As most of us are relaxing and enjoying a day off from our “labors,” I began to think about the connection between Labor Day and LTC planning. All of our lives (at least most of us) we work. Hopefully, we are blessed to spend those years working in a field or occupation that we enjoy. But the question is – why do we work? Well….since I haven’t seen too many grocery stores giving away food, or home builders offering up free homes — we work to first provide for the basic needs of ourselves and family members —food and shelter.
But why do most of us continue to work and earn beyond just meeting our basic needs? That is where the path divides for many. Is it to provide more for our spouse or children than what we had? Is it to increase our ability to donate to our church, temple, or other religious faction? Is it to give back to a charitable cause in whose mission we believe and support?
As you read that list – those are some of the very same reasons for long term care planning. A situation requiring you to need care provided for a long period of time could financially devastate most portfolios. LTC insurance puts a “buffer” between this type of financial crisis and your estate. It says “turn here first for money, before turning to my estate.” We all have different reasons why we work and what we get out of working. Doesn’t it make sense to protect those “fruits of our labors” through LTC planning?