Portfolio Advisors Blog

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Jordan joined Portfolio Advisors in 2016 with a passion to assist clients reach financial goals. Before starting with Portfolio Advisors, Jordan began his career with Mutual of Omaha as a financial advisor specializing in risk management applications and earned the Life Underwriter Training Counsel FellowSM designation. He graduated from California State University, Fresno receiving a B.S. in Construction Management and a minor degree in General Business in 2015. Jordan is a member of Fresno's Leading Young Professionals and National Association of Insurance and Financial Advisors. Jordan, in his free time, enjoys exercising and traveling.

Preparing for the Unexpected - Key Planning Considerations for Long-Term Care Needs

Preparing for the Unexpected - Key Planning Considerations for Long-Term Care Needs

Many of our clients anticipate the likelihood that some level of long-term care may be needed at a future date. As we work together toward constructing comprehensive financial plans, addressing and preparing for uncertainties is a critical consideration. Costs for various levels of care such as in-home, assisted living and skilled nursing may be significant. A common approach to addressing the impacts of long-term care costs is analyzing trade-offs between self-insuring (relying on income sources such as Social Security, pensions, retirement accounts, etc.)  or purchasing / maintaining a long-term care insurance policy. As financial planners, our focus is creating viable game plans to combat these uncertainties with the appropriate reflection and preparation. 

According to Morningstar statistics, roughly 52% of Baby Boomers turning age 65 will experience a long-term care need, averaging a 2-year facility stay during their lifetimes. Given these staggering statistics, periodic financial assessment is imperative. Utilizing sophisticated financial planning tools, our team works with clients in determining the potential effects of future care costs. Once general information is collected, our typical approach is then to demonstrate specific events that may adversely affect an individual’s standard of living. Our team has the capability to model alternative financial decisions, ideally arriving at an agreeable solution to diminish future financial stresses. As an example, we may determine (though some assumptions) purchasing or maintaining a long-term care insurance policy may be most beneficial and demonstrate the policy benefits for when certain levels of care are needed. More specifically, further analysis may include illustrations to trade-offs between payments for long-term care insurance premiums versus alternative uses for these dollars. Through our periodic meeting reviews, the foundations to a comprehensive financial plan is paved. 

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