What is a Cost Projection?
Imagine how much simpler it would be to plan for clients if their probable future needs – and the costs of those needs – were known today.
Whether an attorney is developing an estate plan designed to encompass the special needs of a client’s family member, or a fiduciary is making decisions influenced by how long a client might live and to what degree existing assets will be needed for care, a cost projection is an essential tool.
A cost projection offers an organized, concise summary of anticipated medical and non-medical needs along with associated costs. The report is specific to the individual’s injury, disability or diagnosis, and outlines needs and costs in a methodical fashion. These are unique, case-specific reports.
Our years of experience in developing cost projections and Life Care Plans for those litigating catastrophic personal injury cases enables us to bring expertise and established methods to the task of creating cost projections for those with developmental disabilities, progressive and debilitating conditions, and/or injuries.
Equipped with medical history/records and basic information about the current needs of the client, our specialists can apply their knowledge and experience to the task of developing a detailed spreadsheet that forecasts future needs, the age of onset and likely duration of these needs, and the related costs.
The Lifecare Innovations Cost Projection can be used to add insight to the process of planning or determining equitable distribution of assets:
- A cost projection can be used in divorce scenarios in which one or more of the parties has special needs or other forms of disability, thereby impacting the distribution of assets;
- Cost projections have also been critical to the development of estate plans wherein one or more beneficiaries has special needs and may therefore need/receive a larger distribution from the estate;
- When a new or challenging diagnosis is received, a cost projection can help determine what the related costs will be and how the diagnosis might impact investment choices and estate plans.
- Fiduciaries and guardians charged with the responsibility of investing on behalf of disabled clients benefit immensely from the look into the future a cost projection provides.
Send us an email inquiry to request a call or to outline the scenario for which you are interested in using a cost projection and any questions you may have about the process.