Understanding Long-Term Care Insurance

Long-term care refers to the help that people with chronic illnesses, disabilities or other conditions need on a daily basis over an extended period of time. This need can range from assistance with simple activities such as eating, dressing or bathing, to skilled care provided by therapists or nurses.

With nursing home care in some parts of the U.S. costing as much as $10,000 per month, long-term care can deplete even the best-planned estate. As a result, many seniors are opting to purchase long-term care insurance to cover this risk. An advantage of this insurance is that most policies now cover home care, personal care and assisted living care as well as nursing home care.

Policies offer many different coverage options. Since you can’t predict what your future long-term care needs will be, you may want to purchase a policy that has flexible options so that you can adjust it according to your needs in the future. Depending on the policy options you select, long-term care insurance can help you pay for the care you need, whether you are living at home, in an assisted living facility, personal care home, or a nursing home. Long-term care insurance may also pay expenses for adult day care and some policies will even help pay costs associated with modifying your home so that you can keep living in it safely. Continue Reading Understanding Long-Term Care Insurance

The Basics of Guardianship

Guardianship is a legal tool that grants a parent or other adult the authority to make legal decisions for a child or legally disabled adult.

There are different types of guardianship:

  • Guardianship of Estate – where the guardian is responsible for financial and estate matters only
  • Guardianship of Person –  where the guardian is responsible for non-financial decision making
  • Plenary Guardianship of Person and Estate – which entails full guardianship of person and estate

Each type of guardianship can also be in the form of limited guardianship which means the court can choose to let an incapacitated person retain any rights he/she is capable of exercising on his/her own. There is also something called co-guardianship which can be of person, estate or both when two people share the decision making responsibility equally. Continue Reading The Basics of Guardianship

Retirement Planning

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No matter your age, there are certain things that you need to do to prepare financially for retirement. The earlier you start, the better off you will be.

  1. Save!
    It is recommended that you put aside at least 10 to 15 percent of your annual income. You should put more away if you are closer to retirement and haven’t put much aside yet.
  2. Create an Emergency Fund
    Creating an emergency fund will insure that you will have some money to help you out if a situation arises where you lose your regular source of income. It should have enough money to last you three to six months. It is for emergencies only, so a purchase of a new flat screen TV doesn’t qualify.
  3. Pay Down Debt
    If you are struggling with debt, there is a technique by Dave Ramsey called the “Debt Snowball.” List your debts from lowest to highest. Pay the minimum balance on all of your debts, except the smallest, and pay down the smallest debt fast. Once your smallest debt is gone, move onto the next lowest debt and work on getting that paid. Continue this process until all debt is gone. Continue Reading Retirement Planning