In this Elder Law Minute, Wes Coulson explains the Market Downturn and Rising Prices and why it’s crucial to start planning for long-term care costs sooner rather than later.
Greetings! I’m Wes Coulson from Dent Coulson Elder Law, and this will be your Elder Law minute. We’re happy to present these because we think we can help inform you, as to the ways in which we can help you, and the things that you need to think about, relative to the elder care and estate planning journey. Hope you enjoy!
I don’t know how its going for you lately, but let me tell you some things I’m experiencing. I go to the gas station and its like “wow, this is expensive” then I go to the grocery store and I’m like ” oh my gosh, that went up, that went up”, and then I’m in Walmart and I’m like whoa! that went up too.” Everything seems to be going up right now, except then, I look at statements from my investment accounts and oh no that’s not going up, that’s going way down. So, you might be saying, boy that’s me too but Wes, what does that have to do with elder law? Well, let me tell you exactly what it has to do with elder law. I just explained to you exactly why you need to plan for long term care costs now, in advance of the time that they hit. And here’s why. You know with my investments, if I call my investment advisor he’s going to say “You know Wes, in the long run you know it’ll come back up, the market always comes back up”, but the problem is, is that if you’re at the point where you need nursing home care and prices are way up and your investments are way down, you can get wiped out financially in a quick hurry and you have no control over what the economic circumstances might be at the time that you might need long term care.
So here’s the only smart thing to do and that is, take that out of play. Move those assets out of harms way so that if you need nursing home care you can qualify for Medicaid assistance, those assets will be safe, protected, they can rebound over time, your kids will get an inheritance, its the thing to do. Thanks.
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Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.