long term care anchor wealth management lanark

As you get older, you begin to start looking towards retirement and all the things you are going to do when you finally get to retire. With that being said, you also start thinking about long-term care and what you want to happen to your assets after you pass. This process is collectively known as estate planning, and the financial advisors at Anchor Wealth Management can help.

Our financial advisors are wealth management experts, helping you plan for the future by charting a course for your financial independence. We do this by helping you figure out how much money you will need for retirement and then laying down a course for you to get there. We want to ensure that you do not outlive your retirement savings. We utilize many tools to help you achieve your financial goal, from investment planning to life insurance. Below, we’ll take a quick look at long-term care and estate planning. Contact our financial advisors at one of our offices in Rockford or Lanark today!

What is Long-Term Care?

Long-term care involves a variety of services designed to meet a person’s health or personal care needs during a short or long period of time. This looks very different for everyone since some people may only need a minimal amount of help, such as help with eating and dressing, while others may need round-the-clock care. There are now many options for seniors who need such care, including in-home care, adult healthcare during the day, assisted living facilities, and nursing homes. As Baby Boomers age, this need is only expected to increase with time. In fact, there will be 87.9 million Americans over the age of 65 by 2050. Of those turning 65, 52% will need some type of long-term care services in their lifetime. The cost of caregivers is high and will probably not be mitigated anytime soon. For a home health aide, one of the more affordable options, the average annual cost was $52,624 for 44 hours a week in 2019.

While these numbers are sobering, having a financial advisor in your corner who will go to bat for your financial needs as you age will be paramount to being worry-free over paying for healthcare costs as you age.

What is Estate Planning?

Estate planning is determining what you want to happen to your estate after you pass. Many people confuse estate planning because of the word “estate.” While it’s true an estate is commonly thought of as hundreds of acres with a huge mansion in the center with white pillars, when it comes to estate planning, your estate is everything you own, including your assets, cash, and property, upon your death. Thus, everyone has an estate, even if someone dies with just cash in their pocket.

When you die, what you leave behind will be your estate. Planning for what you wish to happen to what you leave behind is estate planning, and it often entails a will, trust, or another legal device. Estate plans involve provisions for your children, loved ones who may be incapacitated in some way or not able to care for themselves, and planning for your assets, such as your home and business. Estate planning is not something you sit down one time and do. In fact, it’s an on-going, life process that will change as your needs change. For instance, you won’t need to make provisions for your kids once they are adults, and you will need to make provisions for yourself as you near the point of needing help.

How Do Long-Term Care and Estate Planning Mesh Together?

Life insurance and long-term care are part of estate planning. Both long-term care and estate planning involve looking towards the future and planning for it in a fiscally-responsible way. In addition, an estate plan makes provisions for what happens to your assets and to you personally if at some point you become unable to make those decisions for yourself. This could be from a condition, such as Altzheimers or an event, such as a stroke.

While there can be a lot of legalities involved in estate planning, you can plan for your long-term care needs via your financial advisors. It’s their job to ensure you have the financial health to receive the care you need as you age. When deciding on a financial plan, it’s wise to include every aspect of your life, even if you are unsure what that will be in the future. Your financial advisor can calculate an estimated cost for your healthcare in the future and then set you on a course to save and invest those funds, so you and your family can have peace of mind when those times come.


Our financial advisors at both of our offices in Rockford and Lanark can help you chart your financial future, including helping you plan for long-term care and plan your estate. It’s important to plan for these expenses while you are still working so you can begin to save appropriately. We understand that most people don’t like sitting down and discussing their aging and their eventual death. However, it’s a fact of life, and ignoring the issue will only leave you woefully unprepared.

Our financial advisors offer a comprehensive plan for your entire financial health and well-being. While it’s important to plan for your long-term care, you also need to plan for other life expenses, such as buying a home, college planning, and retirement savings, as well as planning for life’s adventures, such as going on a family cruise or taking a trip to Europe. Our financial advisors can help you in all aspects of your life.

The financial advisors at Anchor Wealth Management offer free initial consultations. We’ll sit down with you and discuss your plans and goals you have for your future and help devise a plan to help get you there. Saving for long-term care and retirement is easy once you get started; it’s taking that first step that matters the most. Call our team, and get started today!