Bobby’s Blog

Don’t Let Your Long-Term Care Insurance Lapse

The median annual price of a private room in a nursing home is over $90,000, according to Genworth Financial. Many people attempt to defray these exorbitant costs by purchasing long-term care insurance. But here is something that may blow your mind - more than a third of people with long-term care insurance policies at age 65 let their coverage lapse before they pass on, without reaping the benefits the policy may offer, according to Forbes.com. Specifically, men and women at age 65 have a 32 percent and 38 percent chance of lapsing prior to their death. Understand, when you coverage lapses,...

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Long-Term Care – Why You Need to be Prepared

It is an undeniable fact - we are living longer. By the year 2050, people in their 90s will increase four fold. That means the number of senior citizens (i.e. age 65+) will more than double, according to an article by J. Brendan Ryan. Many seniors need long-term care. In fact, over ninety percent of seniors’ health care costs today are attributable to chronic diseases like arthritis, diabetes, etc. The likelihood of a senior citizen needing long-term care at some point in their lives is extremely high – nearly 70 percent. Millions of unpaid caregivers helps the sick, elderly and disabled. This...

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The Burden of Inheritance

Many people mistakenly believe that inheriting a large estate is some wondrous thing akin to winning the lottery. All of sudden, you are presented with access to vast sums of money, large pieces of property, etc. Such assets can completely change your standard of living. Nevertheless, there are numerous “burdens” associated with inheritance. One of the biggest burdens is the emotional trauma associated with inheritance. We must not forget that someone died in order for an estate to be distributed. Along with the emotional toll of inheritance is the large amount of time and work that must go into properly distributing a...

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Estate Planning Takeaways from Lamar Odom’s Medical Nightmare

Former NBA star Lamar Odom was on the verge of death totally incapacitated. He needed the assistance of a breathing tube and many worried he would suffer permanent, debilitating brain trauma. Fortunately, his health has improved and it looks like he will pull through, but this incident is a prime example of why it is so important to regularly review and update your estate planning documents. Lamar Odom was married to Khloe Kardashian, but the couple was not on good terms and had signed divorce papers, but they were not finalized. This meant Kardashian possessed legal authority to make medical decisions...

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Simple Estate Planning for Your College Kids

It is a day most parents dream of, and dread, all at the same time – their child makes the voyage into adulthood and heads off to college. Keep in mind, even though you may view your son or daughter as a child, in the eyes of the law, when they turn 18, they are a legal adult. As a result, they need to have some essential estate planning documents in place. An estate plan is critical since it provides directives on who will be appointed to make medical and financial decisions in the event your son or daughter is unable...

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