Among the things many people care about is how what happens to them in the future will impact their family. This can be seen in a survey that UBS Wealth Management did.
In this survey, wealthy investors were polled on various things related to aging and health care. Among the things they were asked about was what they feared most in regards to aging. Fear that they would be a burden to their kids topped the list of the respondents answers, with 42 percent giving this answer.
Among the things that can have an impact on a person’s family as a person gets older is the person’s long-term care needs and how such needs are met. Given the high concern the survey indicates wealthy investors have about burdening their family as they get older, it seems that the possible effects of their future long-term care needs on their family, such as financial effects, would be something many such individuals would be very concerned about.
Despite this though, the responses given in the survey indicate that planning regarding future care needs is something that many of the surveyed individuals are not doing. The survey’s results indicate that about half of the respondents had failed to take health care costs into account when it comes to their overall financial planning and that over three-fourths of the respondents (77 percent) have not set anything aside for dealing with future medical costs.
Of course, caring about how one’s future care needs will impact one’s family and missing planning opportunities regarding such care are both things that are not unique to wealthy individuals. These things could come up in connection to individuals of all different sorts of economic circumstances. Why do you think advanced planning when it comes to long-term care isn’t more common?
Planning when it comes to long-term costs may be able to help with many things, including identifying ways to possibly mitigate the effects of one’s future care needs on one’s family. Among the types of advanced planning that might be able to help with such goals is estate planning related to long-term care issues. Estate planning attorneys can help individuals concerned about how future care needs that could come up for them could impact their family understand what steps they can take in their estate plan to address these concerns and other concerns they have regarding protecting their family.