A Common Long-Term Care Story
Bill and Melinda (not Gates) are near their mid-50’s and very happy with their respective carriers. Melinda has risen to the director level in the Alzheimer’s Association and Bill’s accounting practice continues slow and steady growth. They have a nice house and are growing their nest eggs.
But they have seen, firsthand, what happens to people who are short-sighted and remain oblivious to the realities of aging.
One night, the empty nesters, while at dinner, have an epiphany. They are trekking in the same direction. They have a will, but it is as old as their oldest child. They have life insurance but it’s a big term policy and will soon become unaffordable.
Their story is quite common. But they are lucky. They are still young enough and in decent health, so they have options.
I met them at an Alzheimer’s fund-raising event. We had a good conversation sharing each other’s story’s. After a couple of cocktails, they told me of their concerns and ask for some advice. I directed them to a good estate planning attorney and told them about the long-term care insurance plans that included life insurance.
The good news is that they took my advice and acted on the suggestions.
They may not live happily ever after, but they now have some very important pieces in place. The aging process no longer seems so daunting.