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How We Gonna Take Care of Mom’s Long-Term Care?

How We Gonna Take Care of Mom’s Long-Term Care?

By Wealth Management Solutions 

We all need to face it. At some point down the line, our parents (and ourselves!) are probably going to need long-term care. It could be needing help with everyday tasks like bathing, getting dressed, and eating; or even community services such as adult day care and transportation. No matter what, relying solely on loved ones or government programs like Medicaid and Social Security for retirement may expose you to gaps in coverage and inadequate funds for long-term healthcare. 

But don’t worry—we at Wealth Management Solutions can assist!

Together, let’s begin the conversation around long-term planning, so you can pave the way for a stress-free future for your loved ones and yourself, both physically and emotionally. 

Continue reading to get your LTC questions answered and set the foundation for your family’s fulfilling and worry-free future.

Pursue Your Family’s Financial Goals

Many people are overwhelmed by their personal finances; forget about the complexities of the financial services industry! Maybe you don’t know where to start or who to trust. Don’t let that keep you from finding a financial professional to partner with. A financial professional can provide valuable insight and guidance in creating a plan that gives comfort and confidence by laying out how to live the life you want. 

You deserve the chance to pursue your personal financial goals. You also deserve to have a financial advisor by your side with the proper skills, knowledge, and passion to help you make smart, effective decisions. The Wealth Management Solutions team wants to talk to you about your family’s future financial needs—before it’s too late.

The Costs of Long-Term Care

There’s no getting around the extreme expense of long-term care. Statistics show that the number of people using paid long-term care services in any setting (at home, assisted living, or nursing facilities) will likely reach 27 million people by 2050. In fact, the national average costs for long-term care in the United States comes in at a whopping $306 a day, or $9,305 per month, for a private room in a nursing home. A price tag that high means it’s imperative to weigh your options for buying long-term care insurance. If you decide you want it, the best time to buy is between ages 50 and 60; after age 65, the cost goes up.

What Type of Care Do You Want?

If you or a family member has early signs of Alzheimer’s or dementia, or if you have a chronic disease that requires ongoing care or daily assistance, do your homework. Look into facilities that offer the necessary care, and share preferences with your family. 

Making these choices as early as possible gives some much-needed autonomy to a long-term care plan. Waiting until it’s needed…you may not be healthy enough to make the decision. Preferences should be flexible based on health and finances, so discuss options with family members. Note that private plans allow you to avoid taxes, provide greater benefits, and improve your overall financial plan. 

No matter where you’re at in life, and your financial hurdles, our comprehensive financial planning services can guide your family toward a bright and stable future.

We’re Here to Help, Right Now

We at Wealth Management Solutions are committed to preparing your family for the unavoidable expenses associated with long-term care (LTC). We believe that our planning is your future; we encourage you to start this preparation as early as possible. 

Now is the perfect time to begin, and I would greatly appreciate just five minutes of your time to establish a strategic game plan to confirm you’re ready to face any LTC costs that pop up. If you’re in need of a plan to cover long-term care needs, let us prepare a personal liability exposure report for you (at no cost or obligation). 

Schedule a complimentary consultation by contacting us at (949) 475-9700 or info@wms-llc.com. Together, we can create a solid financial foundation and provide confidence for your family’s future.

About Wealth Management Solutions

The story of origin: Wealth Management Solutions was created in 2003, following the personal family tragedy felt by the founding partner of the firm. Richard Riva lost his father unexpectedly and before any legacy planning was done that could have extended his family’s legacy beyond the fourth generation. Our partners and team members all share similar experiences due to a lack of planning for their families and are committed to our clients not experiencing the loss of their legacies due to a lack of planning. This is why we say: Our Planning; Your Future. 

All investing involves risk, including loss of principal. No strategy assures success or protects against loss.

The opinions voiced in this material are for general information only and are not intended to provide specific investment advice or recommendations for any individual.  

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