We all know someone who has lived well into their 90s or even reached that once unheard of 100-year mark. Healthcare advances have changed some of the most practical considerations of careful estate planning practice to include long-term care solutions. It is more likely than ever that estate planning clients will eventually need to have some type of long-term care and the best time to think about providing for such care, of course, is long before it is needed. That makes insurance an option that is both possible and affordable, notes estate planning expert Ellen V. Springer in a recent issue of CCH’s Journal of Practical Estate Planning. Long-term care insurance and planning can protect the assets of a couple when one spouse has to have expensive nursing home care and it can preserve the estates clients have worked hard to build for their heirs. Springer goes through the process of looking over all of the possible long-term care options and coming up with the right answers based on individual client needs.
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This story is from the CCH’s monthly Focus on Tax newsletter, which provides advise and guidance on federal and state tax issues for tax and accounting professionals.
Read this article from CCH’s Journal of Taxation of Financial Products.