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Legacy Partners recognizes that many of our clients are not aware of why they still may have a need for protecting their loved ones in the event of a passing when they enter retirement. Coupled with protecting loved ones in the event of a passing their lies another potential wealth erosion event that can ultimately deplete the wealth that took decades to create.  We find that financial services firms may focus exclusively on growing assets, and can potentially overlook discussing the pitfalls of a long-term care event and the impacts to the caring spouse and ultimate use of retirement assets to pay for care.

At Legacy Partners, our holistic planning philosophy not only addresses the accumulation and income distribution of assets for retirement income, but also encompasses conversations centered around the real potential of a long-term care event and it's impacts.

Questions to consider about your protection needs:

  • What happens to my group health and life insurance when I retire?

  • Have I reviewed my life insurance policies that I purchased years ago?

  • Will my pension continue for my spouse after I'm gone?

  • Where will the funds come from to pay for home care, assisted living, or full-time custodial care in a facility?

As we progress with our financial success, life insurance takes on a vastly different meaning. While the decision to purchase life insurance should be based on the need for a death benefit, we find that financially successful clients look for asset transfer techniques that can provide additional funding in retirement. In most instances this can be accomplished in a tax-free manner. 

In addition, properly planning for long-term care events early enough in your golden years can ensure that your family is not put in a position to have to make unfortunate financial decisions. We have all seen instances with either our own family members or friends' where their money was used for providing needed care instead of having alternative options for funding this event.

At Legacy Partners, we believe that addressing these types of questions early in our planning process allows our clients to best position themselves for addressing unknown future events.

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