A Nationwide Financial survey released Dec. 6 found 42% of advisers said their clients were interested in divesting themselves of their wealth, like passing their assets on to their children, in order to qualify for Medicaid.
Clients who intend on "intentionally impoverishing themselves" are taking "pretty extreme measures" to plan for long-term care, John Carter, president of Nationwide Financial, told AdvisorOne on Tuesday.
"The new age of retirement planning needs to include plans for addressing out-of-pocket expenses and long-term care." Advisors need to help their clients develop a "more holistic plan," he added.
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