Without prior experience, your family may struggle to navigate the complexities of care planning. Long-term care insurance often includes a care coordinator who assists you, your family, and doctors in navigating the process. In utilizing the care coordinator, there is no requirement to use a particular service or service provider. But, having an experienced and knowledgeable long-term care support professional is a benefit that can be invaluable to your family, who may have never experienced a loved one needing care before.

The possibility for stock market fluctuations, real estate valuation changes and the economic cycle, all must be considered in predetermining when, what and how much will be sold if you need care. Additionally, your family may need to anticipate a potentially higher tax bracket since the proceeds generated from asset sale could create additional income. That additional income could also impact Medicare costs for you and your spouse.

• Who will be empowered to make the decisions regarding the liquidation of assets, if you are unable?
• Will one child or all of your children together make those decisions and will they agree on them?

As a high-net-worth client, it is important not to confuse a checkbook with a plan for care. There are two significant considerations to take into account the financial piece and the emotional considerations. While you may have the resources to pay for care, there must be a plan in place to determine which assets will be liquidated to pay for care and in addition, the order in which to sell those assets. More importantly, that plan must be continually reassessed.