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Some Advisors Call for Early Long-Term Care Planning

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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.

(Related: These 3 Threats Scare Gen Xers More Than Basic Retirement Costs: IRI)

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.”

Fifty percent said the right to time to bring up the topic is “at the outset of the relationship.”

About 40% of the advisors said that, ideally, high-net-worth clients should start actually preparing for LTC costs when they are 50 or older.

But 13% would like to see clients start preparing for LTC costs when they’re ages 30 to 40, and a few of the advisors — about 1% — wish high-net-worth clients would start preparing for LTC costs before they turn 30.

— For more about how the long-term care planning market works, see our Long-Term Care Planning archive, on ThinkAdvisor.

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