Issues to consider in developing a long term care plan:

lthc-issues

  • Likelihood of requiring long term care in short term or long term;
  • Likelihood of spouse requiring long term care in short term or long term;
  • Preference regarding receiving care at home, in assisted living, or in nursing home;
  • Cost of receiving care at home, in assisted living, or in nursing home;
  • Ability to privately pay for care without adversely affecting lifestyle;
  • Attitude toward reverse mortgage as long term care funding source;
  • Ability to afford long term care insurance;
  • Assets and income exposed given expected payout of long term care insurance;
  • Resulting need for VA Aid and Attendance and/or Medicaid (Title XIX, Title 19);
  • Ability to qualify for VA Aid and Attendance benefits when needed to pay toward care;
  • Ability to qualify for Medicaid (Title XIX, Title 19) benefits when needed;
  • Risk tolerance for needing long term care but not being able to qualify for VA¬†Aid and Attendance and/or Medicaid when needed;
  • Resulting need for asset protection in advance; and
  • Available strategies for asset protection in advance.
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