POWWOW, LLC was recently featured by Linda Lecomte, REALTOR® who truly invests time in learning about Andover and the local community. Linda spoke with me about the top 3 considerations for moving a senior to assisted living.
I touched on the fact that the first question I’m often asked is, “Can I afford this?!” The second question is then inevitably, “For how long?” I find the best way to answer this is through illustrating all the possible what-if scenarios for care. I utilize an online portal that allows clients to share with me their assets in a view-only format. I also discuss their expectations for health and lifestyle. From this, I create a baseline plan that illustrates their current situation played out over a span of time (let’s say 10 years). I then layer in care scenarios that are likely to happen. For instance, the baseline plan may be living fairly independently at a local facility. The first layer added is increasing the cost of your care package within a few years time. The second layer is increasing the cost again due to memory care within 5-7 years time. The third layer is a transition to skilled nursing, the most expensive form of care, for the final 1-3 years of the plan. While none or all of these layers may happen, the client is better equipped to make financial and estate planning decisions knowing the impact these scenarios have on their net worth.
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