Preparing for Both Long-Term Care and Leaving a Legacy
Her Problem: A client’s widowed mother, who lived in Virginia Beach, became my client shortly after moving from the northern part of the East Coast. She was not wealthy.
One of her financial goals, however, was to leave a legacy for her two grown children. Also, she wanted to prepare for the cost of a long-term illness.
Her Action: When we met, we talked about plans for accomplishing both desires. I arranged for her to purchase long-term care insurance. In addition, I helped her invest in appropriate investments. Several years later, she did require assisted-living care which slowly progressed to 24-hour care from dementia.
Her Outcome: Because of our careful planning and continual review of her plan, she was able to pay for long-term care. Because of the care she needed in her final days, she was forced to dig deep into her investments. After her passing, she left a nice legacy for her two children.
For one child, her mother’s legacy was a life changer. The second child felt emotionally rewarded because she knew that this gift to her was one of her mother’s primary goals.
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