The Investment Scientist

Archive for October 2015

A few months ago, a senior client of mine slipped and fell in his basement. He broke his hip and couldn’t get up to call help. He was only found lying in the basement by his tenant two days later.

His life was saved, but he is permanently wheelchair bound and he will need nursing care that costs over $150k per year. This expense alone will run down his personal wealth in a matter of a few years.

As his financial advisor, what could I have done for him?long term care 3

Three years ago when he was just retired from work, he approached me for retirement planning. Upon hearing that he was living by himself and his children were far way, I was adamantthat he bought long-term care insurance. It was costly, over $500 per month in premium. He was very reluctant to “waste” money on insurance, but I was adamant.

For seniors, a major cause for the need of long-term care is slip and fall at home. I was even trying to talk him into selling his townhouse that has two flights of stairs. That was a long shot, but about buying long-term care insurance, I just would not relent. Read the rest of this entry »

For those who are hard core about learning personal finance, I have this to share with you – Jim Ludwick’s Tweets for the Month. Jim is a hourly fee-only financial planner I respect a lot. His tweets cover a wide range of issues…


Author

Michael Zhuang is principal of MZ Capital, a fee-only independent advisory firm based in Washington, DC. He is also a regular contributor to Morningstar Advisor and Physicians Practice. To explore a long-term wealth advisory relationship, schedule a discovery meeting (phone call) with him.



You may also get his monthly newsletter, or join his Facebook page for regular wealth management insights. Michael's email is info[at]mzcap.com.

Twitter: @mzhuang

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