{"id":2317,"date":"2023-01-08T20:31:18","date_gmt":"2023-01-09T04:31:18","guid":{"rendered":"https:\/\/humanitywealth.com\/?page_id=2317"},"modified":"2024-01-22T15:03:05","modified_gmt":"2024-01-22T23:03:05","slug":"long-term-care-planning-for-families-what-you-need-to-know","status":"publish","type":"page","link":"https:\/\/humanitywealth.com\/long-term-care-planning-for-families-what-you-need-to-know\/","title":{"rendered":"Long-Term Care Planning For Families: What You Need to Know"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_row_inner][vc_column_inner][vc_column_text]<span style=\"font-weight: 400;\">As we age, our physical and cognitive health can start to decline. This inevitably raises questions about how families should plan for the long-term care of a loved one. Unfortunately, many affluent executives and entrepreneurs don\u2019t have the answers they need to make informed, beneficial decisions for their families.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">They may not know how to approach this kind of planning in cost-effective ways, either. With inflation and stock market volatility complicating things, that\u2019s a problem, as well. As a result, in this blog post, we provide an overview of what you need to consider when making long-term care planning decisions for your family.<\/span><\/p>\n<p><b>Please explore these topics with us:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Long-term Care Planning Statistics For Self-motivation<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Estate Planning With Long-Term Care Coverage For Single Individuals<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Caution: Preserve Your Children\u2019s Inheritance with Long-Term Care Coverage<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lack Of Financial Literacy Causes Financial Inertia<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How An Independent Financial Planner Can Help<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How To Have a Meaningful Conversation With Your Parents About Money<\/span><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row][vc_column]    <div class=\"with_anchors\">\r\n\r\n        <section class=\"chapters-grid\">\r\n            <div class=\"row g-3\">\r\n                                    <div class=\"col-lg-4 col-md-6\">\r\n                        <a href=\"#chapter-0\" class=\"chapter\">\r\n                            <div class=\"chapter-subtitle\">Chapter 1<\/div>\r\n                            <h3 class=\"chapter-title\">Long-Term Care Planning Statistics for Self-Motivation<\/h3>\r\n                        <\/a>\r\n                    <\/div>\r\n                                    <div class=\"col-lg-4 col-md-6\">\r\n                        <a href=\"#chapter-1\" class=\"chapter\">\r\n                            <div class=\"chapter-subtitle\">Chapter 2<\/div>\r\n                            <h3 class=\"chapter-title\">Estate Planning With Long-Term Care Coverage For Single Individuals<\/h3>\r\n                        <\/a>\r\n                    <\/div>\r\n                                    <div class=\"col-lg-4 col-md-6\">\r\n                        <a href=\"#chapter-2\" class=\"chapter\">\r\n                            <div class=\"chapter-subtitle\">Chapter 3<\/div>\r\n                            <h3 class=\"chapter-title\">Caution\u2014Preserve Your Children\u2019s Inheritance With Long-Term Care Coverage<\/h3>\r\n                        <\/a>\r\n                    <\/div>\r\n                                    <div class=\"col-lg-4 col-md-6\">\r\n                        <a href=\"#chapter-3\" class=\"chapter\">\r\n                            <div class=\"chapter-subtitle\">Chapter 4<\/div>\r\n                            <h3 class=\"chapter-title\">Lack of Financial Literacy Causes Financial Inertia<\/h3>\r\n                        <\/a>\r\n                    <\/div>\r\n                                    <div class=\"col-lg-4 col-md-6\">\r\n                        <a href=\"#chapter-4\" class=\"chapter\">\r\n                            <div class=\"chapter-subtitle\">Chapter 5<\/div>\r\n                            <h3 class=\"chapter-title\">How an Independent Financial Planner Can Help<\/h3>\r\n                        <\/a>\r\n                    <\/div>\r\n                                    <div class=\"col-lg-4 col-md-6\">\r\n                        <a href=\"#chapter-5\" class=\"chapter\">\r\n                            <div class=\"chapter-subtitle\">Chapter 6<\/div>\r\n                            <h3 class=\"chapter-title\">How To Have a Meaningful Conversation With Your Parents About Money <\/h3>\r\n                        <\/a>\r\n                    <\/div>\r\n                            <\/div>\r\n        <\/section>\r\n\r\n        <div class=\"chapters-info-w\">\r\n                            <section id=\"chapter-0\" class=\"chapters-info\">\r\n                    <header>\r\n                        <div class=\"chapter-subtitle\">Chapter 1<\/div>\r\n                        <h3 class=\"chapter-title\">Long-Term Care Planning Statistics for Self-Motivation<\/h3>\r\n                    <\/header>\r\n                    <div class=\"chapter-info-descr\"><p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-2323 size-medium\" src=\"https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/Long-Term-Care-Planning-Statistics-humanitywealth.com_-500x333.jpeg\" alt=\"Long-Term Care Planning Statistics humanitywealth.com\" width=\"500\" height=\"333\" srcset=\"https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/Long-Term-Care-Planning-Statistics-humanitywealth.com_-500x333.jpeg 500w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/Long-Term-Care-Planning-Statistics-humanitywealth.com_-1400x933.jpeg 1400w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/Long-Term-Care-Planning-Statistics-humanitywealth.com_-768x512.jpeg 768w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/Long-Term-Care-Planning-Statistics-humanitywealth.com_-1536x1024.jpeg 1536w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/Long-Term-Care-Planning-Statistics-humanitywealth.com_-2048x1365.jpeg 2048w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/Long-Term-Care-Planning-Statistics-humanitywealth.com_-1600x1067.jpeg 1600w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>Financial planning for long-term care can be essential to a comprehensive financial plan to help you retire with confidence.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The hard truth is that failing to account for high levels of expenditure on long-term care <\/span><strong><a href=\"https:\/\/news.gallup.com\/poll\/393494\/older-adults-sacrificing-basic-needs-due-healthcare-costs.aspx\" target=\"_blank\" rel=\"noopener\">can lead to serious financial hardship later in life<\/a><\/strong><span style=\"font-weight: 400;\">. For instance, <\/span><strong><a href=\"https:\/\/www.statista.com\/statistics\/310387\/hourly-costs-and-increase-in-long-term-home-care-us\/\" target=\"_blank\" rel=\"noopener\">the average hourly cost of long-term homemaker services in the United States was $26 in 2021<\/a><\/strong><span style=\"font-weight: 400;\">.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The price of a home health aide, meanwhile, was $27 per hour. Neither of these services stayed the same, however. In fact, both are expected to climb considerably over time. By 2030, both kinds of services are expected to cost over $30 an hour.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If this sounds negligible so far, please read on: By the time 2050 rolls around,<\/span> <a href=\"https:\/\/www.statista.com\/statistics\/310387\/hourly-costs-and-increase-in-long-term-home-care-us\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"><strong>the cost for either kind of service is expected to run northward of $58 per hour<\/strong><\/span><\/a><span style=\"font-weight: 400;\">. It\u2019s not a stretch to expect even high costs for long-term care in the years beyond.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s why it bears repeating that enjoying a lifestyle of affluence now, alone, cannot guarantee a well-funded retirement in the future. Today\u2019s uncertain markets and continuing inflation mean that comprehensive research and informed decision-making are more essential than ever.<\/span><\/p>\n<\/div>\r\n                <\/section>\r\n                            <section id=\"chapter-1\" class=\"chapters-info\">\r\n                    <header>\r\n                        <div class=\"chapter-subtitle\">Chapter 2<\/div>\r\n                        <h3 class=\"chapter-title\">Estate Planning With Long-Term Care Coverage For Single Individuals<\/h3>\r\n                    <\/header>\r\n                    <div class=\"chapter-info-descr\"><p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-2313 size-medium\" src=\"https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/long-term-care-costs-humanitywealth.com_-500x333.jpeg\" alt=\"long-term care costs humanitywealth.com\" width=\"500\" height=\"333\" srcset=\"https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/long-term-care-costs-humanitywealth.com_-500x333.jpeg 500w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/long-term-care-costs-humanitywealth.com_-1400x933.jpeg 1400w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/long-term-care-costs-humanitywealth.com_-768x512.jpeg 768w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/long-term-care-costs-humanitywealth.com_-1536x1024.jpeg 1536w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/long-term-care-costs-humanitywealth.com_-2048x1365.jpeg 2048w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/long-term-care-costs-humanitywealth.com_-1600x1067.jpeg 1600w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>Long-term care coverage is a form of health insurance that covers the costs associated with extended medical or custodial care. It also provides coverage for those who require assistance with daily activities such as bathing, eating, dressing, and more over an extended period of time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s designed to supplement Medicare and other forms of traditional health insurance policies that may not cover all long-term care expenses. For single individuals, having it can provide a sense of security in the event that they need extended medical or custodial care in the future.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, this type of coverage often comes with tax deductions on premiums paid as well as potential asset preservation, should there be a need for long-term care down the road. Furthermore, having this type of policy in place can help ensure that your hard-earned assets are preserved for future generations; not depleted by higher and higher long-term care costs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re single and considering estate planning with long-term care coverage, it is important to keep in mind the various factors that need to be taken into account: your budget, your lifestyle needs, and your risk tolerance levels should all be considered.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, it is important to understand what types of services are covered under your policy. This allows you to know exactly what you are paying for and how much benefit you will receive, if needed, in the future.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Having this type of coverage in place makes it easier to plan ahead. When you know that your assets are preserved, should you need extended medical or custodial treatment later, you can prepare for the future more confidently. <\/span><\/p>\n<\/div>\r\n                <\/section>\r\n                            <section id=\"chapter-2\" class=\"chapters-info\">\r\n                    <header>\r\n                        <div class=\"chapter-subtitle\">Chapter 3<\/div>\r\n                        <h3 class=\"chapter-title\">Caution\u2014Preserve Your Children\u2019s Inheritance With Long-Term Care Coverage<\/h3>\r\n                    <\/header>\r\n                    <div class=\"chapter-info-descr\"><p><span style=\"font-weight: 400;\">When you have children, it\u2019s natural to want to provide them with the best future possible. However, if you find yourself needing to use long-term care services, you may be worried about the effect on your children\u2019s inheritance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With long-term care coverage, you can help preserve your estate from depletion <\/span><i><span style=\"font-weight: 400;\">and<\/span><\/i><span style=\"font-weight: 400;\"> potentially ensure that your kids will get what\u2019s rightfully theirs. Again, long-term care coverage preserves your assets in case of prolonged illness or disability, including nursing home, adult daycare, or assisted living facilities costs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the same time, it can also cover home health aides, private duty nursing services, and other types of medical assistance. There\u2019s a lot to be said for not having to worry about depleting your hard-earned savings or other assets over time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you don&#8217;t need to use the policy, you can always pass along the benefits of having it to your children when they inherit your estate after you&#8217;ve passed away. So, your family retains that equity, even if you never need it during your lifetime.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The best time to purchase long-term care coverage is while you are still healthy and before any signs of illness appear. Additionally, you may also qualify for discounts on premiums if you purchase your coverage while you are younger.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since many policies are designed to pay out benefits as soon as a qualifying event occurs (meaning you\u2019re rendered unable to perform two activities of daily living), getting proactive is vital. You need to plan accordingly for your loved ones to be taken care of financially, should something happen down the road.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are several different types of policies available, depending on what level of coverage works best for you and your family&#8217;s needs. Generally speaking, <\/span><strong><a href=\"https:\/\/www.forbes.com\/advisor\/life-insurance\/best-long-term-care-insurance\/\" target=\"_blank\" rel=\"noopener\">there are three main categories: traditional long-term care insurance policies, hybrid life\/long-term care insurance policies, and annuities with long-term care riders.\u00a0<\/a><\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Each of these has its own advantages and disadvantages. As a result, it&#8217;s important to do your homework before deciding which type of policy will work best for you and your family&#8217;s unique situation. With careful planning, long-term care coverage may provide you potential confidence now while ensuring that your loved ones are well taken care of in the future.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><a href=\"https:\/\/info.humanitywealth.com\/free-ebook-worried-about-inflation\" target=\"_blank\" rel=\"noopener\"><b><i>Concerned by Inflation\u2019s Impacts on Your Savings and Investments? We Can Help.<\/i><\/b><\/a><\/h3>\n<\/div>\r\n                <\/section>\r\n                            <section id=\"chapter-3\" class=\"chapters-info\">\r\n                    <header>\r\n                        <div class=\"chapter-subtitle\">Chapter 4<\/div>\r\n                        <h3 class=\"chapter-title\">Lack of Financial Literacy Causes Financial Inertia<\/h3>\r\n                    <\/header>\r\n                    <div class=\"chapter-info-descr\"><p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-2314 size-medium\" src=\"https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/subscription-based-financial-planning-humanitywealth.com_-500x333.jpeg\" alt=\"subscription-based financial planning humanitywealth.com\" width=\"500\" height=\"333\" srcset=\"https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/subscription-based-financial-planning-humanitywealth.com_-500x333.jpeg 500w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/subscription-based-financial-planning-humanitywealth.com_-1400x933.jpeg 1400w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/subscription-based-financial-planning-humanitywealth.com_-768x512.jpeg 768w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/subscription-based-financial-planning-humanitywealth.com_-1536x1024.jpeg 1536w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/subscription-based-financial-planning-humanitywealth.com_-2048x1365.jpeg 2048w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/subscription-based-financial-planning-humanitywealth.com_-1600x1067.jpeg 1600w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>Although the subject of money isn\u2019t always discussed openly in polite conversation, it\u2019s an important topic to discuss. The financial decisions we make have a direct impact on our future wealth and well-being.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unfortunately, even some remarkably successful people lack the financial literacy necessary to make these decisions wisely. As a result, they can slide into \u201cfinancial inertia,\u201d which is the tendency for people to remain in their current financial situation due to a lack of understanding or motivation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Generally speaking, this occurs because they don\u2019t perceive how taking a particular financial action will benefit (or preserve) them. It\u2019s surprisingly common among affluent families, members of whom do not understand their need to plan for the future, why diversifying their assets is important, and so on.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, investing in stocks can be challenging, especially if you don\u2019t understand how the market works. Similarly, if you aren\u2019t aware of how changes in interest rates can affect your investments over time\u2014or inflation\u2019s potential impacts\u2014you may not understand why these matters should concern you.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While many factors can contribute to financial inertia, two common factors are <\/span><a href=\"https:\/\/humanitywealth.com\/financial-planning\/lack-of-financial-literacy-causes-financial-inertia\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"><strong>a lack of financial education<\/strong><\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><strong><a href=\"https:\/\/www.investopedia.com\/articles\/investing\/060513\/avoid-these-common-investing-psychology-traps.asp\" target=\"_blank\" rel=\"noopener\">psychological barriers<\/a><\/strong><span style=\"font-weight: 400;\">. Poor financial literacy can mean that someone may not understand how different aspects of finance work. Similarly, they may not know why taking certain actions can help ensure their long-term financial well-being, either.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, psychological barriers may include things such as a fear of failure, procrastination, or the refusal to admit that we need help with our finances. Any single one of these can prevent individuals from taking the necessary steps toward their financial goals. When they coincide, the problem may be compounded.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One of the best ways to avoid financial inertia is by educating yourself about personal finance and investing principles. Additionally, creating an achievable plan with short-term goals along with regularly reviewing it will help keep you motivated and on track for your long-term goals.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When done correctly, these things can lead to greater control over your money and, possibly, better economic outcomes for yourself and your family.<\/span><\/p>\n<\/div>\r\n                <\/section>\r\n                            <section id=\"chapter-4\" class=\"chapters-info\">\r\n                    <header>\r\n                        <div class=\"chapter-subtitle\">Chapter 5<\/div>\r\n                        <h3 class=\"chapter-title\">How an Independent Financial Planner Can Help<\/h3>\r\n                    <\/header>\r\n                    <div class=\"chapter-info-descr\"><p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-2315 size-medium\" src=\"https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/independent-financial-planner-humanitywealth.com_-500x334.jpeg\" alt=\"independent financial planner humanitywealth.com\" width=\"500\" height=\"334\" srcset=\"https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/independent-financial-planner-humanitywealth.com_-500x334.jpeg 500w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/independent-financial-planner-humanitywealth.com_-1400x934.jpeg 1400w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/independent-financial-planner-humanitywealth.com_-768x512.jpeg 768w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/independent-financial-planner-humanitywealth.com_-1536x1025.jpeg 1536w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/independent-financial-planner-humanitywealth.com_-2048x1366.jpeg 2048w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/independent-financial-planner-humanitywealth.com_-1600x1067.jpeg 1600w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>When it comes to planning for long-term care, it can be difficult to know where to start. That\u2019s why working with an independent financial planner can be a smart option. A good one has the knowledge and experience necessary to help you accurately assess and track your current financial situation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the same time, good wealth management helps you assess your risk tolerance, cash flow optimization, asset allocation, insurance needs, retirement planning, tax planning strategies, and more. All of these things normally play a major role in long-term care planning.\u00a0<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Humanity Wealth Advisors provides subscription-based financial planning to help you pursue your wealth-growing and asset-preservation goals. Similarly, if you could use a financial services firm in San Ramon, we\u2019re here for you, too. <\/span><a href=\"https:\/\/info.humanitywealth.com\/contact-us\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"><strong>Contact us<\/strong><\/span><\/a><span style=\"font-weight: 400;\"> today.<\/span><\/p>\n<\/div>\r\n                <\/section>\r\n                            <section id=\"chapter-5\" class=\"chapters-info\">\r\n                    <header>\r\n                        <div class=\"chapter-subtitle\">Chapter 6<\/div>\r\n                        <h3 class=\"chapter-title\">How To Have a Meaningful Conversation With Your Parents About Money <\/h3>\r\n                    <\/header>\r\n                    <div class=\"chapter-info-descr\"><p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-2316 size-medium\" src=\"https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/financial-services-firm-San-Ramon-humanitywealth.com_-500x334.jpeg\" alt=\"financial services firm San Ramon humanitywealth.com\" width=\"500\" height=\"334\" srcset=\"https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/financial-services-firm-San-Ramon-humanitywealth.com_-500x334.jpeg 500w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/financial-services-firm-San-Ramon-humanitywealth.com_-1400x935.jpeg 1400w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/financial-services-firm-San-Ramon-humanitywealth.com_-768x513.jpeg 768w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/financial-services-firm-San-Ramon-humanitywealth.com_-1536x1025.jpeg 1536w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/financial-services-firm-San-Ramon-humanitywealth.com_-2048x1367.jpeg 2048w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/financial-services-firm-San-Ramon-humanitywealth.com_-1600x1068.jpeg 1600w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>Money can be a taboo topic, especially among affluent households. Having a meaningful conversation about it with your parents, especially, can be intimidating and difficult to do. Nevertheless, it\u2019s important. Without learning what you can, you won\u2019t understand the financial challenges facing you and your family as well as you need to.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If there is tension or awkwardness, consider diffusing things with light humor. You might pair this with expressing appreciation for their hard work. Finally, end by expressing gratitude for both the ongoing conversation and any advice they may have provided. You know your parents better than anyone, so please go with the approach you think is best.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regardless of how you get it, you need their input on the following:<\/span><\/p>\n<p><b>1. Long-term care. <\/b><span style=\"font-weight: 400;\">Conversations on this subject may not come naturally at first, but they are essential. Remember to keep calm, respectful, compassionate, and understanding <\/span><i><span style=\"font-weight: 400;\">while<\/span><\/i><span style=\"font-weight: 400;\"> allowing them room to express their thoughts and feelings. With that said, be prepared to put facts before emotions to help ensure that your parents have all the information they need to make informed decisions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Discussing this topic isn\u2019t just important for verifying their wishes.<\/span> <a href=\"https:\/\/www.nytimes.com\/2022\/12\/02\/health\/long-term-care-costs-callout.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"><span style=\"text-decoration: underline;\"><strong>Long-term health care is expensive<\/strong><\/span><\/span><\/a><span style=\"font-weight: 400;\">\u2014and getting more so every year. Inflation\u2019s dollar-diminishing effects and bear stock markets make it important to plan measures for fortifying your family\u2019s financial legacy as much as possible.<\/span><\/p>\n<p><b>2.\u00a0 Preserving your family\u2019s wealth.<\/b><span style=\"font-weight: 400;\"> You may want to start by informing your parents of your concerns in this area. Avoid making assumptions or generalizations; instead, focus on positively identifying common goals together. With clear expectations around what works best for both parties, you should be able to navigate the subject reasonably.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s important because building an asset preservation strategy is the most important thing, financially, that your family can do. It\u2019s meant to shield assets from conflicts and potential litigation. Ideally, it should include investing in insurance policies, setting up trusts, and reforming business entities as necessary.\u00a0<\/span><\/p>\n<p><b>3. Generational Affluence.<\/b><span style=\"font-weight: 400;\"> Consider talking through the family&#8217;s financial goals, both long and short-term, and what practical steps can be taken to reach those objectives. Also, make sure to explain why this conversation is necessary, given the economic time period we\u2019re experiencing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It may help to emphasize making the wisest use of resources now so that future generations of your family benefit. Outline the potential rewards that help with the accumulation of wealth may potentially bring not just for yourselves but for your descendants, too.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lasting affluence can help ensure their financial well-being and your family\u2019s long-term success. This is not as easy of an endeavor as it once was, but there are steps you can take to help you along to this goal. For example, you could diversify your investments across a variety of asset types, safeguard property through trusts, and establish a cohesive strategy for overall growth over time. <\/span><\/p>\n<\/div>\r\n                <\/section>\r\n                    <\/div>\r\n\r\n    <\/div>\r\n\r\n\r\n[\/vc_column][\/vc_row][vc_row][vc_column][vc_empty_space][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<em><span style=\"font-weight: 400;\">This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contact your insurance agent. This article is intended to assist in educating you about long-term care insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company. If you need more information or would like personal advice you should consult an insurance professional. You may also visit your state\u2019s insurance department for more information.<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400;\">No strategy assures success and diversification does not protect against market risk.<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400;\">Humanity Wealth Advisors and LPL Financial do not provide legal advice or services.\u00a0 Please consult your legal advisor regarding your specific situation.<\/span><\/em>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_row_inner][vc_column_inner][vc_column_text]As we age, our physical and cognitive health can start to decline. This inevitably raises questions about how families should plan for the long-term care of a loved one. Unfortunately, many affluent executives and entrepreneurs [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":2311,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Long-Term Care Planning For Families: What You Need to Know - Humanity Wealth Advisors<\/title>\n<meta name=\"description\" content=\"Many affluent people don\u2019t have the answers they need for long-term care planning decisions for their families. Humanity is your independent financial planner.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/humanitywealth.com\/long-term-care-planning-for-families-what-you-need-to-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Long-Term Care Planning For Families: What You Need to Know - Humanity Wealth Advisors\" \/>\n<meta property=\"og:description\" content=\"Many affluent people don\u2019t have the answers they need for long-term care planning decisions for their families. Humanity is your independent financial planner.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/humanitywealth.com\/long-term-care-planning-for-families-what-you-need-to-know\/\" \/>\n<meta property=\"og:site_name\" content=\"Humanity Wealth Advisors\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-22T23:03:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/long-term-care-planning-humanitywealth.com_-scaled.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1877\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/humanitywealth.com\/long-term-care-planning-for-families-what-you-need-to-know\/\",\"url\":\"https:\/\/humanitywealth.com\/long-term-care-planning-for-families-what-you-need-to-know\/\",\"name\":\"Long-Term Care Planning For Families: What You Need to Know - Humanity Wealth Advisors\",\"isPartOf\":{\"@id\":\"https:\/\/humanitywealth.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/humanitywealth.com\/long-term-care-planning-for-families-what-you-need-to-know\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/humanitywealth.com\/long-term-care-planning-for-families-what-you-need-to-know\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/long-term-care-planning-humanitywealth.com_-scaled.jpeg\",\"datePublished\":\"2023-01-09T04:31:18+00:00\",\"dateModified\":\"2024-01-22T23:03:05+00:00\",\"description\":\"Many affluent people don\u2019t have the answers they need for long-term care planning decisions for their families. Humanity is your independent financial planner.\",\"breadcrumb\":{\"@id\":\"https:\/\/humanitywealth.com\/long-term-care-planning-for-families-what-you-need-to-know\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/humanitywealth.com\/long-term-care-planning-for-families-what-you-need-to-know\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/humanitywealth.com\/long-term-care-planning-for-families-what-you-need-to-know\/#primaryimage\",\"url\":\"https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/long-term-care-planning-humanitywealth.com_-scaled.jpeg\",\"contentUrl\":\"https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/long-term-care-planning-humanitywealth.com_-scaled.jpeg\",\"width\":2560,\"height\":1877,\"caption\":\"long-term care planning humanitywealth.com\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/humanitywealth.com\/long-term-care-planning-for-families-what-you-need-to-know\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/humanitywealth.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Long-Term Care Planning For Families: What You Need to Know\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/humanitywealth.com\/#website\",\"url\":\"https:\/\/humanitywealth.com\/\",\"name\":\"Humanity Wealth Advisors\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/humanitywealth.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Long-Term Care Planning For Families: What You Need to Know - Humanity Wealth Advisors","description":"Many affluent people don\u2019t have the answers they need for long-term care planning decisions for their families. Humanity is your independent financial planner.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/humanitywealth.com\/long-term-care-planning-for-families-what-you-need-to-know\/","og_locale":"en_US","og_type":"article","og_title":"Long-Term Care Planning For Families: What You Need to Know - Humanity Wealth Advisors","og_description":"Many affluent people don\u2019t have the answers they need for long-term care planning decisions for their families. Humanity is your independent financial planner.","og_url":"https:\/\/humanitywealth.com\/long-term-care-planning-for-families-what-you-need-to-know\/","og_site_name":"Humanity Wealth Advisors","article_modified_time":"2024-01-22T23:03:05+00:00","og_image":[{"width":2560,"height":1877,"url":"https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/long-term-care-planning-humanitywealth.com_-scaled.jpeg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/humanitywealth.com\/long-term-care-planning-for-families-what-you-need-to-know\/","url":"https:\/\/humanitywealth.com\/long-term-care-planning-for-families-what-you-need-to-know\/","name":"Long-Term Care Planning For Families: What You Need to Know - Humanity Wealth Advisors","isPartOf":{"@id":"https:\/\/humanitywealth.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/humanitywealth.com\/long-term-care-planning-for-families-what-you-need-to-know\/#primaryimage"},"image":{"@id":"https:\/\/humanitywealth.com\/long-term-care-planning-for-families-what-you-need-to-know\/#primaryimage"},"thumbnailUrl":"https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/long-term-care-planning-humanitywealth.com_-scaled.jpeg","datePublished":"2023-01-09T04:31:18+00:00","dateModified":"2024-01-22T23:03:05+00:00","description":"Many affluent people don\u2019t have the answers they need for long-term care planning decisions for their families. Humanity is your independent financial planner.","breadcrumb":{"@id":"https:\/\/humanitywealth.com\/long-term-care-planning-for-families-what-you-need-to-know\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/humanitywealth.com\/long-term-care-planning-for-families-what-you-need-to-know\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/humanitywealth.com\/long-term-care-planning-for-families-what-you-need-to-know\/#primaryimage","url":"https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/long-term-care-planning-humanitywealth.com_-scaled.jpeg","contentUrl":"https:\/\/humanitywealth.com\/wp-content\/uploads\/2023\/01\/long-term-care-planning-humanitywealth.com_-scaled.jpeg","width":2560,"height":1877,"caption":"long-term care planning humanitywealth.com"},{"@type":"BreadcrumbList","@id":"https:\/\/humanitywealth.com\/long-term-care-planning-for-families-what-you-need-to-know\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/humanitywealth.com\/"},{"@type":"ListItem","position":2,"name":"Long-Term Care Planning For Families: What You Need to Know"}]},{"@type":"WebSite","@id":"https:\/\/humanitywealth.com\/#website","url":"https:\/\/humanitywealth.com\/","name":"Humanity Wealth Advisors","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/humanitywealth.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/humanitywealth.com\/wp-json\/wp\/v2\/pages\/2317"}],"collection":[{"href":"https:\/\/humanitywealth.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/humanitywealth.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/humanitywealth.com\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/humanitywealth.com\/wp-json\/wp\/v2\/comments?post=2317"}],"version-history":[{"count":9,"href":"https:\/\/humanitywealth.com\/wp-json\/wp\/v2\/pages\/2317\/revisions"}],"predecessor-version":[{"id":2327,"href":"https:\/\/humanitywealth.com\/wp-json\/wp\/v2\/pages\/2317\/revisions\/2327"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/humanitywealth.com\/wp-json\/wp\/v2\/media\/2311"}],"wp:attachment":[{"href":"https:\/\/humanitywealth.com\/wp-json\/wp\/v2\/media?parent=2317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}