With many of our cases, we work with two or more generations of family members, (as our name states). The following case typifies this: In late 2016 a client referred a family to Generations Asset Preservation. It was a spousal Medicaid situation, whereby an 85 year old spouse was in a nursing home. Her husband is 88 years old and doing fairly well. The family was about to be faced with a $14,000 monthly nursing home bill.
As a result of doing crisis planning with Generations, we were able to reduce the nursing home bill to approximately $400 per month. (This is not a misprint!) The family was able to save $600,000 in liquid assets and a house worth approximately $350,000. In addition, the proper follow-up estate planning was done, consisting of a Will, Durable Power of Attorney, Health Care Proxy, and a Trust for the well spouse.
The couple has two adult children and they each worked with us to establish their own estate plan. The daughter is married with grown children, and the son is single. In the course of doing his planning, we discovered he had in excess of $1.7 million dollars, all in CDs and/or money markets. This includes, IRA as well as non-IRA money.
He was obviously very conservative and had an aversion to the stock market and any type of risk. With interest rates at a paltry amount, (1%) he was surely missing out on tremendous opportunities for much higher guaranteed interest rates.
Generations Asset Preservation was able to help him restructure approximately $1 million dollars of his long term money to earn 6% interest with an income rider. This resulted in an additional $600,000 of guaranteed growth in his name, over the next ten years.
This is money that will allow him to realize his retirement goals, and more importantly, he is able to sleep at night knowing he has secured his financial future.
There is no better testament to results as a referral and we are proud to bring financial security to the generations of this family and to the many other families that we work with.