A recent client was still working at age seventy-five, but not necessarily by choice. His wife was suffering with Alzheimer’s disease, and had been living at a long-term care facility for seven years.
During our conversation it became clear that the only reason he continued to work was to pay for his wife’s care. He was exhausted, yet unsure about alternatives…
He felt trapped…
Like many people, he was confused about asset protection in a case where only one spouse was in need of long-term care. He had also been told about a five-year “look-back,” didn’t know whether his home and other assets were protected, and was worried about the fact that he had not done any planning.
In fact, he confessed he wasn’t quite sure about how the look-back worked or how he could possibly maintain his wife’s care if he were to stop working or, even worse, suddenly be unable to do so.
The Good News… read the case study.