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End-of-life issues in New York need to be thought about

Having enough income to deal with any long-term care can be a stress factor that many baby boomers are ignoring. It can eat into your plans for the future and, if not thought of and planned for in advance, can bring about a dismal retirement.

While long-term care can cost upwards of $7,200 a month, planning ahead for this is a smart idea. Estate planning with an expert is the best idea. Selling or giving your assets away before Medicare kicks in is the safest and best idea because once you need long-term care, you have to sell off your assets before Medicare picks up the balance.

While this is controversial, it is also smart. Many people buy term life insurance and, when it gets expensive, they choose not to renew. This is important because, if you have to sell your assets to start receiving long-term care, you will not be able to leave anything to your family.

A different way to look at estate planning is to earmark some of your funds for stocks and investments that will assist in the cost of long-term care later in life. Annuities are excellent ways to build wealth in a specific allocation.

If you pass away without utilizing those funds, they can revert to your family instead of to long-term care.

One of the ways to be able to use estate planning to your benefit while you are young is to invest in whole-life insurance. This gives you the peace of mind that you will leave something to your family when you pass away.

As a popular book title advises, "Dig Your Well Before You're Thirsty." Planning ahead always makes sense.

Source: Daily Finance, "Will end-of-life expenses eat up your estate?" John Jamieson, May. 05, 2014

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