This Trust Can Protect Your Assets From Long-Term Care Costs

A Medicaid asset protection trust can help ensure your protected assets go to your beneficiaries rather than your long-term care, but it has to be set up properly.

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(Image credit: Getty Images)

Are you concerned about the rising cost of long-term care? Are you worried about not being able to leave your spouse or kids the assets that you’ve worked so hard to save? If so, then I'm going to share a solution to help you better plan for this big risk in retirement.

As we all know, long-term care costs are one of the biggest risks in retirement. Three of my four grandparents have needed long-term care, and the experience has been hard — not only emotionally but also financially. The cost of long-term care can be anywhere from $50,000 to $100,000 a year, depending on your location and the type of care. The average stay can be anywhere from two to five years, so that length affects the overall financial impact. 

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Joe F. Schmitz Jr., CFP®, ChFC®
Founder and CEO, Peak Retirement Planning

As Founder and CEO of Peak Retirement Planning, Inc., Joe Schmitz Jr. has built a comprehensive retirement planning company focused on helping clients grow and preserve their wealth. Under Joe’s leadership, a team of experienced financial advisers use tax-efficient strategies, investment management, income planning and proactive health care planning to help clients feel confident in their financial future — and the legacy they leave behind. Joe has also written a book, titled I HATE TAXES. You can find Joe on YouTube by clicking here, where he creates educational videos for those in or near retirement. If you would like to talk to Joe’s team, you can schedule a meeting by clicking here.