More On Long-Term Care Financing

Madison was a pediatrician. Trevor owned a two-bay garage were he fixed motorcycles. They were Boomers and had done well: Paid off Madison’s medical school loans, raised two functioning adults, paid off their mortgage and, along with investments, had a $200,000 rainy day fund earmarked for long term care expenses.

But now they realized that their story book life could end badly. Trevor’s dad dealt with four years of dementia that wiped out his money. Their rainy-day fund may not be enough.

Their financial planner made suggestion. Put the fund into an annuity and use the income to buy a long-term care insurance policy. This strategy created a $600,000 pool of money while not spending their savings!

They were very pleased with the plan. Now they wouldn’t have to burden their children with being care givers and they leveraged a small amount of money into a much larger pool of money so they could move into retirement with peace of mind.

When you are ready to talk to an expert on Long-Term Care financing, schedule a call: Find more long-term care information and resources in our blog.

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