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Philadelphia PA Estate Planning Blog

Monday, September 24, 2012

Long Term Care Planning Options

 

Long Term Care Insurance: A small minority of individuals own a long term care insurance policy. They're expensive and many providers are dropping coverage. But if you can get underwritten at a good rate, a small policy may make sense to cover some of the costs. However, even small policies can be expensive.

 

Hybrid Life Insurance Policy: New whole life insurance products are available to convert a death benefit into available funds for long term care costs. In addition, whole life insurance has a host of other benefits, including being tax free, estate/inheritance tax free, and can be used as a wealth transfer and accumulation tool depending on the policy.

 

Asset Preservation Planning with Trusts: An elder law attorney can help shelter a portion of your wealth so that it doesn't have to be "spent down" on long term care before you can qualify for Medicaid. However, this type of planning must be done while you're still healthy.

 

Do Nothing: Many people take a chance and hope they don't have long term care needs. Even if you end up needing long term care, an elder law attorney can help preserve assets at that moment of crisis.


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The Law Offices of Jeremy A. Wechsler assist clients with Estate Planning matters in Willow Grove, PA as well as Abington, Hatboro, Dresher, Horsham, Bryn Athyn, Huntingdon Valley, Fort Washington, Jenkintown, Glenside, Oreland, Warminister, Wyncote, Ambler, Elkins Park, Flourtown, Philadelphia, Warrington, Cheltenham, Gwynedd Valley, Jamison, Feasterville Trevose, Richboro, North Wales, Blue Bell, Lafayette Hill, King of Prussia, Collegeville, Oaks, Phoenixville, Oxford Valley, Langhorne, Penndel, Bristol, Fairless Hills, Bensalem, Plymouth Meeting, Furlong, Philadelphia County, Bucks County and Montgomery County.

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