When investing and saving money for the future and/or retirement we think about time to play golf, learn pickleball, trips and spending time with our kids and grandkids etc...
What most of us do not want to think about is the possibility that most of our money can be absorbed by the expenses involved with illness and the need for extended care.
The question is, what are my options and how do I move forward?
James Ball, a Certified Financial Planner and owner of Medallion Financial Resources, tells the story of a couple who came to see him and the husband refused to invest in long-term care planning. Shortly afterward, the man developed dementia, eventually passing away. Eight years later, his widow called James for help. The couple’s $1 million nest egg had dwindled to $70,000, and she was only 72.
James stated, “I’m on a mission. As a financial planner, you only have to see this once to know that you never want to see people experience such devastating financial loss."
He says he was inspired to focus on solutions for the cost of extended care when he realized that some of his clients weren't financially prepared and protected if there is a tragic diagnosis or lifestyle altering situation.
The good news is that there are solutions to prevent this from happening.
James is one of the first Financial Planners in Florida offering a solution for people currently under care. This solution has never been available before.
James encourages people to contact him to determine potential options fitting to their scenario.
Start with asking yourself the following questions:
1. If I need care, where do I want to receive it? Home is normally the first option.
2. If I need care, what asset would I use to pay for the cost of care?
3. If I knew there was a solution, including using my IRA, is it something I would look at?
Depending on your answers, James can tailor a solution for your future wants and needs. He also has options if you have a parent or loved one currently under extended care. Again, this has never been available before.
Whether you need assistance immediately or you want to plan ahead, it is a conversation that all of us need to have. Knowledge and action are the most powerful tools when laying out a successful future plan.
Now offering solutions for people currently under care.
Call Today! 941-486-0305
Or visit www.medallionfinres.com to schedule an appointment.