Planning in Advance to Reduce Long-Term Care Costs

Our clients, a married couple, were both in good health until a couple of years ago, when the wife was first diagnosed with dementia. She's doing fine right now, and they are still living together in the same house that they bought right after they were married. They don't see any reason why she would have to move out of their home any time soon. Over the years the family managed to save a small nest egg, mainly IRA's and 401K's, and a few stocks here and there, and they were worried that all of their savings would have to pay for her future care when she eventually needed it. The clients wanted to make sure that they both would be taken care of, but they also wanted to protect some of their savings for their children.

When our clients called Margolis & Associates, they were nervous that they were too late to make any important changes to their estate plan. We tried to set their minds at ease. We reviewed their old wills before their appointment so we had a sense of their original estate planning goals. When we met with them they had a lot on their minds.

After reviewing all of their information, we were able to protect some of their older stocks in an irrevocable trust for their children. We also recommended that they create revocable trusts, which could hold the rest of their property and avoid probate. The clients had no idea these options were even available for people in their circumstances - they thought that they were only for the super-rich! We also looked ahead to when the wife might need nursing home care, and structured their estate plan to protect their funds from estate recovery should he pass away first. The clients walked out of our office with an entirely new estate plan, and, more importantly, peace of mind.

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