Now, this is a bit of a philosophical question, but the reality is, in this country we do not have a good social safety net for our seniors and elders. What that means is that if a senior or elder or a family member or a lover, one requires long term care.
Typically, there are only three ways to pay for it. First, you could pay out of pocket. Second, if you have long term care insurance, you can use the long-term care insurance to pay for long term care. Or third, you could get qualified for certain government benefits such as medical or Veterans Administration aid and attendance.
So, this does not really address who should take care of the elderly in our society, but this addresses the issue of how will it be paid for?
Quick Question Corner is a video segment where we answer common questions about estate planning and elder law. If you have similar questions, leave them in the comment section and we can feature them in one of our videos in the future.