Preparing for your Future

What has changed America’s opinion on social responsibility? Have recent events of corruption created unethical monsters out of normal working citizens? What happened to encouraging our children to work hard and pay their own way? In order to create stability for future generations don’t we need to pass sound core values down to the youth of today? For some reason people are looking for ways to game the system at the tax payers expense.

For example, an article by John Goodman states that “households headed by people aged 62 years or older who own their homes and have a home equity value under $500,000 ($750,000 in some states) generally are an exempt asset when qualifying for Medicaid Long Term Care.” Obviously people are scared of losing their homes but resorting to sheltering their assets rather than using their own resources is certainly not the answer. Approximately 6 million of these senior households could access more than $70,000 in equity per household using a reverse mortgage which would cover a year or more of nursing home or 2 years or more of home care costs.  In 2000 the University of Michigan did a Health and Retirement Study and according to the study, “out of the nearly 28 million households age 62 and older, some 13.2 million are good candidates for reverse mortgages.” In my humble opinion this option is more socially responsible and provides a solid example for future generations not to spend more than they earn. We cannot with moral conscience continue to borrow excess money that can only be paid back by our children and grandchildren.

Preparation is vital to insure your assets and loved ones are secure and protected. LTC Tree can assist you in finding a Long Term Care policy that is tailored to your needs and will provide you with peace of mind. And you can set the new standard of social responsibility by doing your part. Thank you for reading today we appreciate it.