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A Lasting Legacy

James and Irene Norris spent their livesRather than seeing your memories sold,
surviving. The two owned and operated ayou can hold on to the things you worked
small business together for over 60so hard to attain.
years, surviving the stock market crash,Long-term care planning doesn't mean the
the Great Depression, seventeen U.S.end of your livelihood. It means taking
Presidencies, and two World-Wars. Alla small amount of time to decide what
while raising two sons.options you and your family will have in
But there was one thing they didn't planthe future. It means making sure you
on: long-term care.have something left to pass on to the
Once they closed their small businessnext generation.
and became too frail to care for eachWhen is long-term care needed?
other, they became trapped in anLong-term care is generally something to
unfortunate financial situation that isconsider when someone can no longer
becoming all too common today. Afterperform basic functions themselves.
several medical problems, they wereGenerally, it means they need a medical
forced to choose some sort of custodialprofessional to assist them with various
care and they moved into a nursing home.tasks. This can be as simple as getting
Even though they had savings, it quicklyout of a chair or as complex as cooking
disappeared when faced with the monthlya meal or bathing. Both mental and
nursing home costs. Medicare offeredphysical ailments can bring about a need
little support, because it does notfor long-term care including strokes and
cover stays in nursing homes forcar accidents. Alzheimer's disease is
extended periods of time.just one of the many mental conditions
The bills continued to come and theythat requires extensive long-term care.
soon realized they no longer hadAccording to the Center for Disease
adequate financial resources to survive.Control, 14.2% of all nursing home
They reached a turning-point and, afterresidents suffer from Alzheimer's
working their whole lives, they weredisease. This can be extremely costly
forced to make the most painful decisionand can destroy your financial security
of their lives. In order to qualify forquicker than you think.
Medicaid, they would not be able to holdWhat long-term care options will I have?
onto all of their resources. They had toMost people automatically think of
sell everything they worked so hard tonursing homes as the only long-term care
earn, in order to receive Medicaid.options. While it is true that nursing
Their prized possessions that had beenhomes account for a large percentage of
so carefully collected through the yearslong-term care, it's certainly not the
were gone in an instant, sold to pay theonly option available and depending on
medical bills that had piled up.your ability to perform tasks you may
Part of the reason they had to sell washave a wide-range of options to choose
because of Medicaid requirements, butfrom if you plan ahead. Insurance that
much of their selling was due to a lackhelps cover costs of nursing homes,
of planning. The Norris family had neverassisted living facilities and even
consulted a financial planner or worriedin-home health care are all options that
about saving for retirement. Had theycan be considered.
even spent a small amount of timeWhat's the next step?
earlier in life with a financialWhen deciding what type of long-term
planner, they would have probablycare planning you should do, it's always
learned a few techniques which wouldbest to consult with your closest family
have allowed them to hold on to moremembers. Once you have decided to pursue
assets and still legally qualify forlong-term care planning, there are
Medicaid.various options available to you through
Once on Medicaid, they were limited inthe help of a trusted financial advisor.
their options. They were forced toWith just a small amount of financial
choose only the care that Medicaid wouldplanning, you may be able to spend your
cover, rather than what would truly makefinal years in comfort and stability,
them comfortable in their finals years.without all the added financial stress
Finally, when they passed away, theand anxiety. Your family members will be
family was left with thousands ofable to spend time around you sharing
dollars worth of debt from medicaltheir love and support, instead of
expenses and funeral arrangements.dealing with debt and foreclosure. You
This lack of preparation is common. Itwill be filled with pride knowing that
happens every day to hundreds of middleall you worked for is still intact. Just
and upper-income families across thea small amount of long-term care
United States, and it can easily beplanning could ensure that the dreams
prevented with some basic planning.you achieved in life don't disappear
Rather than watch your life's work slipovernight.
away because of costly medical expenses,And you may find that you are able to
with just a little planning, you'll youleave this world a little bit better
be able to leave a legacy behind thatthan you found it.
will make your family proud and secure.



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