If you are seeking investment help, look at the video here on my services. If you are seeking a different approach to managing your assets, you have landed at the right spot. I am a fee-only advisor registered in the State of Maryland, charge less than half the going rate for investment management, and seek to teach individuals how to manage their own assets using low-cost indexed exchange traded funds. Please call or email me if interested in further details. My website is at http://www.rwinvestmentstrategies.com. If you are new to investing, take a look at the "DIY Investor Newbie" posts here by typing "newbie" in the search box above to the left. These take you through the basics of what you need to know in getting started on doing your own investing.
Sunday, November 27, 2011
The issue here is very simple. It has to do with "...The best laid plans of ...." Again, everything can be in place; but then a need for long-term medical assistance can throw everything out of whack. The problem is that long-term care is expensive, as will be detailed in the following video. Think about it like this: suppose you move into the house of your dreams but you don't have homeowners insurance. Then, the house burns down. That could be the situation if you work hard to build the nest egg to the appropriate size and then need long-term care.
Long-term care is expensive. One thing some creative families have done is to have children or other potential beneficiaries pitch in to pay the annual premium. After all, in many cases, it is potentially an insurance on their likely inheritance.
I recommend watching the following excellent video by Christine Benz, Morningstar's Director of Personal Finance. Ms. Benz has a talent for explaining complex topics.
If you need specific info (and live in the Baltimore area) on choices available for you and their costs or even whether LTC is appropriate in your specific case, I would recommend meeting with Sharon Kreiger. firstname.lastname@example.org (223-275-1764). Ms. Kreiger's philosophy is to start with a meeting to basically educate a potential client on LTC.