Determining your monthly income as well as available assets are always an important part of planning for care. This important first step is needed not only to determine your budget but may also affect some of the available assistance programs.
Most families combine several resources including monthly incomes, savings, and other assets to pay for initial care out of pocket while they apply for assistance from long-term care or other benefits and while they sell assets to pay for future care.
It is not uncommon to find that our loved ones have not organized their financial records or made any plan for long-term care.
If you have not put your own financial resources in order, start doing that so that your family can better assist you when the time comes.
Common Types of Incomes and Assets
Monthly Income Sources
- Social Security Income
- Pensions & Other Retirement Income
- Business Income
- Rental Income
- Alimony
- Interest Income
Preplanned Benefits
- Long Term Care Insurance
Cash & Savings
- Checking & Savings Accounts
- Certificates of Deposit
- Money Market Accounts
- T Bills
Real Estate
- Primary Residence
- 2nd Homes
- Rental Properties
- Commercial Properties
- Land
Investments
- Annuities
- Savings Bonds
- Mutual Funds
- Pensions
- Retirement Plans / 401k
- Individual Retirement Accounts
- Stocks
- Life Insurance
- Value of Business to be Sold
Personal Property
- Artwork & Collectibles
- Motor Vehicles
- Boats
- Electronics
- Jewelry
- Gold / Silver / Precious Metals
- Household Furnishings
- Equipment & Machinery
Other Resources
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