In estate planning and long-term care lingo, “community spouse” is the term that refers to a spouse that is NOT moving into or receiving long-term care in a long-term care facility. In other words, a “Community spouse” is the spouse who is still living on their own. This means they pay all expenses, healthcare and monthly bills with the income from their retirement, investments and the likes.
Unfortunately, if your spouse is moving into a long-term care facility, it can spell big uncertainty for you and your financial future. Long-term care costs for your spouse can have a huge impact on your finances and assets. Fortunately, proper planning can be a big help! Plan ahead and protect each other’s future!
Financial Planning for Community Spouse
Due to the time sensitive nature of things, planning ahead for this exact scenario can be paramount to protecting each other down the road. If you and your spouse do not have an asset protection plan in place, all assets and income may be impacted by long-term care costs. It is essential to evaluate the impact a long-term care facility can have on your savings, and to address any potential issues as soon as possible. Time is not on your side when it gets to this point!
On top of what is likely an incredibly stressful time, emotionally, physically and financially, now you also have to face the reality that the “community spouse” and “institutionalized spouse” have two very different financial needs. There is a better way!
Contact AlerStallings today to discuss strategies to ensure a “community spouse” is as protected as possible in the event that ½ of a couple needs long-term care in a facility.