Long-Term Care Story: Richie
Imagine what it would do to your mom if your 70-year-old father had a stroke tomorrow? Your mom could expect to have to feed your dad, bathe him, and take care of all the mess daily activities life requires. Every day. Sometimes several times a day. For years. If not decades.
Of course, your mom could pay someone to do this. But it would cost $60K a year—at least. Does your mom have that kind of money? Most of us don’t.
My client Richie is successful but even this was a big burden. So he decided to do something about it. It’s estimated that it would cost at least $100K per parent per year to care for his parents. This is a figure that keeps him up at night. But he doesn’t want to let down his parents.
Richie knows the value of leverage, and together we used a small amount of his money to make a BIG difference in his parents’ life. Together we created a plan whereby he pays a fraction ($16K) annually and the insurance carrier makes up the difference, approximately $185,000.
Now his parents can rest easier knowing they are not a burden to Richie. And Richie knows he’s doing right by the people he loves. Call me if you want the same peace of mind as Richie.