The Livens Law Firm

Make long-term care part of the retirement plan

Recent surveys show that only 14 percent of Americans have discussed future plans with a professional advisor. Experts from several financial services stress the importance of the financial planning for long\-term care. In Texas and other states, there is a wide misconception about the need for long-term care in retirement.

Most Americans assume that as they move into their senior years, they will not need additional care. Close to 70 percent of elders will require long-term care, and most are unaware of the costs involved. Annual costs for nursing homes vary and can be upwards of $100,000. Another misconception is seniors assume that family members will handle their care as they age, but the emotional and physical burden is often more than a family member can bear.

Experts agree that financial advisors fail to incorporate long-term care planning into retirement plans. Advisors report that they often neglect to bring up the subject because it is a complicated, time consuming and often depressing matter. Although they understand the need, most feel it is out of their area of expertise. The planning process begins with open communication with advisors and with family members.

Failing to plan for long-term care can be a huge financial risk. A simple conversation giving family members permission to liquidate assets to provide care for an aging relative can help ease that burden. In Texas, seniors who have questions and concerns about planning for their golden years may contact an attorney who is well versed in long-term care. A lawyer can help secure an effective long-term plan to provide care and help prepare for a successful retirement.

Source: forbes.com, "Long-Term Care Planning Misconceptions Are Holding Back Advisors And Consumers", Jamie Hopkins Personal, April 11, 2018

No Comments

Leave a comment
Comment Information
EMAIL US FOR A RESPONSE

Schedule A Consultation With An Attorney

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

2516 Harwood Road
Bedford (Fort Worth), Texas 76021

Toll Free: 800-569-2663
Phone: 817-545-3425 (FW)
Fax: 817-545-9847 (FW)
Map & Directions

14135 Midway Road
Suite G-250
Addison (Dallas), Texas 75001

Phone: 972-685-5202
Fax: 972-685-5206
Map & Directions

Livens & Reed

Free Initial Consultation | Se Habla Español

Bedford (Fort Worth): 817-545-3425 | Addison (Dallas): 972-685-5202 | Toll-Free: 800-569-2663