A Very Difficult Choice
Is living a long time in your future?
You hope so, don't you. It's likely that you will, in fact statistics show that of a married couple over 65, the odds are that at least one of them (probably the wife) will live to be at least 90. What would that scenario do to your legacy?
What a silly question, you might say. But just exactly IS your legacy? It simply means how you are remembered by those who survive you. Most would like to think that when they're gone those that are left behind will remember them fondly. We'd like to know that our family's financial needs are taken care of. That's the reason why you use the services of financial professionals, isn't it? Then why is it that so few advisors address the subject of long-term care?
The typical scenario goes something like this: the husband has some type of medical event, such as a stroke or a diagnosis of Alzheimers disease, and now the wife has to make a choice.
Does she use the money that they have set aside to take care of her husband, the money that she needs to live the kind of lifestyle they had always planned for, or does she take care of him herself?
Most of the time she will choose to do it herself. She will then keep this up until her own health begins to suffer, and then she'll begin spending down their assets because she simply can't do it alone anymore. If this goes on long enough both her health and lifestyle will be drastically changed.
For an advisor to neglect this subject is professional malpractice!