It’s not too early for millennials in their 20s and 30s to start discussing the framework for long-term care solutions. Millennials here in Texas can easily access information on this subject by consulting with a qualified financial planner and with an experienced elder law attorney. One organization reports survey results indicating that 56 percent of millennials believe that they will plan better for long-term care than previous generations.
Millennials also indicated that they expected to get involved in the responsibility of providing such care to their elder immediate family relatives. Their general receptivity to discussing the subject may be because they’ve observed first-hand how their elders have failed to plan in many instances and have suffered the consequences of it. The same study indicates that young adults will respond to conversations about the high cost of future long-term care.
They will reportedly also be receptive to incorporating solutions into 401(k) and IRA planning. They will also be interested in learning about long-term care riders to life insurance policies and will respond positively to employer-sponsored long-term care solutions and benefits. Because professionals in this field understand the benefits of planning well in advance, they are a central source of support and vital information for those young adults amenable to a maximum level of protection for themselves and their families.
With respect to estate planning and elder law preparations for Texas residents, building an ongoing relationship with one’s estate planning attorney can facilitate an early start by incorporating long-term care features into the plan. This fully integrated approach is likely the best way to get a program in place that covers all bases at cost-effective prices. The later the long-term care features are acted on, the more challenging it will be to find the right solutions at affordable prices. Whenever one acts while under pressure in responding to an emergency situation, the choices available may be limited.
Source: benefitspro.com, “Millennials and the long-term care challenge“, Rich White, Sept. 22, 2015