Over the years, I've had hundreds of people call me needing help with long-term care planning. My advice has always been the same: LTC Planning is an integral component of financial planning. Because of that, a person should seek advice from an objective financial advisor about how to plan for long-term care. The response is usually: "I'm not sure if my advisor is objective." Or, "I don't have an advisor, how do I go about finding an Objective Financial Advisor?"
One particular caller was a widow. She was only 49 and had 3 young children. Her phone rang off the hook after she received a multi-million dollar settlement for her husband's accident at work. People calling themselves financial advisors had sold her all types of financial products, including large life insurance policies on her young children. I immediately referred her to an Objective Advisor, who helped her get out of the mess she was in, including cancelling that life insurance on her kids!
Getting objective financial advice is important because the thousands of dollars you might spend on financial products you don't need can mean the difference between a carefree retirement and a retirement made up of daily struggle.
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