Reply to Do LTC care have pay out caps?

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[quote=Anonymous]
Just today I contacted our LTC insurance company for a print out of the benefits as we are updating our legal affairs and trying to consolidate our financial affairs.  We think it is important to share the LTC information with our adult children as it is an important part of your financial resources as you age.  Because we have a daughter with a disability, we got the policies early.  You definitely see the daily rate that will be paid and for how long.  And sometimes the policy amounts can be transferred from a spouse if one dies and has not used all the benefits.

It is also definitely a good idea to review your legal affairs periodically and to name a successor as appropriate because life circumstances can change for anyone.  And I can tell you that a 97 year old could make a choice to update his will and had the acumen to get his doctor to attest to his mental faculties without telling anyone.  He was still driving so no need to ask for a ride!  His wishes were respected, but then the seven siblings worked out a division that was fair to all taking into account the impact on all.

I can tell you that it is very difficult to find an experienced lawyer to deal with the intricacies of a Special  Needs Trust for one with a disability if you want to find one who will have continuity of services as lawyers retire, too, so to have a firm with others able to handle the legal issues over time.  If you move to another state, it is always wise to check to see if anything needs to be revised if you do have a family member with special needs or are a guardian for someone.

When folks are wondering about their options on a CCRC, or AL, just be glad you do not have a son or daughter who must be 62 to qualify to go with you!  It is a federal rule in how they are set up.  Yet it limits the options on future care for so many families even those who can private pay.  (Some can qualify at 55 to be in an AL place.)

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