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

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