Sunday, February 23, 2014
The ABA Section of Real Property, Trust and Estate Law recently published a book entitled, The Advisor’s Guide to Long-Term Care, edited by R. David Watros and Erik T. Reynolds. Provided below is a description of this book:
Waiting to address long-term care needs until the point one actually needs care is too late, as it significantly impacts a client's financial situation, quality of life of their loved ones, and their ability to maintain their independence. Incorporating long-term care insurance into the financial plan can ultimately help protect assets reduce the burden of care that would otherwise fall on family members, and enable the client to receive care in the setting they most prefer, including their home. The Advisor's Guide to Long-Term Care looks at the full range of the topic, explaining how to best use it in the estate plan as a prudent risk-management choice.
Statistics point to the high probability that people are likely to need extended health care at some point in their life. The Advisor's Guide to Long-Term Care is intended to help estate planners and advisors to address these issues with their clients, establishing the issues and trends for care and covering all relevant issues involved in the funding and planning for this insurance. This helps the advisor establish a plan that will place the family back to where they were emotionally, physically, and financially, as best as possible prior to a long-term care event occurring.
Starting with the funding of long term care, one of the most essential important factors to consider, the authors clearly explain the different options for self-funding, governmental programs such as Medicare, Medicaid, veteran_s benefits, and the Federal Long-Term care insurance program, as well as other funding considerations. Tables and figures make the details involved in these choices clear and accessible.
Subsequent chapters examine key issues in long-term care insurance, legislation that has affected the insurance, such as HIPAA and the PPA, taxation, and issues to consider in selecting a long-term care insurance company. The authors consider using long-term care for estate planning and wealth preservation and a discussion of employer's options and benefits in establishing long-term care coverage for their employees.