On May 4th, Lamson & Cutner founding partner David Cutner taught a class at the Center for Learning and Living, a continuing-education organization in New York City. Mr. Cutner spoke about the high probability that as people age, they will need long-term care at some point, either in the home or in a nursing home. He pointed out that the extremely high cost of long-term care can quickly wipe out people’s savings, potentially leaving them with a wonderful estate plan, but no estate.
He then spoke about the steps people can take to protect their assets and income, should the need for long-term care arise or should it appear likely to occur. Each person’s situation is different, and what steps are appropriate differ from case to case. Whether or not a person is married, what kinds of assets they own, and if married, the state of each spouse’s health, are just some of the issues taken into consideration when people make a plan to deal with long-term care.
The class was extremely well-received; the Center’s students began asking questions almost immediately and the rest of the class was give-and-take, with Mr. Cutner weaving the answers to the questions into the material he was covering. The students received a copy of “25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs,” so they could refresh their memories if they had questions about the topics Mr. Cutner discussed, and were also referred to the firm’s website.
Mr. Cutner will be teaching another class on May 18th, regarding estate planning and protecting disabled family members. The Center for Learning and Living hosts classes geared to those 55 and older, with teachers who are a combination of retired academics and experts in the business world, the arts and other fields.