Livens & Reed, PLLC

Long-term care issues important to investors

As the average age of the population in the nation continues to increase, many Texas residents are concerned about what will happen to them in their retirement years. Plans for having sufficient income when someone retires is a major consideration. Another topic frequently discussed is the availability and cost of long-term care. A recent survey conducted by financial advisors reveal that this topic was of great concern to affluent investors. However, experts acknowledge the topic is important to everyone.

Advisors define long-term care as any care persons might need if they are unable to care for themselves. While nursing homes and other assisted-living centers often come to mind when thinking about this topic, many in-home services are now available. Experts recommend that everyone consider developing a plan while they can to protect retirement savings from being depleted.

Some investors may elect to fund long-term care themselves. They secure the professional or medical services needed on their own. Experts say this is a valid option as long as there is no need to liquidate assets to fund the care. Since care is so expensive, this scenario may not work for most people if a lengthy illness or serious condition is involved.

Many people decide to purchase long-term care insurance. A variety of polices are available, and the payments made to them are not taxable. Others consider a hybrid approach that combines self-funding with an insurance policy.

Texas residents who have already retired or are thinking about retirement should consider long-term care issues in their plans. An attorney familiar with estate planning and elder law can help develop a plan best suited to one's specific financial circumstances. Seeking advice from experienced lawyers is a positive step toward protecting one's assets and assuring future financial stability for loved ones.

Source:, "How to protect yourself against long-term care costs", John J. Grande, Traudy Grande, John S. Grande, March 11, 2017

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