The Color of Money · StockMonkeys.comAccording to research, the great wealth transfer is referring to approximately $30 trillion in assets that will be passed on from baby boomers to their children and grandchildren in the next couple of decades. This creates numerous challenges for beneficiaries, baby boomers themselves and the financial industry as well.

Many of these aging baby boomers have critical decisions that they still have not yet made about their estate planning process in the event that they hope to pass on any of their wealth at all. Purchasing long term care insurance can assist with shielding against some of the challenges.

One of the biggest issues for an individual approaching older age is that the costs of long term care are rising. This can easily eliminate all of the assets inside an estate relatively quickly. Unfortunately, relatively few Americans have long term care insurance primarily because the premiums are seen as very expensive. However, Medicare might provide some limited long term care coverage but other individuals may have to spend down their assets in order to qualify for Medicaid. This is one reason to have long term care insurance in place to help eliminate challenges.                                   

Set up a meeting today to walk through your estate planning needs with a knowledgeable Pasadena estate planning attorney. This is your chance to get your questions answered and to develop a strategy most in line with your individual needs.

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