Long term care without liquidating assets


22-Apr-2015 09:12

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Helping clients navigate the many questions and challenges surrounding long-term care with empathy is one of the most valuable services you can offer as a financial advisor.

To determine if self-insurance is the right choice for a particular client, I suggest taking the following four steps.

According to conventional financial planning wisdom, high-net-worth individuals should self-insure for long-term care expenses.

You may be surprised to hear this from Commonwealth's Insurance department, but there's some truth to the idea.

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Although it might seem intuitive to use net worth as a gauge for a client's ability to self-insure, income is a more accurate indicator.

People use income to pay for long-term care expenses, so determining whether or not to self-insure should be a question of liquidity, not solvency.