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The Importance of Long-Term Care Planning
Manage episode 411456110 series 3561789
İçerik Bill Miller tarafından sağlanmıştır. Bölümler, grafikler ve podcast açıklamaları dahil tüm podcast içeriği doğrudan Bill Miller veya podcast platform ortağı tarafından yüklenir ve sağlanır. Birinin telif hakkıyla korunan çalışmanızı izniniz olmadan kullandığını düşünüyorsanız burada https://tr.player.fm/legal özetlenen süreci takip edebilirsiniz.
In this episode, attorney Bill Miller discusses the importance of long-term care planning and the potential financial impact of long-term care costs. He shares personal experiences of families struggling to pay for long-term care and emphasizes the need to protect one's home and life savings.
Bill explains the limited options for paying for long-term care, including Medicaid, long-term care insurance, and out-of-pocket payments. He also highlights the importance of having the right estate planning documents in place and the benefits of asset protection strategies. The episode concludes with a recommendation for early planning and an exploration on long-term care insurance options.
Takeaways
- Long-term care costs are the number one threat to your home and life savings.
- It is important to protect your spouse and family from the financial burden of long-term care.
- Avoid making mistakes in long-term care planning that could prevent you from getting the care you need.
- Consider asset protection strategies, such as a five-year protection plan, to qualify for Medicaid and protect your assets.
- Start long-term care planning early and explore long-term care insurance options.
Chapters
(00:00) Introduction and Disclaimer
(01:00) Personal Experience with Long-Term Care
(04:05) Protecting Spouse and Family
(05:26) Avoiding Mistakes in Long-Term Care Planning
(07:37) Statistics and Costs on Long-Term Care Needs
(09:08) Importance of Estate Planning Documents
(12:09) Asset Protection and Medicaid
(14:18) Medicaid Qualification and Asset Limits
(19:58) Five-Year Protection Plan
(22:45) Asset-Based Long-Term Care Insurance
(30:25) When to Start Long-Term Care Planning
(31:21) Conclusion and Call to Action
Learn More and Connect with Bill Miller
https://millerestateandelderlaw.com/
https://www.facebook.com/MillerEstateandElderLaw/
https://www.linkedin.com/in/bill-miller-estate-and-elder-law-attorney-44036511/
12 bölüm
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