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Why it's important to plan for the cost of long term care

Why it's important to plan for the cost of long term care
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From MJWealthPlanning.com:

Tax Strategies

  • Create tax-advantaged income streams
  • Use tax laws for tax-deferred accumulation
  • Control income to avoid higher taxes and taxes on social security
  • Minimize impact of taxes on transferring assets to beneficiaries

Legacy Planning

  • Deciding the when, who, and how much to pass on
  • Using vehicles to leverage assets
  • Avoiding unnecessary costs for passing money on to beneficiaries
  • Taking advantage of tax laws to transfer assets

Asset Protection

  • Making the shift from wealth accumulation to asset protection
  • Reaching a balance between safety and growth
  • Understanding the options available
  • Dealing with inflation

Retirement Planning

  • Deciding when is the best time to retire
  • What to do about health care
  • What does a day in retirement look like?
  • What will our expenses be?
  • How to create income streams guaranteed for life

Wholistic Planning

  • What are the real statistics associated with needing care?
  • Will Medicare or a supplement pay for LTC?
  • How does one qualify for government benefits?
  • New alternatives for protecting assets from LTC expenses

Long-term Care

  • Using a comprehensive questionnaire
  • Taking advantage of IRS and tax law changes and updates
  • Putting the pieces together and making sure they fit
  • Regular reviews and meetings to make sure we are staying on the right track