We’re not getting any younger, and neither are our parents. Most individuals don’t plan for the possible large expense of long-term care for their parents.
Whether it’s assisted living, nursing home, or something in between, let us help you figure out the optimal way to financially assist your parents.
As the sands of time continue to shift, we find ourselves and our parents advancing in age. A reality that many individuals often overlook is the potential significant expense associated with long-term care for their parents. This cost, which can encompass assisted living, nursing home care, or a hybrid solution, can pose a substantial financial challenge if not adequately planned for.
At Landsberg Bennett Private Wealth Management, our expertise lies in assisting you through this intricate financial terrain. We comprehend the complexities of long-term care planning. We can steer you towards identifying the most economically feasible method to cater for your parents' care without compromising your own financial stability.
Our methodology encompasses a detailed examination of your present financial status, comprehension of your parents' care requirements, and investigation of diverse funding alternatives. We take into account all facets, from insurance plans and government schemes to personal savings and investment tactics.
We start by gaining a comprehensive understanding of your financial landscape. This includes your income, savings, investments, and ongoing expenses. This step helps us gauge your financial capacity to contribute towards your parents' care.
Next, we work with you to understand the level of care your parents require. This could range from occasional assistance to full-time care. The type and level of care needed significantly impact the associated costs.
Together, we explore various avenues to fund your parents' care. This could include their own savings and retirement funds, insurance policies, government programs, and your contributions. We aim to optimize these resources to minimize the financial burden on you.
Based on the information gathered, we collaboratively develop a financial plan. This strategy delineates how to administer and distribute resources efficiently to cater to your parents' care requirements without jeopardizing your financial security.
Once we agree on a plan, we assist you in implementing it. This could involve setting up payments for care services, managing investments, or applying for relevant government programs.
The financial plan is not static; it needs regular reviews and adjustments. As your parents' care needs change or your financial situation evolves, we work with you to update the plan accordingly.
Our tax strategy service is a cooperative process where we partner with you to devise a comprehensive plan aimed at reducing your tax liabilities. This includes tactics such as tax-efficient investing, which emphasizes investments with lower tax consequences, and strategic asset placement, which involves positioning investments in the most tax-beneficial accounts. We also consider tax-loss harvesting strategies, which can help counterbalance capital gains and decrease your overall tax liability.
We collaborate with you to comprehend the degree of care your parents necessitate and approximate the related expenses. We then formulate tactics to meet these costs in the most economically efficient manner.
We help you understand the implications of your parents' estate on their care funding and your financial situation. This includes reviewing wills, trusts, and other estate planning tools.
We carry out a detailed examination of your financial status and devise a plan that incorporates the potential expenditures of your parents' care. This strategy is designed to safeguard your financial stability while catering to your parents' needs.
We help you understand the tax implications of different funding options for your parents' care. We aim to minimize your tax liability while maximizing the resources available for care.
We evaluate existing insurance policies, such as long-term care insurance or life insurance, to ascertain if they can be utilized to offset some of the care costs.