For instance, another way to protect your family’s legacy includes obtaining coverage for potential long-term care expenses which could arise. Long-term care includes activities of daily living, like dressing, bathing, brushing your teeth, preparing meals and eating, and going to the toilet. Alzheimer’s is a potential risk to your family’s finances because Medicare doesn’t cover long-term care, and Medicaid comes with a five-year (60 month) lookback to make sure assets weren’t sold off at a loss or given away to family members in a manner that would disqualify you from receiving Medicaid benefits like long-term care.
Medicaid requires a complete spend-down of assets in order qualify for being placed in a nursing care facility, which may include selling the family home. And nursing facility care is extremely expensive, averaging more than $9,500 per month for a semi-private, shared room. Life insurance and annuity policies often provide long-term care funds as a rider to a policy, or as part of the policy itself.
We are here to help you create a plan to transfer tax-advantaged, protected wealth to your loved ones, leveraging your financial situation even if you haven’t amassed a lot of assets. And keep in mind, the wealthy almost always use life insurance as part of their complex, advanced estate plans using trusts because of life insurance’s tax advantages, in many cases, conferring benefits tax-free. Let’s work together to examine your options!
