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NURSING HOME PROTECTION
We all are concerned about the potential of an extended stay in a long-term care facility destroying our estate. We also don’t like the idea of long-term care insurance. Now there is a way to avoid both.
1.) What are the reasons for not buying long-term care insurance?
a. You may be in the 50% that do not go to the nursing home.
b. You may not be able to afford it. Too costly.
c. You don’t know how much to buy.
d. You don’t know how long you will stay in the home.
e. You don’t know what the cost of a stay will be when or if you go.
With all these unknowns, it becomes almost impossible to make a decision about long-term care insurance.
2.) How, without long-term care insurance, can I protect my estate and my loved ones?
a. Put all your liquidity into fixed annuities (mutual funds, stocks, bonds, CD’s. savings, etc.). These funds cannot then be attached by the long-term care facility.
b. As long as your spouse
is alive the house cannot be taken. If the spouse has died and
you have a living trust the house should be in the irrevocable portion
of your trust and then cannot be touched.
c. Other fixed assets are exposed and must be sold in the
grace period and those funds placed in fixed annuities.
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