The New Year is well underway and I hope 2011 brings you and your loved ones much joy, peace and prosperity.

As professional advisors, we are charged with the great responsibility of helping our clients navigate through uncertain waters. I have worked with far too many clients who have asked for my help only after they or a family member were faced with the prospect of needing long-term care.

Although each person’s situation was unique, they shared two things in common; first, they were successful financially, and second, everyone who developed dementia or a chronic illness was absolutely convinced beyond any doubt, that it would never happen to them.

Unfortunately, these clients never foresaw: (a) How ill they would become, or (b) The overwhelming financial and personal demands of providing long-term care for a loved one. They also didn’t realize how quickly the high costs of this care would put their families in a precarious financial position.

As you meet with your clients, be sure to remind them that there are only three ways to pay for long-term care services:

1. Self-insuring (having sufficient resources)
2. Medicaid (being poor)
3. Having insurance.

I usually recommend asking a client three questions:

1. Do you know anyone who has needed long-term care?
2. How did they pay for it?
3. How would you pay for it?

Without a plan, your clients are self-insuring. Their assets and families are at tremendous risk. Long-term care expenses are a reality for most Americans today and will continue to be in the future.

I am proud to have assisted over 2,000 families since 1995 with their Long-term Care planning needs. I would welcome the opportunity to discuss this very important topic with you and/or your clients and provide a free no obligation assessment.

Whether it’s for your clients, or you would like an in-house educational presentation for your colleagues, please feel free to call whenever you need assistance.