Consumers with cash should start thinking about future long-term care (LTC) expenses as early as possible, many wealth advisors say.
Key Private Bank, an arm of Cleveland-based KeyCorp., learned about some advisors’ passionate advocacy for LTC planning recently, when it surveyed bank advisors who work with high-net-worth clients.
About 150 of the advisors participated in the survey.
Only 2% of the advisors who participated said a good time to start discussing LTC plans with high-net-worth clients is “when clients raise the issue.”
About 26% said a good time to start is “once clients have reached a certain age.”