I love applying AI technology to mindful aging strategies and Grand Planning. We aren’t going to get all the right or best answers from ChatGPT, but it is certainly better than not having a clue. Plus, this technology is widely available and easy to access that it’s like, why not ask? So, let’s play a quick round of “GerontoloGPT” and see what gives.

Here’s today’s prompt: “My wife and I want to leave as much of our estate and assets (inheritance) as possible to our adult children and grandchildren when we die and want to protect as much as we own as possible instead of spending it all on our long term care, aging and health needs. How do we make sure our long term care and residential living needs will be covered without bankrupting ourselves while simultaneously passing along to the next generations as much as possible from our hard-earned assets?”

Here’s today’s GerontoloGPT answer (!!!): “You’re asking one of the most important — and increasingly urgent — questions facing aging adults today: How can we secure high-quality long-term care without spending down everything we’ve worked for, so that we can leave a meaningful legacy for our children and grandchildren? To balance care needs and inheritance goals, you’ll need a comprehensive, proactive strategy that includes legal planning, financial structuring, and housing foresight. Below is a structured roadmap that can guide you and your wife toward that outcome”:

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✅ 1. Meet with an Elder Law Attorney (Specializing in Asset Protection)

A good elder law attorney can help you:

• Create irrevocable trusts (like a Medicaid Asset Protection Trust) to move assets out of your name but still benefit your family.
• Understand Medicaid planning timelines (e.g., the 5-year lookback rule for long-term care Medicaid).
• Draft durable powers of attorney, health care surrogates, and living wills that ensure your wishes are followed and protect your autonomy.
• Avoid probate and preserve wealth through revocable living trusts and transfer-on-death (TOD) designations.

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💵 2. Explore Long-Term Care Insurance or Alternatives

• Traditional LTC insurance: These are harder to get and more expensive after age 60, but worth reviewing if you’re still healthy.
• Hybrid life/LTC policies: Combine life insurance with long-term care benefits — if you don’t use the care benefits, your heirs still receive a death benefit.
• Permanent life insurance with riders: Some policies allow you to tap the death benefit early for care needs.
• A long-term care specialist can tailor the right solution based on your age, health, and estate goals.

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🧾 3. Use Asset-Based Planning

To avoid “spending down everything”:

• Title and retitle assets strategically (e.g., place a second home in an irrevocable trust or LLC for generational protection).
• Consider gifting assets to family now, with tax-conscious strategies (within IRS annual limits or using lifetime exemptions).
• Shift retirement funds slowly, balancing required minimum distributions (RMDs), taxes, and inherited IRA rules.

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🏡 4. Plan Your Housing with Intention

• Choose aging-friendly, low-cost housing now to avoid expensive transitions later.
• Consider Continuing Care Retirement Communities (CCRCs) — some allow you to pay upfront for future care with more predictability.
• For aging in place, build a home care fund (a designated savings or investment bucket) to cover caregiving costs without dipping into principal assets.

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📊 5. Build a Care Cost Forecast

Have a financial planner help you model:

• The cost of long-term care in your region (home care, assisted living, memory care, skilled nursing).
• The likelihood of needing care (about 70% of adults 65+ will need some form of long-term care).
• How different assets would be affected by those costs.

This shows you what’s truly at risk and what can realistically be passed down.

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👨‍👩‍👧 6. Communicate Your Plan with Your Family

Once you have your strategy:

• Let your children know your intentions and structures.
• Share where important documents are kept.
• Clarify any caregiving preferences, so they’re not surprised or burdened unnecessarily later.