What Business Owners and Entrepreneurs Need to Understand About Estate Planning
We have a guest blogger on Direct Talk today - Jeffrey G. Marsocci, Attorney at Law and Certified Medicaid Planner™
Business owners and entrepreneurs work hard for their success. As they age, they often remain independent-minded even when it stops making sense.
When seniors start to have some initial mobility issues or they are diagnosed with the early stages of dementia, it is still possible to shelter significant portions of their assets and still get the senior the long-term care they need. Often, however, the family waits until they become financially desperate or reach a psychological breaking point. While it is still often possible to help shelter tens of thousands of dollars, the family has already spent hundreds of thousand dollars they didn’t necessarily need to because they kept the problem “in the family” without seeking help, or worse, they took do-it-yourself steps that may make things worse.
Why don’t people get help sooner? Because it’s a family thing, and the kids want to do right by their parents without bothering the outside world. The business owner parent remains self-sufficient, strong and proud. That’s natural, and family unity in a time of crisis is commendable. With the way long-term illnesses progress, however, and with average nursing home care costs approaching $10,000 a month over the next ten years, the time to plan is well before the situation becomes unmanageable and unaffordable.
One of the toughest parts of aging and managing your health and wealth as a business owner, is that no one wants to talk about the need for planning. But it is possible to arrange your assets and income to make sure you don’t lose everything to the nursing home. Your family’s success is often contingent on how early or late you start the process.
If you want to learn more, I invite you to download my free e-book: “The Long Term Care Solution.”
The Care Assistance Center, LLC was founded by author, attorney, and Certified Medicaid Planner™ Jeffrey G. Marsocci. His goal was building a company to provide his clients with the same protection and empathy his grandmother received. For more than 22 years, Mr. Marsocci worked to bring simplicity to care assistance, Medicaid, and benefit planning while handling complex family and estate situations. The Care Assistance Center, LLC 8406 Six Forks Road Suite 102 Raleigh, NC 27615 (919) 518-8237