If you have the assets and willingness to buy into a life care CCRC then that's certainly an option that can help for some things. For planning now you might assume a buy-in expense at some point in the future (funded by the sale of your personal residence as you indicate) plus higher expenses for monthly dues and eventually you'd need to hire an advisor to manage your assets, tax preparer, and other professionals to do things you might do yourself (or a child might do for you). If there are any siblings, nephews, nieces, or cousins they will likely do a better job of helping you than someone you pay, especially on things that need decisions.I think aside from the LTCI and the $400,000 in dedicated investable assets, I think in our later 70s it would make sense to find a CCRC and use some of the proceeds from the sale of our home to buy a contract to help as well. Our policy covers about up to 50-hours a week of a home health aide at today’s costs. As others have said, this is a more likely need, but one tries to cover some degree of worst case scenario. Once you pass about 80-hours/week you are at parity with a skilled nursing home in terms of costs.
We have no children to assist us and little bequest motive for legacy so planning for LTC is important to us.
Statistics: Posted by stan1 — Sun Feb 18, 2024 2:20 pm — Replies 11 — Views 920