Friday, June 14, 2024

Don’t Overlook Long-Term Care Expenses When Planning Inheritances

If you’re a baby boomer and focused on being able to pass on an inheritance to future generations, be sure not to do it and put your long-term care plans at risk.

This is the advice of Stuart McLuckie, financial advisor and managing director of the Manchester office of Zedra. He says there is increasing concern that boomers are intent on being generous with loved ones, but that they’re overlooking their own care they may need as they get older, according to an article on FT Adviser. McLuckie adds that given that life expectancy has increased, this translates into the cost of care also growing. If you’re the one responsible for the costs of your own care, this will cut into what you can leave as an inheritance.

Protecting your savings with your care and future generations in mind is important, and McLuckie outlines some key conversations boomers should be having with their financial advisors in the piece up on FT Adviser.

Read more:

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Senior Living Communities Need a Revamp

Why You Don’t Need to Stress About Inflation in Retirement

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