In this episode, attorney Bill Miller discusses the importance of long-term care planning and the potential financial impact of long-term care costs. He shares personal experiences of families struggling to pay for long-term care and emphasizes the need to protect one's home and life savings.

Bill explains the limited options for paying for long-term care, including Medicaid, long-term care insurance, and out-of-pocket payments. He also highlights the importance of having the right estate planning documents in place and the benefits of asset protection strategies. The episode concludes with a recommendation for early planning and an exploration on long-term care insurance options.

Takeaways

• Long-term care costs are the number one threat to your home and life savings.
• It is important to protect your spouse and family from the financial burden of long-term care.
• Avoid making mistakes in long-term care planning that could prevent you from getting the care you need.
• Consider asset protection strategies, such as a five-year protection plan, to qualify for Medicaid and protect your assets.
• Start long-term care planning early and explore long-term care insurance options.

Chapters

(00:00) Introduction and Disclaimer

(01:00) Personal Experience with Long-Term Care

(04:05) Protecting Spouse and Family

(05:26) Avoiding Mistakes in Long-Term Care Planning

(07:37) Statistics and Costs on Long-Term Care Needs

(09:08) Importance of Estate Planning Documents

(12:09) Asset Protection and Medicaid

(14:18) Medicaid Qualification and Asset Limits

(19:58) Five-Year Protection Plan

(22:45) Asset-Based Long-Term Care Insurance

(30:25) When to Start Long-Term Care Planning

(31:21) Conclusion and Call to Action

Learn More and Connect with Bill Miller

https://millerestateandelderlaw.com/

https://www.facebook.com/MillerEstateandElderLaw/

https://www.linkedin.com/in/bill-miller-estate-and-elder-law-attorney-44036511/

https://twitter.com/attybillmiller

https://www.youtube.com/channel/UC_UuzlnOOHGmiGHgPY7FZ6A