Personal Assets
People usually don't deliberately choose personal assets as an option
for paying for long-term care. But due to a lack of planning ahead,
billions of dollars in personal assets are spent annually on long-term
care expenses.
The funds used to pay for care are normally withdrawn from one or more of 3 places:
Personal Savings
Retirement Accounts
Home Equity
When considering this option, analyze the following:
1. Your ability to accumulate enough assets to pay for long-term care expenses
2. The impact on your family of risking your
assets. Even if you can accumulate the necessary funds to pay for your
care, a long-term care event will likely affect the current standard of
living of your family.
If you do choose the option of relying on your
personal assets, make sure you identify and earmark the exact funds you
wish to be used for your care.
How Much is Enough?
Use our calculator to estimate how much in assets you need to
accumulate in order to realistically pay for your long-term care
expenses.
Calculator for Analyzing Using Personal Assets to pay for Long-term Care
Return from Personal Assets to Paying for Long-Term Care
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