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Long-term care and estate planning

Nevada baby boomers may want to consider a long-term care plan to make sure that there is something left for their children. Until the millennial generation appeared, baby boomers made up the largest generation in the country's history, and they have amassed around $30 trillion in assets to pass down to their heirs. 

However, many people underestimate how much long-term care can cost, and may hesitate to purchase insurance because of the high premiums. The insurer Genworth Financial found that nationally, the median monthly cost of home health care (based on a 44-hour weekly work schedule) is $3,861 and the median cost of a private nursing home room per month is $7,698. Coverage from Medicare may be limited, and Medicaid may require that a person's assets be almost completely exhausted. 

While making long-term care plans, people should keep regular estate planning in mind as well. For example, they might want to consider a trust to allow them to place conditions on an inheritance such as requiring beneficiaries to reach a certain age or other milestone before receiving it. Families may also want to consider how children may manage their inheritance. One study found that around two-thirds of children do not use their parents' financial advisers, and some firms are taking steps to make themselves more attractive to millennials.  

Discussing how finances might be managed may be part of an overall plan in which there is communication with family members about estate planning. This kind of communication may reduce the likelihood that family members will be unhappy with or misunderstand the owner's wishes. 

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