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Jan 1, 2012 12:00 PM
The High Cost of Aging
Long-term care has become a major issue that our clients need to address
Long-term care (LTC) and how we pay for it continue to be major issues for Americans and our federal, state and local governments. Congress attempted to address these issues with the Community Living Assistance Services (CLASS) Act, which established a voluntary LTC program. But, that program was recently eliminated. As the baby boomers age, the issue of LTC will continue to attract the attention of politicians, consumer groups and, of course, your clients. The costs are staggering. Nationwide, the average annual cost of a nursing home is approximately $90,000. In some major metropolitan areas, the cost can exceed $200,000 a year. These expenses can bankrupt most middle class families. Medicare, unfortunately, doesn't cover LTC. Medicaid, the primary payer of LTC in this country, has strict income and asset requirements and is supposed to be the payer of last resort. All of your clients should consider LTC insurance as part of their overall estate plan. However, due to underwriting requirements or financial considerations, it's not an option for many.
In 2011, we saw some changes in the LTC area. Here's a rundown of some of the recent developments.
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Topics of Interest
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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