asset protection; farmland

Asset Protection — What Is It and Why Do You Need It

Estate planning can seem complicated, but often it’s just because the vocabulary isn’t familiar. Here is what you need to know about asset protection:

  • What is asset protection?
  • What risks should I protect against?
  • What timelines should I consider when it comes to protecting assets?
  • What tools can I use for asset protection?

What is asset protection?

Asset protection is simply taking steps to plan ahead of time to protect what you’ve worked so hard for all your life.

So, what do we mean by “assets”? Assets are really whatever you OWN. This could be your house, your savings accounts, your investments, IRAs, farmland, personal property, your grandpa’s fishing cabin that’s now in your name – it is simply whatever you posses – no matter how much or how little that may be!

And the important thing to know is that you can take important steps to protect those things you or your family have worked so hard for! This is asset protection.

What kind of risks should I protect against?

We all know how unpredictable life can be. Sometimes, it’s full of curve balls you never see coming. So, what are some of the risks that you should protect against? We see six big categories:

  1. Catastrophic medical bills or healthcare costs (including nursing home care, in-home care or assisted living expenses)
  2. Scams or mismanagement
  3. Accidents or mistakes – for example, a car accident
  4. Acts of God – fire, tornado, hail or wind damage
  5. Poor financial decisions (adult children or their spouses with wild spending habits, gambling or addictions)
  6. Risky relationships (adult children where there is likelihood for divorce and/or abusive or controlling relationships)

Now that you know what asset protection is and what types of situations may call for it, let’s look at specific times during the lifespan and what they have to do with asset protection. Read about three real-life examples of asset protection here.

3 Periods of Life Where You Need Asset Protection

So, what are the timelines you need to consider when it comes to protecting assets?

  1. When you are healthy and still in control. During this time, there are things you can plan for now that you will not be able to do later. It’s much better for you and your family to be proactive during this time.
  2. When you are sick and unable to make decisions. Debilitating strokes and dementia are just two common types of illnesses that keep people from making decisions for themselves. When a debilitating illness happens, you need a trusted family member or friend to help make the decisions you would want made.
  3. After your death. Once you are gone someone else will HAVE to deal with your assets. It may be a spouse or an adult child, but either way, there are things that must be done. It’s better if you’ve planned ahead to make this time easier for them. The hardest thing about this time is that they’ll have to deal with a lot of legal things (and paperwork) WHILE dealing with grief. It’s an incredibly difficult time that is made easier by planning ahead.

Tools for Asset Protection – How Do I Protect My Assets?

There are three categories of tools that we talk about in connection with asset protection:

  1. Financial tools such as insurance can help protect assets. This is a broad area that includes health insurance, long-term care insurance, disability insurance, homeowners insurance and auto insurance.
  2. Personal legal tools such as trusts can also help protect assets. Trusts can help protect assets from risks that are unique to you and your situation or risks that your kids may encounter later.
  3. Business legal tools such as LLCs or corporations can help protect assets like small businesses.

I hope this article has helped you see how relatively simple “asset protection” is, along with how important it is to consider during the planning process. Anytime you see a word pertaining to estate planning that you don’t understand, we encourage you to reach out to us. It is very important to us that the vocabulary of estate planning doesn’t keep you from protecting your family. Keep learning about asset protection with our blog post, “3 Real-Life Examples of Important Asset Protection Planning.”

Introducing: Edwards Group LLC Youtube Channel

Scheduling an initial meeting or attending a workshop can be a great way to learn about the legal tools available to you. But with the hectic nature of everyday life, watching a YouTube video can be a quicker and more efficient way to access basic estate planning information. Edwards Group is launching a YouTube Channel to help you accomplish your estate planning goals, regardless of how busy your everyday life is. Please click on the topics below to learn more from the Edwards Group’s Youtube Channel:

What is a trust?

What types of trusts are available to me? 

How can I find and pay for a good nursing home?

What is an Elder Law Attorney?

 What can I expect during the estate planning process?

What is life-care planning?

Why You Need Long-term Care Planning

One of the most important things an estate planning/elder law attorney can help you accomplish is taking good care of your loved ones as they age. Good elder law attorneys will also help find ways to pay for care. David Edwards, Estate Planning Attorney at Edwards Group LLC, explains how long-term care planning can help you accomplish these goals in the video below:

Scheduling an appointment or attending a workshop will help you learn more about the legal tools available to you. Your initial meeting with Edwards Group will last about 45 minutes. During that time you’ll talk with David to decide if he can be of any help to you and your family. Please contact Tarina at Tarina@EdwardsGroupLL.com to schedule an appointment today.

(Video) What is an elder law attorney?

As people live longer and longer, it is more and more important to have an experienced elder law attorney on your side. If you have a loved one who is aging, or are concerned about the issues of aging for yourself or a spouse, please read on to find out what elder law attorneys do and how to choose a good one…

Elder law attorneys work with families to solve problems related to aging. They meet with, and help, clients reach goals related to finances and healthcare. They often collaborate with other professionals such as financial advisors, life insurance professionals and tax professionals to ensure an effective comprehensive plan for clients.

In addition to general estate planning, elder law attorneys should have expertise in helping plan for incapacity (due to things like a stroke) or long-term care needs. When it comes to long-term care planning, elder law attorneys coordinate private and public resources to ensure the client’s right to quality care.

Founding attorney, David Edwards, explains a little about elder law attorneys in the short video above.

How do you choose a good elder law attorney?

Because elder law is a specialized field, it is important to ask some specific questions of any elder law attorney you are considering working with. It is important that you feel you can trust the attorney and his/her staff, otherwise you may not end up with effective solutions for your goals.

5 Questions to Ask an Elder Law Attorney

  1. How many Medicaid applications have you processed? Was the firm able to protect assets in most of these cases? Have you ever been turned down for an application?
  2. Are you accredited with the VA? As with many government programs, there are fairly strict standards that protect citizens from those looking to take advantage of seniors or Veterans. In order to be involved with a VA application, an attorney must be accredited by the VA.
  3. Have you done VA apps for in-home care, assisted living and nursing home care? Each one is slightly different. Experience matters when it comes to the type of app your family might need.
  4. Do you have staff solely focused on helping families with long-term care issues? Helping families apply for public programs to offset the skyrocketing costs of long-term care is a very involved process. It’s probably no surprise that the bureaucracy of the process can be overwhelming (and tricky) for those who are not experienced with it. Mistakes during the process are very costly – emotionally and financially.
  5. Does the firm have free information to help families get started? This is a big decision.  Like we said above, you must be sure you can trust the attorney you choose to work with. Taking advantage of free educational materials or free workshops is a great way to get to know the attorney. It’s also important to get to know his staff along with the general feel and philosophy of the firm. Not every family is a good fit for every attorney. It is a very personal decision.

You can read more about choosing an elder law attorney at the National Academy of Elder Law Attorneys’ website. Or, be sure to take a look at these additional articles on our website:

7 Ways Elder Law Attorneys Can Help if Your Loved One is Already in a Nursing Facility

9 Ways Elder Law Attorneys Can Help With In-home Care

Not Your Best Option: Life Estate Deeds

So, what are life estates or life estate deeds?

Sometimes, instead of using a trust, people will use a life estate deed to try and protect a house or farmland. This means they deed the land to their kids but reserve the right to still use the house or the farm as long as they are living. Because all of the instructions are contained in the deed itself, it can sound like a nice, simple solution. Life estates can seem like a cheaper and easier alternative to a trust…

But life estate deeds do not always work as advertised.

A Life Estate Case Study

The house had been put into a life estate a while back. The mom was now in a situation where she needed more care and was going to a nursing home. The family wanted to sell the house, but if they sold the house, then a percentage of the house would be considered an asset for the purposes of Medicaid. Even with good legal planning, some of the funds would have to be spent on nursing home costs, and the ultimate goal of planning is to protect your hard-earned money and assets (like your house) that you hoped could be a legacy for your family someday.We recently had a situation here at the office that is a good example of why life estates are generally not a good option.

4 Reasons Life Estates Don’t Work

1. They don’t protect ALL the value. People are surprised by how much of the value of their house or property is still considered theirs if they need Medicaid. This is all governed by a Medicaid table. (See it here.) So, what are the exact problems with life estates and why don’t life estate deeds “work”?

Here’s how that works: if someone is 65-years-old, Medicaid says that almost 68% of the house is still considered yours. At age 70, 60.5% is yours. At age 80, 43.66% of the value of the house still counts as yours. 

So what does this mean? It means that if you are 70-years-old, have a stroke and need to go to a nursing home, when your house is sold then 60.5% of the house sale money stays in your name and is exposed to long term care costs. This is true even if it has been more than 5 years since the deed was done.

2. You don’t own or fully control your house or property anymore. If something unexpected happens and you “need” to sell the property, you can’t without getting the kids to sign off on it, because they actually own the property. You don’t own it anymore (even though you have the right to use it for the rest of your life).

3. You can’t change who gets it after you are gone. With a deed, it’s a done deal. The house goes to your kids at your death — no matter what. There is no way to change it. So, if your child dies before you do, you can’t reconsider who the house or property goes to. It will go through his or her estate and be completely out of your control (even though you have the right to use it for the rest of your life).

4. Life estate deeds could prevent you from getting VA benefits. The VA sees things differently and assumes that any income interest or life estate you might have are entirely yours (and therefore counted as an asset). Depending on the situation, this could cause you to be denied VA benefits. For instance, farmland with a life estate would typically prevent VA benefits without further planning.

 What’s the Solution?

In contrast to the above issues with life estates, nest egg trusts can effectively address all of these issues:

• They can protect 100% of the value once 5 years has passed.

• You can be the trustee of the trust where your farm or home is kept, which means you can sell the property, buy a different house if you want, etc.

• You can reserve a rewrite power (called a “power of appointment”) so you can change who gets it at death. That way, if circumstances change, you can respond to them appropriately.

• A trust can be set up to allow VA benefits or be adjusted later to qualify for VA benefits.

Trusts are one of the best tools that we have in our legal toolbox to help clients, and our firm is one of the best at setting them up. If you are considering a life estate deed, please give us a call first to see if there are better options available for your unique situation.

As always, if you have any questions or concerns about estate planning or elder law, Medicaid planning, long-term care planning or Veterans benefits, please give us a call at 217-726-9200. We’d be more than happy to speak with you!

 

asset protection

Threats to Medicaid: Can You Prove It?

Cash payments or informal caregiver arrangements can affect your loved one’s ability to qualify for Medicaid upon going into a nursing home. Here’s what you need to know…

Giving Money to Family Can Jeopardize Medicaid Eligibility

When someone applies for Medicaid, the state looks back 5 years to see if any money was given away to the family. If so, the state imposes a penalty, or a delay of benefits. Sometimes money was clearly given to the family. Other times, it was used for the loved one, but the family can’t prove it. Check out the case below for a specific example.

Michigan Family’s Benefits Delayed – No Proof of Expenses

Betty Jensen was aging and suffering from dementia. She remained in her own home, but started needing more and more assistance to stay there. In May of 2011, her grandson (Jason) acted on her behalf and hired someone to be Ms. Jensen’s caregiver.

When he hired the caregiver, Jason did so informally without a written contract. For nearly a year, Jason paid the caregiver using almost $19,000 worth of Ms. Jensen’s assets. In March of 2012, Ms. Jensen’s dementia progressed to the point where she had to enter a nursing home.

In April of 2012, Jason applied for Medicaid benefits to help offset the cost of his grandmother’s care. While she was found eligible for benefits, the Department of Human Services (DHS) penalized her for “divesting” funds. They classified the payments to the caregiver (along with some other “gifts”) as “divestments.” That meant her Medicaid benefits were delayed for 7 months and 2 days.

Sadly, Ms. Jensen died before Medicaid started covering her nursing home expenses. (In Central Illinois, this delay would have cost Ms. Jensen and/or her family approximately $35,000!)

Her grandson appealed the ruling and lost, because the payments were made to the caregiver without a written agreement that should have been put into place before care began. The case was appealed several more times with varying results, but ultimately the courts sided with DHS, stating that an agreement with a caregiver needs to be written and official.

Caregiver Agreements in Illinois

The above case happened in Michigan, but the same thing could have easily happened in Illinois. The problem with paying cash for caregivers or hiring home help without any documentation is that there is no proof where the money went. Any “gifts” can cause a delay in benefits. And if a family member is taking out large amounts of cash or writing checks without documentation, the caseworkers may assume they are gifts.

Read more about ways elder law attorneys like us can help with in-home care: 9 Ways Elder Law Attorneys Can Help with In-home Care

The Complex World of Medicaid

Medicaid is our country’s largest healthcare benefits program, paying 70% of all nursing home bills in the US. One in six Americans are covered by it. The laws governing Medicaid are some of the most complex and confusing laws in existence. They are often nearly impossible to understand without highly experienced legal assistance. Without proper planning and advice, many people unnecessarily jeopardize their future care, their well-being, and the security of their family.

Medicaid Planning Can Help Even if You’re Already in Nursing Care

Medicaid planning (or what we here like to call Life Care Planning) ideally should be started when you are still able to make sound legal and financial decisions. (Somewhere around the age of 65.) That way you can still have control over what you want and how you want to live.

What many don’t know is that even if you’re already in a nursing home, it’s rarely too late to do planning that can save some of your financial resources. Read our article, “7 Ways an Elder Law Attorney Can Help Even if Your Loved One is in a Nursing Facility

To find out more about avoiding the crushing costs of long-term care, make plans to attend one of our upcoming workshops – How to Protect Your House & Life Savings from the Nursing HomeIf, after attending the workshop (where you won’t be pressured at all) you decide to work with us, you’ll receive $200 off your initial meeting fee if you schedule it within 30 days of attending the workshop. Give us a call at 217-726-9200 to sign up for our next workshop.

secret to estate planning

The Secret Test for Your Named Helper

Naming a helper for your plan is one of the most important decisions you’ll ever have to make, but you don’t have to do it alone. Read on for guidance in choosing your executor, trustee or power of attorney.

Be Careful Who You Choose

I heard another heartbreaking story the other day – an older couple, the man has a terminal illness and he’s worried about his wife after he’s gone. (That part’s normal.) The heartbreaking part is he’s worried because his wife can’t say no to their youngest son (and the son has been named executor because he lives so close by), but the son is taking advantage of his mom financially even while the husband is still alive. The husband is wondering, “What on earth will happen after I’m gone, if he’s already caused this much damage with me keeping an eye on her?”

Every plan needs a good helper. We talk about it ALL the time because it’s vitally important. Everyone will come to a point in their life where they will need some sort of helper, whether that be a power of attorney, a trustee or an executor.

About two years ago we created a paper newsletter with expanded information on choosing good helpers. Even now, we still use it because it’s full of great information. If you’d like a copy of our paper newsletter on choosing good helpers, you can get instant access to it by clicking this link. But if you’d prefer, you can call us at 217-726-9200 and ask us to mail you a copy.

The Secret Test for a Helper

So, what’s the secret test for a named helper? How can you know if you can’t trust a potential helper to make decisions for you when you can’t make decisions yourself?

The secret test of a helper is to look at them and see how they handle their own lives now.

  • Are they organized?
  • Do they have things “under control”?
  • Do they make wise decisions?
  • Are they handling their own money well?
  • Are they generous and kind?

People will generally handle your money worse than they handle their own. They will generally be more difficult to deal with in serving as your helper than they are in dealing with their own lives. This is just the cold, hard truth that we’ve seen over and over.

Being a helper is stressful (especially since if often happens after a crisis or death), and the stress leads people to act worse than they normally do.

So, however they’re handling things now, they’ll actually do a worse job after you’re gone. Does that give you cause for concern? If so, you should pick a different helper. As you think about someone to be a helper, consider these duties they will possibly help with. And learn more about “7 Types of Helpers to Watch Out For” here.

How Edwards Group Can Help

We help families choose good helpers everyday. This is a difficult decision and one of the most important you’ll ever make. You don’t have to do it alone. We can guide you through the process of deciding who is best. While you’ll only do this once in your lifetime (maybe twice), we’ve helped hundreds of families in the seven years our firm has been solely dedicated to estate planning and elder law. We’ve seen A LOT and gained a lot of wisdom from the families we help on a daily basis. We can help you know what to do and what NOT to do.

Give us a call at 217-726-9200 and plan to attend an upcoming workshop today. If you attend one of our workshops, you’ll receive $200 off your initial meeting fee (if you schedule your appointment within 30 days of the workshop). We do this so you’ll know, before spending your hard-earned money, if we’re the right firm for you. Attending a workshop makes the planning process easier and more effective.

The greatest threat to an effective estate plan is not taking any action at all, so take your first step today and call us at 217-726-9200.

4 Periods of Planning for a Nursing Home

We got another one of those calls the other day. It went something like this: “Mom has been in the nursing home for 3 years now and her money is gone. Is there anything we can do?” Our hearts sink when we hear this, because for this family, it’s too late for a lot of planning options.

How do you deal with a parent or spouse who can’t stay at home anymore? It’s one of the most stressful things a family can face. Few know what to do because they have never faced this issue before.

The key is the earlier we can plan, the more we can do, the more assets we can protect, and the easier we can make it on the family.

Generally, we see 4 different periods of planning. How much we can do declines as time passes.

1. Too late. When the money has all been spent on the nursing home over several years, it might be too late to protect assets. But we can help the family deal with all the mountains of paperwork and complete the Medicaid application. Oftentimes, our Medicaid team spends 40-50 hours completing a Medicaid application! How long would it take someone less experienced? We can help take the stress off of the family.

2. Not too late. “Mom’s Medicare coverage for nursing home care runs out in about 3 weeks. What do we do?” At this point, the family hasn’t spent any of mom’s money, but in 3 weeks they will start spending A LOT of her savings on the nursing home. (Around $6500 per month in Central Illinois.) We can still do a lot for this family. We call this a “crisis plan” and we move quickly to maximize Medicaid and VA benefits. Often we can still protect 50% or more of mom’s assets.

3. Protect your nest egg. What if mom is still living at home, but her health is going downhill? The family sees a point in the future when she will need care. So how do you plan ahead? One option is to create a special kind of trust, a Medicaid Asset Protection Trust, to protect the nest egg. The nest egg includes the assets she doesn’t plan to need or spend during her life. Maybe we protect the house or some savings or investments, while still leaving enough for her to continue to live well. Whatever assets were placed in the trust will be 100% protected once 5 years have passed.

4. Best option. The absolute best option is to buy long-term care insurance when you are still young and healthy. Often it’s too expensive or not available once you hit retirement age. Those who buy good long-term care insurance can rest easy, knowing the insurance company will help pay for their future care, instead of it coming out of their family’s inheritance.

For more details on how nursing home crisis planning works, click here to read a case study. To learn more about Medicaid Planning, sign up for our free 3-part email series on the topic.

To find out when our next free workshop on long-term care planning will be held, click here.

checkbook

The Checkbook Test: Can your executor or trustee pass it?

Good “helpers” are essential to an effective plan. Could the people you’ve chosen as executor, trustee, power of attorney or guardian pass this simple test?

Every Estate Plan Needs a Good Helper

We talk about good “helpers” a lot, and that’s because they are vitally important to an effective estate plan. Helpers are the people who will carry out your plan when the time comes. They can be known by different names depending on which document names them as a helper. Some helpers are trustees for trusts, some are executors for wills, some are power of attorney for health or finances, and some helpers are guardians for minor children. No matter the title, their job is essentially the same – to make good choices and to act for you when you cannot do it for yourself. (Read more about choosing good helpers here.)

The Checkbook Test

There is a very simple way to gauge whether you have chosen the right person to be one of your “helpers.”

Imagine the person you have chosen (or are considering choosing) as your executor or trustee. Now, imagine giving them your checkbook and letting them pay your bills for a couple months. How does that make you feel? Do you feel nervous? Anxious? If so, you may want to reconsider who you’ve chosen as a helper. 

Read about 7 Types of Helpers to Watch Out For here.

So, how can Edwards Group help?

If you’ve been around Edwards Group for any amount of time, we hope that you’ve seen how we approach estate planning differently. One of the things we do differently is by counseling our clients as they make the hard decisions that have to be made when creating an estate plan. We have experience that most people don’t. We do estate planning all day every day, and we’ve done it for nearly a decade now. We can help guide our clients through these hard choices.

If you need help choosing “helpers” for your plan, call us at 217-726-9200 and ask for a copy of our paper newsletter on choosing helpers. We’ll be more than happy to mail you a copy. You can get immediate access to this great resource here.

Download our resource on choosing good helpers HERE.

5 Problems Caused by VA Financial Planners

There are financial planners out there who hold themselves as VA planners offering “free” VA benefit advice, but their “free” advice often comes with a hidden price.

Non-attorney Planning Tactics Can Backfire

David and Chris were in Atlanta a few months ago at the Academy of VA Pension Planners. It’s one of many professional organizations that David belongs to in order to make sure the firm serves our clients better than anyone else. The AVAPP solely focuses on helping Veterans, and their families, get the benefits they earned in service to their country.

Did you know that only 28% of Veterans who qualify use their benefits? And as one of the only law firms in Central Illinois to be accredited by the VA, we want to make sure that everyone who has served our country gets to age with dignity and receive the best care possible.

There are some financial planners who hold themselves out as VA planners offering “free” VA benefit advice. Some are very knowledgeable, but there are some problems with the “free” advice that you need to watch out for.

5 Tactics that Non-attorney VA Planners Use

1. Transferring the house to the kids

Maximizing VA benefits sometimes means rearranging assets. One mistake we have seen is transferring a house to the children. While this will help work for VA benefits (allowing the house to be sold without messing up benefits), there are problems with this strategy. One problem is when the house is later sold, the kids will pay capital gains taxes that could have been avoided. By putting the house in a Veterans Asset Protection Trust, we could get the VA benefits but also avoid the capital gains tax later.

2. IRAs and taxes

Because the VA has asset limits, sometimes IRA accounts must be moved to qualify for benefits. Without proper tax planning, some families incur a huge tax bill that could have been avoided. Instead, working with an experienced attorney can help you consider all the planning options and the tax impact.

3. Annuities with long surrender charges

Often, the “free” VA advice comes with a recommendation to tie up assets in an annuity with long surrender periods. Is anything really “free” in this world? Unfortunately, some families do not realize that the VA financial planner they are relying on is ultimately trying to sell them costly and expensive annuities that tie up their assets far into the future. (This is how the financial planner makes his living.) Instead, a Veterans Asset Protection Trust can help you protect and arrange assets, while allowing your family free access to the investments held in the trust. You need to consider all of the legal and financial tools to see which is best. Unfortunately, non-attorneys often ignore legal tools, such as trusts, even though they may be the best option to help qualify for benefits.

4. Transferring assets to children

Some non-attorney planners transfer assets to the kids so the client can get VA benefits. So, what is the problem with that? If the client needs more care down the road, the funds may have already been spent by the kids. Plus, the gift could keep them from qualifying for Medicaid. (And 70% of nursing home residents use Medicaid to pay for their care.) Transfers of assets must consider both the current goal (VA benefits) and future needs (such as Medicaid benefits to pay for nursing care). By working with an attorney experienced in both VA and Medicaid planning, you can have a flexible plan that considers future health needs.

5. Messing up wishes

Another strategy that non-attorney planners use that can backfire is to transfer the parent’s money to one child in order to qualify for VA benefits. However, that strategy then changes the entire estate plan because one child legally ends up with all the money (unless they voluntarily share it with their siblings, and sadly, we’re experienced enough to know this happens much less often than you think). Instead, once again, the Veterans Asset Protection Trust is a great tool to preserve your wishes after death, but still help you qualify for VA benefits now.

Call 217-726-9200 if you have any questions at all. We will be more than happy to talk with you.

3 Things to Do Before You Hit 70

Decision making gets harder as we age. Here are 3 crucial decisions you need to address before you turn 70.

Researchers say that decision making gets harder as we age, even if we don’t have dementia. What does this mean for you? There are many important decisions regarding your health, well-being, family and finances that can be made sooner rather than later. Many people put planning off because it’s unpleasant to think about. I can assure you, it’s much more unpleasant to be the family members on the other end of a stroke, long illness or death where the person did not plan ahead.

Here are the three things you need to take care of by the time you turn 70:

1. Incapacity planning.

What would happen if you had a stroke and were unable to make decisions for yourself any longer? You may think that your family would just decide for you, but it’s not that simple. With proper planning, extra suffering and fighting amongst your family can be avoided.

2. Estate planning.

What can we say about this that we haven’t already? Wills and trusts are basic estate planning tools that a majority of people NEED to have. Proper drafting of these documents saves time, money and heartache.

3. Long-term care planning.

Most nursing homes in Central Illinois will cost at least $78,000 per year. It’s important to take action ahead of time to plan and protect yourself from having to go broke in order to pay for nursing home care.

I know it can seem impractical to plan for things that may never happen, but statistics tell us that everyone who ages should be prepared for cognitive impairment of some kind. Statistics also tell us that 70% of Americans over 70 will need some sort of long-term care. The longer you wait, the less prepared you will be to face the reality of aging in America – and that will cost you time and money. It will also cost your family a lot of heartache.

If you’d like to read more on this topic, check out this article from MarketWatch, “The biggest retirement risk no one talks about” or the National Institutes of Health study entitled, “The ability to decide advantageously declines prematurely in some normal older persons”. This study showed decision-making impairment in aging adults with otherwise normal cognitive functioning. According to NIH researchers, “Our finding has important societal and public policy implications (e.g. choosing medical care, allocating personal wealth), and may also help explain why many older individuals are targeted by and susceptible to fraudulent advertising.”

As always, if you have any questions or just need help knowing where to start, we are more than happy to talk with you via phone at 217-726-9200.