Wealth doesn’t lead to increased long term care planning

| Feb 19, 2019 | long term care planning

Most people live in the moment. However, Illinois residents who are getting on in age should take some time to consider long term care planning and what that may mean for their futures. Most people are still active and healthy well into their 50s and 60s and beyond, but planning for old age is a necessity and putting it off may not be the wisest idea, even if there is more than enough money in the bank.

It seems that wealth doesn’t lead to increased planning when it comes to people’s future health. In fact, a survey of 150 financial advisors in the United States showed that less than a quarter of their clients with high net worths had long term care plans. Many have chosen to use their funds in other areas such as financing children’s educations or purchasing properties.

End-of-life care planning can align with financial goals. Since it has been shown that most people will need long term care at some point, being prepared can take the stress off the individual and his or her family members. Ideally, people should begin planning for long-term care in their 40s and 50s.

An Illinois attorney experienced in long term care planning is able to assist a client in his or her care goals for the future. There are a number of questions a lawyer may be able to help his or her client to answer when it comes to end-of-life care. Some of these can include who a client wants as a decision maker when he or she can no longer make decisions and what the goals are for a care plan and how their beliefs fit into such a plan. A lawyer will help a client to understand how a long term care plan fits into his or her individual lifestyle and values.