| James and Irene Norris spent their lives
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| | Rather than seeing your memories sold,
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| surviving. The two owned and operated a
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| | you can hold on to the things you worked
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| small business together for over 60
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| | so hard to attain.
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| years, surviving the stock market crash,
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| | Long-term care planning doesn't mean the
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| the Great Depression, seventeen U.S.
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| | end of your livelihood. It means taking a
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| Presidencies, and two World-Wars. All
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| | small amount of time to decide what
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| while raising two sons.
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| | options you and your family will have in
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| But there was one thing they didn't plan
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| | the future. It means making sure you have
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| on: long-term care.
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| | something left to pass on to the next
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| Once they closed their small business and
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| | generation.
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| became too frail to care for each other,
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| | When is long-term care needed?
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| they became trapped in an unfortunate
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| | Long-term care is generally something to
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| financial situation that is becoming all
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| | consider when someone can no longer
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| too common today. After several medical
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| | perform basic functions themselves.
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| problems, they were forced to choose some
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| | Generally, it means they need a medical
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| sort of custodial care and they moved
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| | professional to assist them with various
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| into a nursing home. Even though they had
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| | tasks. This can be as simple as getting
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| savings, it quickly disappeared when
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| | out of a chair or as complex as cooking a
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| faced with the monthly nursing home
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| | meal or bathing. Both mental and physical
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| costs. Medicare offered little support,
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| | ailments can bring about a need for
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| because it does not cover stays in
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| | long-term care including strokes and car
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| nursing homes for extended periods of
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| | accidents. Alzheimer's disease is just
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| time.
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| | one of the many mental conditions that
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| The bills continued to come and they soon
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| | requires extensive long-term care.
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| realized they no longer had adequate
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| | According to the Center for Disease
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| financial resources to survive. They
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| | Control, 14.2% of all nursing home
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| reached a turning-point and, after
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| | residents suffer from Alzheimer's
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| working their whole lives, they were
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| | disease. This can be extremely costly and
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| forced to make the most painful decision
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| | can destroy your financial security
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| of their lives. In order to qualify for
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| | quicker than you think.
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| Medicaid, they would not be able to hold
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| | What long-term care options will I have?
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| onto all of their resources. They had to
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| | Most people automatically think of
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| sell everything they worked so hard to
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| | nursing homes as the only long-term care
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| earn, in order to receive Medicaid. Their
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| | options. While it is true that nursing
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| prized possessions that had been so
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| | homes account for a large percentage of
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| carefully collected through the years
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| | long-term care, it's certainly not the
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| were gone in an instant, sold to pay the
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| | only option available and depending on
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| medical bills that had piled up.
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| | your ability to perform tasks you may
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| Part of the reason they had to sell was
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| | have a wide-range of options to choose
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| because of Medicaid requirements, but
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| | from if you plan ahead. Insurance that
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| much of their selling was due to a lack
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| | helps cover costs of nursing homes,
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| of planning. The Norris family had never
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| | assisted living facilities and even
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| consulted a financial planner or worried
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| | in-home health care are all options that
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| about saving for retirement. Had they
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| | can be considered.
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| even spent a small amount of time earlier
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| | What's the next step?
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| in life with a financial planner, they
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| | When deciding what type of long-term care
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| would have probably learned a few
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| | planning you should do, it's always best
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| techniques which would have allowed them
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| | to consult with your closest family
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| to hold on to more assets and still
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| | members. Once you have decided to pursue
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| legally qualify for Medicaid.
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| | long-term care planning, there are
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| Once on Medicaid, they were limited in
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| | various options available to you through
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| their options. They were forced to choose
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| | the help of a trusted financial advisor.
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| only the care that Medicaid would cover,
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| | With just a small amount of financial
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| rather than what would truly make them
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| | planning, you may be able to spend your
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| comfortable in their finals years.
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| | final years in comfort and stability,
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| Finally, when they passed away, the
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| | without all the added financial stress
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| family was left with thousands of dollars
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| | and anxiety. Your family members will be
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| worth of debt from medical expenses and
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| | able to spend time around you sharing
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| funeral arrangements.
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| | their love and support, instead of
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| This lack of preparation is common. It
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| | dealing with debt and foreclosure. You
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| happens every day to hundreds of middle
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| | will be filled with pride knowing that
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| and upper-income families across the
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| | all you worked for is still intact. Just
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| United States, and it can easily be
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| | a small amount of long-term care planning
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| prevented with some basic planning.
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| | could ensure that the dreams you achieved
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| Rather than watch your life's work slip
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| | in life don't disappear overnight.
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| away because of costly medical expenses,
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| | And you may find that you are able to
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| with just a little planning, you'll you
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| | leave this world a little bit better than
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| be able to leave a legacy behind that
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| | you found it.
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| will make your family proud and secure.
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