As you get older, it’s vital to recognize that a time will come when you probably will need some form of long term care. We help you identify the resources and strategies that will help you maintain your independence and quality of life.
At the same time, we help you develop a plan to protect assets from the ravages of long term care costs. Since Federal and State laws have changed so dramatically in recent years, it is difficult to “transfer assets to a family member” and assume they will be insulated. In Minnesota, even transferring your homestead and retaining a right to live there may be a problem. And don’t forget about the income tax issues when transferring assets during lifetime.
We have lived through the extensive changes in rules and regulations and the emergence of a long term care insurance industry. We understand:
- Federal partnership programs
- How to calculate the level of long term care insurance you’ll need
- it’s not an all or nothing proposition
- Asset transfer strategies that still have merit
If you’re one of the many baby boomers who are facing these issues with your parents or soon to face these issues yourself, contact us.
Long-term care insurance benefits may be subject to limitations, waiting periods, and other restrictions.