LAKNED Jones is 50 years old. He is working with you, his financial planner to calculate his long-term care insurance need. Please use the following assumptions to calculate lack needs net LTC need. 

The current annual cost of LTC equals 73 Age of Wichlac, Ned will need LTC services, 70 LTC inflation rate 4.50 

Number of years benefits will be needed at six Before tax rate of return, 7% 

Marginal tax bracket 24 Annual increase in savings zero 

Current value of assets set aside for long-term care need is 100,000