Wealth preservation is an area of law that encompasses a wide variety of legal services, including estate planning (from basic to complex), elder law and asset protection planning. Wealth preservation ranges from a simple will, living trust or a designation of a guardian for minor children to complex multi-generational asset protection planning through trusts, family limited partnerships, and other planning devices.

Long-term care planning isn’t just about legal documents; it often involves evaluating insurance products that can help cover the high cost of future care. In short, our end-goal is to make sure your legal plan and your financial plan are in harmony and aligned to identify any financial or tax issues that would conflict with your estate plan. At The Lebowski Law Firm, P.C., we work hand-in-hand with trusted professionals to help our clients understand the tools available to them and how they integrate with a solid legal plan.

Types of Long-Term Care Products:

1. Traditional Long-Term Care Insurance. These policies reimburse the policyholder for eligible care expenses (nursing home, assisted living, in-home care). However, traditional LTC insurance has become less common due to rising premiums, strict underwriting, and a “use-it-or-lose-it” structure, meaning if care isn’t needed, no benefits are paid and no death benefit is issued. 

2. Hybrid Life Insurance with Long-Term Care Riders. These are increasingly popular. They combine life insurance with long-term care benefits. If care is needed, the policy pays out for services; if not, it functions as life insurance for your beneficiaries. These policies are often more flexible and predictable than traditional LTC insurance.

3. Annuities with Long-Term Care Riders. Some annuities offer special riders that double or triple monthly payouts if long-term care is required. These can be useful tools for clients with existing retirement assets who are otherwise uninsurable.

4. Asset-Based Plans. These plans allow clients to use existing assets (e.g., lump-sum investments) to fund long-term care coverage without giving up control. Some products offer return-of-premium features or guaranteed death benefits.

There is no one solution for every person. That is why the team at The Lebowski Law Firm, P.C. will work with you and your family to develop a custom plan for your specific needs.