Planning For Long Term Care With PTSD In Mind

Planning For Long Term Care With PTSD In Mind

Post-traumatic stress disorder, or PTSD, is a mental health condition that occurs in people who have experienced or witnessed a terrifying event.

It affects more than 8 million Americans, 18 years of age and older. While PTSD symptoms vary, the most common include fear, flashbacks, nightmares, severe anxiety, and uncontrollable thoughts about the event. With proper treatment, those with PTSD can improve their symptoms, learn skills to cope with their condition, eliminate flashbacks and nightmares, and restore their self-esteem.

Long-Term Care And PTSD

If your loved one has been diagnosed with PTSD, long-term care will likely be essential since most people who are living with trauma, addiction, and other mental health issues need time to heal. Unfortunately, healing from PTSD will not happen overnight, and treatment in a long-term care (LTC) setting is often necessary. Living in an LTC facility may give your loved one the opportunity to develop a strong relationship with the community, build new relationships, and enjoy the resources they need to sustain long-term recovery.

How To Plan For Long-Term Care

Since long-term care costs can add up quickly, it’s important to have a plan in place to help cover expenses. The earlier you design an LTC and stick to it, you’ll have more control and choice. Some options to consider in your plan include:

  • Long-term care insurance – Typically, the best type of long-term care policy for those with PTSD is a traditional long-term care policy. Also called a long-term care partnership plan. When your loved one applies for one, they should be prepared to share when they were first diagnosed. As well as what prescriptions they’ve taken, and whether they’ve ever been hospitalized or visited the emergency room for PTSD.
  • Home equity – If your loved one decides to move to a long-term care facility permanently, they might be able to sell their home. Then use the funds to cover the costs of the care. If a spouse or another family member remains in the home, a reverse mortgage might be an option. This strategy allows them to tap into home equity. The loan must be paid back if the owners move out, sell, or passes away.
  • Medicaid – In the event, your loved one doesn’t have a lot of money saved or encounters a catastrophic expense that wipes out their savings, they may need to depend on Medicaid. Fortunately, there are a few ways to protect some assets for spouses if this situation does arise.

Consult Your Financial Professional

A financial professional can help you plan for long-term care with PTSD in mind.  Together we’ll help you review your financial situation and determine the ideal strategy for your unique goals. Contact us today to get started.

SWG2208431-0522a The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed. This information is provided as general information and is not intended to be specific financial or tax guidance. When you access a link you are leaving our website and assume total responsibility for your use of the website you are linking to. We make no representation as to the completeness or accuracy of information provided at this website. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information and programs made available through this website.

In addition, M3 Wealth specializes in providing strategies and guidance for those who are seeking a better lifestyle in retirement. If you have retirement savings of five million dollars or $50,000, we can ensure it works as hard. As a result, we offer our experience and knowledge to help you design a custom strategy for financial independence. Contact us today to schedule an introductory meeting!

What Do Rising Home Prices Mean For Your Estate?

Since the COVID-19 pandemic began, there have been rising home prices. According to Fannie Mae, they’ll continue to climb by 11.2% this year and expand at a more modest rate in 2023.

So what exactly do these rising home prices mean for you as a property owner and your estate?

Higher Property Taxes

When home values go up, so do property taxes. While it’s possible to appeal a property tax increase, it can be challenging to convince the tax assessor. To successfully reduce your property tax bill, you’ll need to compile home sales data of comparable houses in your neighborhood at lower price points. Since home price increases are so prevalent, you should consider preparing for and budgeting for any property tax increase that may come your way.

More Home Equity

Since home values have risen nationally, you may have a record level of equity at your disposal. Now maybe an optimal time to tap into your home’s equity through a home equity loan or a home equity line of credit (HELOC). You can use the funds to renovate your existing property, expand your real estate portfolio, or invest in other wealth-building strategies.

Increased Profit

If you have rental real estate, now may be time to unload a rental property. Selling your rental property may be appealing if you don’t have reliable tenants or simply no longer want the responsibility. If you put your property on the market, there’s a possibility it will sell quickly for the top dollar, given the current housing market. If you decide to sell your primary home, you may have to pay more to live in a comparable property.

The Need For More Property Insurance

As your home equity rises, so does your net worth. You may want to purchase additional property insurance coverage before someone sues you for an event on your property. You might want to explore umbrella coverage or increase the coverage on your current policy. Fortunately, you can buy an umbrella policy that offers $1 million more in coverage. This policy is on top of what you already have on your homeowner’s insurance policy.

Consult Your Financial Professional

A financial professional can help you determine how to take advantage of the rising home prices and how they may impact the value of your estate. Together we’ll help you review your financial situation and determine the ideal strategy for your unique goals. Contact us today to get started.

SWG 2208431-0522b The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed. This information is provided as general information and is not intended to be specific financial or tax guidance. When you access a link you are leaving our website and assume total responsibility for your use of the website you are linking to. We make no representation as to the completeness or accuracy of information provided at this website. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information and programs made available through this website.

In addition, M3 Wealth specializes in providing strategies and guidance for those who are seeking a better lifestyle in retirement. If you have retirement savings of five million dollars or $50,000, we can ensure it works as hard. As a result, we offer our experience and knowledge to help you design a custom strategy for financial independence. Contact us today to schedule an introductory meeting!

Inflation And How It Affects Every Industry

Inflation is the rate at which the cost of goods and services rises. Inflation affects and is measured by the consumer price index (CPI), which monitors the average prices of goods and services across categories like food, vehicles, apparel, and healthcare services.

Due to inflation, your hard-earned money will buy you fewer groceries, gas, medical services, or anything else than previously. While inflation affects most industries, how much it affects them varies. After all, not all goods and services increase at the same percentage. Here’s a look at a few industries most impacted by inflation according to the CPI:

Food

Food prices go up when inflation hits due to the increased costs of agriculture, labor shortages, and infrastructure issues, like a shortage of truck drivers. It should be no surprise that your grocery bill is more expensive than it used to be.

Air Transportation

The increase in oil prices has led to a rise in fuel prices for airplanes, which eats into the earnings of many airlines. Also, since travel is often a nonessential expense, many people tend to spend less on airfare or avoid airfare costs altogether, further hurting the bottom line of the air transportation industry.

Apparel

Due to the increase in the costs of wool, leather, cotton, and other materials, the clothing industry can be significantly affected by inflation. Often, apparel companies pass the increased costs on to their customers. For this reason, consumers may shop for clothing less often or buy used clothing during times of inflation.

How To Combat Inflation

Fortunately, there are steps you can take to prepare for and combat inflation affects on industries, including:

Create A Budget

A budget is a spending plan that takes your income and expenses into account. It can help ensure you have enough money for your needs and wants. If you don’t already have a budget, consider the pay-yourself-first budget, zero-based budget, or 50/30/20 budget.

Cut Unnecessary Expenses

Likely, you may spend money on goods and services that you don’t need or want. These may include a gym membership you never use, daily trips to the coffee shop, and cable television. Getting rid of them to help free up your monthly cash flow.

Reduce Or Pay Off Debt

Debt can make it difficult for you to meet financial goals during an era of inflation. The faster you pay them off, the sooner you’ll be able to save for a house, buy a new car, build an emergency fund, or contribute to your retirement savings accounts.

Consult Your Financial Professional

A financial professional can help you determine a strategy to be financially secure when inflation is at an all-time high. Contact them today to help determine the ideal strategy for your unique situation and goals.

SWG 2208431-0522c The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed. This information is provided as general information and is not intended to be specific financial or tax guidance. When you access a link you are leaving our website and assume total responsibility for your use of the website you are linking to. We make no representation as to the completeness or accuracy of information provided at this website. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information and programs made available through this website.

In addition, M3 Wealth specializes in providing strategies and guidance for those who are seeking a better lifestyle in retirement. If you have retirement savings of five million dollars or $50,000, we can ensure it works as hard. As a result, we offer our experience and knowledge to help you design a custom strategy for financial independence. Contact us today to schedule an introductory meeting!

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