Why Long-Term Care Planning is Essential for Your Practice

Author: David Pergande, Wealth Management, Financial Planning Consultant

Chances are many of your clients will need some form of long-term care during their lifetime. In fact, someone turning age 65 today has almost a 70% chance of needing some type of long-term care service and support in their remaining years, according to the Administration for Community Living, U.S. Department of Health & Human Services. And while one-third of today’s 65-year-olds may never need long-term care support, 20% will need it for longer than five years.

While many clients may feel they will be able to pay for their long-term care needs out of their current assets, the rising cost of care and uncertainty of the ultimate cost could impact the client’s goals. In addition, failure to plan for long-term care needs can impact the advisor as much as the client. Advisors can be left helping clients make decisions that they haven’t anticipated, reducing the assets managed for the client.

Read the full article to see some of the benefits of having a long-term care conversation with your clients.

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