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June 06, 2016 at 11:25 AM
I’d love for more people to read my articles. The other day, I was thinking, “I like lawyers. More lawyers should read my articles. What could I tell them to get them interested in long-term care insurance and other long-term care planning strategies?”
One obvious reason is that they’ll get old someday, too.
Another reason is that (frankly) they may see business opportunities related to all of the turmoil in the stand-alone long-term care insurance market.
A third reason is that “filial responsibility” seems likely to be a boom market for lawyers.
Read: Filial Responsibility and Long Term Care
More and more submissions about adult sons’ and daughters’ legal responsibility to pay for their aged parents’ long-term care flow into my inbox.
The authors often talk about that as an opportunity for long-term care providers to get paid, or for government programs, such as Medicaid, to recoup some of what they have spent for nursing home care for beneficiaries who really weren’t all that poor. Long-term care planners may see that as a last-ditch option to recommend to clients who have no other practical way to pay for care.
Meanwhile, it’s also a reason that lawyers should be attractive prospects for long-term care planning services for their parents.
Think about what the world might be like in 2031. Many lawyers who are now handling financial planning services and estate planning services may find themselves bringing more and more filial responsibility suits. Many lawyers who now handle defense work of all kinds may find themselves defending clients against the waves of filial responsibility suits.
Even if the parents are happy, the adult children are happy, and the care providers are happy, whatever program happens to be paying the long-term care bills may see things differently. It might want the adult children to chip in.
