Issues to consider in developing a long term care plan:
- 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.
