Having to deal with the financial issues associated with arranging long-term care can be overwhelming for Georgia residents. However, there are effective ways to create an efficient plan while addressing financial and estate issues.
According to Key Private Bank, less than 25 percent of clients with a high net worth have long-term care plans in place. For the purposes of the study, a Georgia resident would qualify as high net worth if he or she had more than $1 million in assets. One of the challenges of planning for long-term care needs is that individuals may also be trying to save for a house or other long-term expenses.
When children grow into adults, they may eventually have to talk to their parents about long-term care options. Having this conversation can help to broach topics such as whether an aging parent is going to remain in their own home. Looking into long-term care options could also reduce the odds that a senior will have to sell their home to pay for medical expenses.