Estate Planning 2017 or How to NOT Give Your Money Away
I was thinking recently about Estate Planning 2017 or How to NOT Give Your Money Away.
Because I’m the curious type, so I put a call out to ,my life/health guy and inquired about the availability of long term care insurance, in general. I asked if it was available for people over 80. He said basically no, but that he knew a very good specialist that he could put me in touch with.
He said that there are strategies that a professional can use to make sure assets are protected, and that there are enough assets to cover any eventuality for care in the future. That’s what this guy does.
Now, you have many, many good years left and maybe you’ve done some estate planning and/or talked to your attorney.
He told me the story of his father-in-law who was resistant to any discussion about estate planning, did not have a lot of liquid assets, but had significant real estate property. Eventually, before he died, he went to see a planning professional (see below for contact information), and he saved his estate several hundred thousand dollars because he planned ahead.
That’s a true story.
Again, you may already have planned ahead, but maybe not. Even then, when was the last time you reviewed the plan?
In any event here’s the contact information for an LTC professional that was recommended to me by my life and health agent, Dave Isenstadt or New England Insurance Group, Inc. I trust recommendations from Dave, he has never steered me wrong.
Obviously…it’s up to you. If it were me, I would rather not have the money go to the government.
At the same time, I would want to have assurance that enough money was available to provide for my care.
That’s the puzzle and all the estate rules and laws are very complicated and something that I would not want to do myself.
Better to pay someone a reasonable fee, invest money wisely, than to give it away to the government (because they WILL take it and they WILL piss it away).
Just my two cents.
Here’s the contact information:
Please let me know if you have any questions.
George Page, Jr