Planning Before the First Spouse Dies (Part 2)
           Last week I was telling you about Mary’s call. Her mom is in a nursing home paying $11,000 per month and her sister, Terry is in a group home. Mary doesn’t want to spend down all of Mom’s assets towards her care. She wants to be able to save
Planning Before the First Spouse Dies
           Mary called because her mom was in a nursing home paying $11,000 per month. Her sister, Terry, disabled and living with Mom for many years, had her own health problems and was now living in a group home.            I asked about her mom’s finances. Mary told me she owned
The Problem with IRAs – The Solution
           So, what is the solution to Bill’s IRA problem from last week? He has $1.2 million in IRA money and doesn’t want to risk losing it all to long term care if he gets sick. But protecting it by moving it to a trust will cause him to pay
The Problem with IRAs – Part 2)
           Last week I was explaining the problem with IRAs and long term care. If you need care at $125,000 per year or more but want to protect your IRA, what are your options? It’s always easiest to illustrate by way of an example.            Bill has an IRA worth $1.2
The Problem with IRAs
           IRAs, or any retirement accounts really, have always been a problem when it comes to long term care. They are a great vehicle for accumulating wealth. You can put away savings in an account which will earn interest on a tax deferred basis. No income tax is paid on
How to Self Insure for Long Term Care (Part 2)
           Last week I was telling you about using your own money, what we call legacy assets, to self-insure for long term care. This week I’ll walk you through an example of how that can work.            Mary is 73 years old. She has high blood pressure, for which she takes
How to Self-Insure for Long Term Care (Part 1)
           It seems that every year we receive more calls from our clients who have long term care insurance but are struggling with the decision about whether to keep it in the face of rising premiums. The story I wrote about the past two weeks is an example of someone
Do You Know What’s in Your Long Term Care Insurance Policy? (Part 2)
           Last week we were talking about Bob and his dad, Jim. Jim had always told Bob that he had long term care insurance to cover the cost of his care. However, now Bob was discovering that the policy isn’t what Jim represented it to be.            As I explained last
Do You Know What’s in Your Long Term Care Insurance Policy? (Part 1)
     Bob’s dad, Jim can no longer stay in his home alone. His dementia is advancing and Bob is now ready to move Jim to an assisted living facility. Jim had always told Bob not to worry about how to pay for care if he needs it because he has
Dangers of the Due on Transfer Clause (Part 2)
           Last week I was telling you about George’s problem. He had transferred his home to a trust to protect it but then received a letter from the bank referring to something called the due on transfer clause.            A transfer of title without permission could trigger the bank’s entitlement to