I recently read an article on Forbes.com discussing Americans’ attitudes regarding long-term care insurance. Unsurprisingly, most were price sensitive and hesitant to use their home equity as an alternative method of financing their care. That’s why it makes sense to consider planning for the possibility of long-term care in your estate plan. Through the use of special trusts, promissory notes and structured gifting, one can protect most of their assets from the costs of long-term care and make it easier to qualify for assistance from Medicaid in the event that’s necessary. However, these measures must be put in place well in advance of the need for long-term care in order to be fully effective.
You can check out the Forbes article at this link: https://www.forbes.com/sites/howardgleckman/2015/08/19/when-it-comes-to-long-term-care-insurance-americans-dont-get-it/