For families to receive the most comprehensive plans to protect their estates from their most pressing risks, it is important that the professionals who work with those families are all on the same page. The financial household needs to be on the same page as the insurance household, who needs to be on the same page as the tax household, who needs to be on the same page as the legal household.
When one of these areas is unaware of the goals of the other, the family's plan is going to break down. When the plan breaks down there is one party who is most damaged by that: the family. We must all keep in mind that when working with our clients, there are other outside factors that must be taken into account.
We have seen far too many families suffer the consequences of not having a well-rounded plan because the financial professional does not understand how the legal professional is trying to accomplish the family's goals of protecting assets from long-term care expenses, or vice versa. Similarly, when one area isn't factoring the potential tax effects of a certain strategy, the tax professional may be kept out of the loop when that party could have helped to provide alternative solutions.
We all play a part in helping families who trust us to put together a comprehensive plan for them, and it is our job to recognize the risks the families' plans face. Any plan for a family approaching retirement or in retirement that does not factor in the potential threat of long-term care expenses is incomplete. Our firm prides itself on working with our clients' existing professionals, or helping them find appropriate professionals to cover all their bases.
If you have questions on how these risks might affect your clients from a legal perspective, please reach out to us for additional information. We have several educational seminars that explore Elder Law planning strategies. And likewise, we are always happy to get together over coffee or lunch to more thoroughly explain the factors that go into an effective long-term care planning strategy from a legal perspective.
Thank you for visiting our website, and we look forward to meeting you!