- You know, one of the products that your financial advisor might talk to you about is a whole life policy with a long-term care rider.

- Oh.

- So it's sort of a hybrid, right?

And so- - Attorney, Nikki Applefield Engel meets with an associate to discuss life insurance.

- But if I cash it in, how much do I get back?

- So- - From all the money I put in it?

- A lot of times, nothing if you drop that policy.

(clients beats on the table) Yeah, that's the kicker.

- [Jason] Nicki is a certified elder law attorney with the Johnston Allison Hord Group in Charlotte.

- It's a wonderful area of law to be in.

And honestly, there are not enough us of us around.

- What's considered elder law runs the gamut as far as the various areas of law it deals with.

- Which can include, you know, healthcare planning, estate planning, asset protection, guardianship, probate, trust administration.

So you'd have to look at your policy, what are the benefits?

And also, you know, look at your income, look at the costs of care, the average increases.

- Nicki's job is to help clients navigate the legal system, putting them in position to seek out benefits, discussing options and advising clients on retirement planning.

- For older adults who are kind of facing the golden years, I think, you know, you have to, at the very least, have to have a foundational estate plan, which will include of course a will, financial power of attorney is very crucial.

Healthcare advanced directives, of course, are very important.

- [Jason] The biggest challenge facing retirees isn't necessarily having enough money for the retirement itself, but instead, for potential long-term care.

- That's really what we help to plan for is, is, you know, how do we protect assets so that if a long-term care event arises, you know, we are not having to deplete every last dime to pay for care, and we're able to leave a legacy for our family.

- Three (man grunts) Good job.

- [Nurse 2] Do one more for me.

- [Nurse 1] Get up.

Come on.

Tuck your bottom under.

There ya go.

(gentle piano music) - The average cost of assisted living is now $10,000 a month, with most people in care for an average of three to five years.

- Honestly, I never hear anyone say, "I wanna be in a nursing home."

Right?

Everybody says, "I wanna age at home, "and I wanna have care at home."

And of course that's a wonderful goal to have.

But, you know, understanding what that cost is, is very important too, because that could be even more than you know, facility care.

- [Jason] Another thing to consider and plan for if needed, are things like dementia and Alzheimer's.

- When we talk about estate planning, most people focus on, you know, death and planning for when you pass.

But just as important, or maybe even more so, is planning for incapacity.

And when we plan for incapacity, you know, we're thinking about, you know, powers of attorney, financial and healthcare.

- [Jason] And it's not just attorneys working in this space.

Jennifer Szakaly is a national certified care manager and master guardian.

She's the founder and CEO of Caregiving Corner.

- I started Caregiving Corner in 2005, and I started it really because I saw the need for additional advocates in the community to work with families, and help them understand the long-term care system, and help them really understand everything related to caregiving.

- [Jason] And that can mean everything from connecting people to healthcare services they need, setting up doctor's appointments, medication management, and communication with other family members.

- Our primary role is to be an advocate for the older adult, and help them live as independently as possible for as long as possible.

- [Jason] With more and more retirees not having children in the area, or having children at all, advocates like Caregiving Corner help fill in those gaps.

- So most of the time we are contacted by the adult children of the person who is aging.

Increasingly, we're seeing that those individuals do not live in the same city as their aging parents.

Increasingly, older adults are entering into aging, single, maybe never married, child free.

So they don't have the typical family structure that you had a generation ago.

- [Jason] And that's yet another reason why it's critically important to have plans in place, keep them updated, and make sure others know where to access them.

- Even something as simple as where the passwords are, or the combination to a safety deposit box.

So any number of different things that could cause a hiccup down the road after that person is gone, or after they're no longer able to give you that information.

Any of those kinds of things that you can get out of the way ahead of time is really, really critical.

The people that wait, and kind of bury their head in the sand, and they assume that they're never gonna need care, they're never gonna have to move out of their house, those are the people unfortunately, that leave families really wondering whether or not they're doing the right thing, whether or not they're doing what their parents would've wanted them to do.

And those families are in crisis, and they really don't have as many options as someone who has planned ahead.

- [Jason] In addition to legal documents like wills, trusts, and powers of attorney, is documentation of personal assets.

- The old adage, "One man's trash is another man's treasure," really rings true in this industry.

- [Jason] Kait Marley is an accredited member of the International Society of Appraisers, and the managing director with Arcadia Art Consultants.

She works with wealth managers, estate planning attorneys and families, in assessing personal property and collections.

- One of the things that we offer to clients, and we really recommend for clients, whether they're working with us or with someone else, is to make sure that they are seeking unbiased support.

So making sure that the person who's giving the opinion, isn't someone who's going to be directly benefiting from the opinion that they're providing.