May 18, 2016
For the typical married clients, the costs of long-term care (LTC) can easily destroy any economic protection from accumulated assets of the couple on the admission of an ill spouse into an LTC facility, leaving the well spouse destitute. Likewise, inherited funds from a deceased spouse can quickly disappear if the survivor needs LTC.
Here’s four examples of what LTC can cost annually in 2016 for a semi-private room:1 Arizona, $75,555; Colorado, $83,220; Florida, $89,060; and Washington, $96,725.
With these increasing costs, it’s essential to protect the assets of your clients. Asset protection techniques can minimize the damage for well-advised clients. Here are two workable solutions to protect the accumulated assets or inheritances from...
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