“Risk is what’s left over when you think you’ve thought of everything.” –Carl Richards
This happens to be one of my favorite quotes. If you aren’t familiar with Carl, he’s a financial planner and author known for his simple sketches explaining complex financial concepts.
As a financial planner, I think all the time about the things that we can control and the things that we cannot.
Of course, we want to do everything in our power to help the families we serve thrive (financially, emotionally, etc…) and protect them from life’s what “if’s.”
As your financial planner, we help you do things that aren’t always the most fun:
(1) Have conversations with loved ones to allow for future estate planning decisions and execution
(2) Ensure we have adequate amounts of life insurance, which sometimes involves blood work and questions about medical history (not always the most fun exercise)
(3) The one blind spot that families have the hardest time executing is a long-term care (LTC) plan.
Why?
a) It forces you to face the reality that you’re not a superhero and at some point, you might need some help
b) The phrase itself: “long-term care plan” immediately conjures the thoughts of a depressing nursing home
c) If you’ve experienced a loved one with a cognitive issue, you can’t fathom that happening to you
Hard love, too bad. Sometimes we have to have the hard conversations. Just because it’s hard doesn’t mean we can put our head in the sand and ignore it.
Let’s put a LTC plan in place, then you can get back to your regular life, and you’ve also eased the future pain on your loved ones.
I love the Chinese proverb that states, “The best time to plant a tree was 20 years ago, the second-best time is today.”
There are essentially two primary paths to LTC:
(1) Identify assets that you have earmarked for long-term care and nothing else
(2) Purchase a long-term care insurance plan
Everyone’s situation is unique, but between the ages of 45 and 55 has been a sweet spot for securing long-term care coverage.
Good news, the options for long-term care are much more robust than they were in 90’s.
If you or a loved one has never been ready to have a conversation about crafting a plan to pay for your potential care in the future but are ready to talk and take the critical first step – I’d love to help you better understand your options.
Look at it this way, seriously — Having a plan in place is one of the greatest acts of love that you can give your family.
–Nic
