Author: Kat Stinson, Director, Trust Services
When you plan for retirement, you want to make the best of your golden years. Whether it’s traveling, spending time with the grandkids or more time on the golf course, we all look forward to having more time to do the things we love. However, one important aspect of planning for your future that you won’t want to overlook is planning for long-term care.
Fifty-two percent of people turning age 65 will need some type of long-term care services in their lifetimes. Even though planning for the later stage of your life may not sound like fun, it’s important to have a plan in place so that your wishes are followed. Having a plan for your long-term care will help you maintain your independence because you get to choose what this chapter of your life will look like. It also alleviates stress for family members who may otherwise have to make these choices for you down the road.
Creating a long-term care plan may seem like an overwhelming task. When it comes to creating a long-term plan, there are a few key elements you’ll want to include.
Even if the later stage of your life is decades away, it’s best to plan when you are healthy and able. It’s also wise to revisit the conversation every few years or when you have a life-changing event, along with your estate plan. If you plan on relying on long-term care insurance, planning early can be key, as a policy can be more expensive or difficult to secure as you age.
A good first step is to start thinking about your goals for the last stage of your life and what you want your life to look like at that age. Once you’ve determined your wishes, communicate your plans with your loved ones so everyone is on the same page.
It may also be helpful to meet with an advisor who can help you develop an estate plan that includes key aspects you won’t want to overlook.
Interested in learning more about long-term care planning? Learn how FNBO’s Trust Services can help.
About the Author
Kat attends to the needs of trust, investment management, estate and conservator accounts. She collaborates with business partners to address the holistic financial needs of clients, with a dedication to delivering exceptional service.
This material is provided for informational purposes only. It does not constitute legal, tax, accounting, investment, insurance or other professional advice. All expressions of opinion are subject to change without notice in reaction to changing market, economic or political conditions. Information contained herein from third parties is obtained from what are considered reliable sources. However, although it is intended to be accurate, its accuracy, completeness or reliability cannot be guaranteed. Linking to any third-party materials in no way implies an endorsement or affiliation of any kind with any third party. This material was created as of the date indicated and reflects the author’s views as of that date. Neither the publisher nor any other party assumes any liability for loss or damage due to reliance on this material.
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