities for financial caregivers to consider when making their New Year’s resolutions.

Reader asks, “What’s the difference between ‘assisted living’ and ‘nursing home care?

October 1, 2024 / David Russell

My father is 89 and seems to be forgetting things like taking his medications and practicing good hygiene. Last week, while visiting him at his home, it was clear he hadn't bathed for several days and he looked unkempt. I've been looking into nursing homes in the area where I live, but a friend suggested I look into an assisted living facility instead. What are the differences and is one generally more expensive than another?

Stan B.

It’s understandable to feel apprehensive when you notice changes in a loved one’s well-being, especially in their later years. Aging brings a myriad of challenges, and your attentiveness to these issues is commendable.

Your father’s situation—forgetting about medications and neglecting personal hygiene—is not uncommon among seniors. It can be difficult for them to maintain independence while also ensuring their needs are met adequately. Given these circumstances, exploring options like nursing homes and assisted living facilities is a wise move.

Dad has Alzheimer’s. Mom asked me to take over the finances. Where do I start?

September 17, 2024 / David Russell

I just found out my dad has been diagnosed with Alzheimer's disease. My mom called me and through tears asked if I would take over their financial affairs while she tends to Dad's care. I have no idea where to start, what they have, or where to find anything. I think they are fairly well off. They live comfortably and own a vacation property in Idaho that we all use occasionally. I have an older brother, so I'm not sure if I have the authority to do anything. She did say they have Wills in a safe deposit box, but I don't know how to access it. What should I do now?

Shelly T.

Receiving news about a loved one’s Alzheimer’s diagnosis is undoubtedly a heavy burden. It’s challenging to process the emotional ramifications, and on top of that, your mother is reaching out for help regarding their financial affairs. It’s natural to feel overwhelmed and unsure of where to start, but you’re not alone in this.

While this will be a profoundly personal journey, here are a few tips to begin the process of taking over financial decisions.

Reader is Confused: “Doesn’t Medicare Pay for Long-Term Care?”

August 27, 2024 / David Russell

I'm confused. My 78 year old dad recently had heart surgery and was released to a long term care facility for several weeks of rehab. He has Medicare and has a Medigap policy as well, but a long term care expert recently told me that Medicare won't pay for long term care. We've yet to get a bill from the facility, but now I'm concerned he's going to have to pay for this out of his pocket. Can you clarify this please?

Jeff P.

Sorting through health insurance details can sometimes feel like navigating a maze, especially when it comes to your dad’s recovery after heart surgery. If you’ve recently been told that Medicare won’t cover long-term care while he’s in a facility for rehabilitation, you’re certainly not alone in your confusion.

Medicare and Rehab Services

First off, let’s tackle the terminology. When we talk about long-term care, we often think of assistance provided in a nursing facility over an extended period. However, after a hospital stay, what your dad is receiving at that facility is actually classified as rehabilitation services – not long-term care —and that’s where Medicare comes into play.

To qualify for Medicare coverage in a skilled nursing facility (SNF), your dad needs to meet a few key requirements:

Hospital Stay: He must have a qualifying hospital stay of at least three consecutive days. Two days just won’t cut it, nor does admittance “for observation.” It must be an actual admittance for treatment in a hospital for at least three consecutive days!
Timely Admission: He needs to be admitted to a Medicare-certified skilled nursing facility within 30 days of being discharged from the hospital.
Type of Care: The services provided must primarily be skilled nursing care or rehabilitation therapy (think physical or occupational therapy).

Coverage Duration

Now that we’ve established that Medicare does indeed help with rehabilitation in a long-term care facility, let’s cover the specifics of what’s included:

Days 1-20: Medicare Part A kicks in and covers 100% of the costs in a Medicare-qualified rehab facility. It just so happens that many of these facilities are also nursing homes.
Days 21-100: From day 21 onward, there’s typically a daily copayment involved. For 2024, this amount is expected to be around $200 per day. Definitely something to factor into your budgeting.
Days 101 and Beyond: After the first 100 days, Medicare steps back and does not cover any costs. It’s all out-of-pocket!

Out-of-Pocket Costs and Medigap Magic

With the basics in mind, let’s get to the crucial part: out-of-pocket expenses. This is where your dad’s Medigap policy can really come to the rescue.

What is Medigap?
A Medigap policy is basically supplemental insurance that covers some of the costs that traditional Medicare doesn’t. Most Medigap plans help cover the daily copayment that starts after day 20.

Plan F: Offers full coverage of those copayments after the 20th day.
Plan G: Generally covers the copayments but requires that annual Part B deductible to be paid first.
Plan N: This one can require some copayments for certain services, but it still provides significant coverage for the days beyond 20.

Taking a closer look at your dad’s specific Medigap plan will give you the clarity needed to manage these potential costs.

Tips for Managing Long-Term Care Costs

Communicate with the Facility: When that first bill rolls in, don’t hesitate to reach out for clarification. Ask them questions about what Medicare is covering to understand your father’s financial responsibilities better.
Review the Medigap Policy: Make sure you’re familiar with the details of your dad’s Medigap plan. Each plan can have different coverage options, so understanding what’s included can help avoid surprises down the line.
Explore Other Aid: If costs start feeling overwhelming, consider looking into additional resources, like Medicaid or veterans’ benefits, which may help cover expenses once Medicare and Medigap benefits have been exhausted.
Get Professional Guidance: If you find yourself feeling lost in the financial fog, consulting with a financial advisor who specializes in elder care can provide direction and peace of mind.

While it’s easy to mix up the terminology surrounding Medicare, particularly when dealing with rehabilitation services in a long-term care facility, the key takeaway is this: If your dad is eligible and receiving rehab services, Medicare can help cover those costs—at least for a while! Understanding how Medicare and Medigap work together will empower you to make informed decisions about your father’s care and manage any potential financial burden.

Remember, you’re not alone as you navigate this. It may feel complicated now, but with a bit of persistence and the right information, you’ll find your way through!

Feel Alone as a Financial Caregiver?

Join a community of other learners just like you!

Learn More

Four Ways to Pay for Long Term Care with Home Equity

August 15, 2024 / David Russell

My wife and I are in our mid-seventies and concerned with how we will pay for care as we age. We do not have long term care insurance and likely could not qualify due to health reasons. We own our $700,000 home debt-free but have modest liquid assets. Can we use our home equity to pay for care without having to sell it or go into debt? We would like to stay in our home as long as possible.

Frank W

As we age, the need for long-term care becomes a critical consideration for many families. For older adults who have not purchased long-term care insurance or do not have sufficient liquid assets to cover extensive care costs, their primary asset—the family home—often becomes a focal point for financial planning. Many individuals feel that their home is the one asset they’ll be able to leave to family members. However, most polls show that children don’t really want mom and dad’s home. Inheriting the home also means inheriting taxes, maintenance, insurance, and squabbles over division. Most homes are sold at a discount with the cash divided among heirs.

It makes sense then that the home should be an available resource for long term care expenses. Your wishes to stay in your home as you age and move from independence to dependence is also typical. Most people would prefer to “age in place.”

Let’s look at four less-traditional ways to use your home equity to pay for long-term care.

Exploring Accessory Dwelling Units (ADUs): A Viable Housing Solution for Seniors

March 25, 2024 / drussellcfp

As the baby boomer generation continues to age, the demand for suitable housing options for seniors is on the rise. With an increasing number of seniors needing long-term care and assistance, the strain on traditional housing solutions such as senior living communities, continual care retirement communities (CCRs), assisted living facilities, and nursing homes is becoming more apparent. However, amidst this growing demand and shortage of appropriate housing, Accessory Dwelling Units (ADUs) emerge as a promising alternative that offers numerous advantages for seniors and their families.

The Demographic Realities: Baby Boomers and Long-Term Care

The baby boomer generation, born between 1946 and 1964, comprises a significant portion of the population in many countries. As this generation ages, the need for long-term care and housing solutions tailored to their needs is becoming increasingly urgent. According to demographic projections, the number of individuals aged 65 and older is expected to substantially increase over the coming decades, putting significant pressure on the long-term care industry.

Supply-Demand Mismatch in the Long-Term Care Industry

One of the critical challenges facing the long-term care industry is the growing gap between the demand for caregivers and the available supply of workers. As the aging population swells, the need for trained professionals to provide care and support to seniors also rises. However, the supply of qualified caregivers is struggling to keep pace with this demand, leading to concerns about the quality and availability of care for seniors.

In a little over a decade—by 2030—there is projected to be a national shortage of 3.8 million unpaid family caregivers and 151,000 paid care workers. By 2040, the shortfall is expected to grow to 11 million family caregivers and 355,000 paid workers.

National Academy of Social Insurance

Shortage of Housing Options

In addition to the labor shortage in the long-term care industry, there is also a shortage of suitable housing options for seniors. Traditional senior living facilities often have lengthy waiting lists, and the cost of admission can be prohibitive for many families. This shortage of housing exacerbates the challenges faced by seniors and their families in finding appropriate accommodations that meet their needs for safety, accessibility, and affordability.

The Rise of Accessory Dwelling Units (ADUs)

In this landscape of increasing demand and limited supply, Accessory Dwelling Units (ADUs) present a compelling solution for seniors seeking alternative housing options. ADUs, also known as granny flats, in-law suites, or secondary dwelling units, are self-contained living spaces that are either attached to or located on the same property as the primary residence. These units offer several advantages for seniors and their families:

Multigenerational Living: Adult children can build ADUs on their residential lots to provide housing for their aging parents. This arrangement allows seniors to maintain close familial ties while still enjoying a sense of independence and privacy.
Age in Place: Seniors can construct ADUs on their own properties, allowing them to age in place while receiving support from family members or paid caregivers. ADUs can be customized to accommodate the specific needs of seniors, including features such as grab bars, wheelchair ramps, and widened doorways for accessibility.
Affordability: Compared to traditional senior living communities or assisted living facilities, ADUs can be a more affordable housing option. They typically require less upfront investment and offer the potential for rental income if not occupied by family members, making them financially feasible for many seniors and their families.
Flexibility: ADUs are versatile living spaces that can serve multiple purposes over time. As seniors’ needs change, ADUs can be repurposed to accommodate caregivers, visiting family members, or even rented out to generate additional income.

ADUs Have Been Promoted by the US Dept. of Housing and Urban Development (HUD)

In June of 2008 during the midst of the housing crisis, the U.S. Department of Housing and Urban Development Office of Policy Development and Research published a research paper promoting ADUs as a solution to elder housing and to housing affordability in general. The research included case studies from several suburban cities that have included favorable ordinances supporting the use of ADUs while maintaining the integrity of the neighborhoods within the community. The research concludes, stating:

Communities find that allowing accessory dwelling units is advantageous in many ways. In addition to providing practical housing options for the elderly, disabled, empty nesters, and young workers, ADUs can provide additional rental income for homeowners. ADUs are smaller in size, do not require the extra expense of purchasing land, can be developed by converting existing structures, and do not require additional infrastructure. They are an inexpensive way for municipalities to increase their housing supply, while also increasing their property tax base. By providing affordable housing options for low- and moderate-income residents, communities can retain population groups that might otherwise be priced out of the housing market.

US Dept of Housing and Urban Development

Conclusion

In light of the demographic realities of an aging population, the supply-demand mismatch in the long-term care industry, and the shortage of suitable housing options for seniors, Accessory Dwelling Units (ADUs) emerge as a viable solution that addresses these challenges. By providing affordable, flexible, and age-in-place housing options, ADUs offer seniors the opportunity to maintain independence, receive necessary care and support, and remain connected to their families and communities. As policymakers, urban planners, and families grapple with the complexities of aging demographics, ADUs represent a promising pathway towards meeting the evolving needs of seniors in the 21st century.

Are you responsible for the financial care of a loved-one?

Learn how to become an effective and compassionate financial caregiver!

Click Here

Most Have No Plan for Long Term Care

August 15, 2022 / drussellcfp

HGC, an Aging-In-Place research and product development company based in Connecticut partnered with non-profit Arctos Foundation to survey Americans’ preparedness for long term care.

Key findings:

70% of respondents have no advance directive in place, and just one in ten have l ong-term care insurance.

Most respondents have not spoken with a family member or loved one about wishes for Long Term Care.

Those with a spouse or partner are more likely to expect a need for long-term care services and supports, but are no more likely to have long-term care insurance in place.

Source: Independent Research | HCG Secure

To help families understand and discuss the issues surrounding planning for long term care, we have two excellent flipbooks on the topic of Essential Estate Planning, and Understanding Long Term Care.