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Folks, there is no "one size fits all" solution to the problem. TMF Pixy said it all at the first post that you need to try to get enough information for you to make your own determination of what you estimate to be the best approach for your situation. Some of the factors to consider have already been brought out by previous posters to this thread. LTC insurance can provide some relief (if you can afford it) and you get it in writing that the policy covers dementia (the AARP document stated that 48% of nursing home patients have some form of dementia). Even so, LTC insurance typically will pay about 1/2 to 2/3 of the costs, so you will still need to have some assets available. WRT a statement that nobody will want to spend the rest of their life in a nursing home, agreed, but the facts are that the great majority of the residents of nursing homes leave with a sheet over their face. With regard to irrevocable trusts, they have their own problems. If considering that approach, do not select a family member, attorney, or any individual for the responsibility as trustee. The legal landscape is littered with cases of individual trustees who willfully or ineptly emptied the trust of its assets. Only use an established bank or trust company. BTW, I am not affiliated with any of the previous parties. My wife is a beneficiary of a non-revocable trust established by her father (now deceased from Alzheimers complications, so we have some war stories that I won't get into here), and we have done plenty of research to see what our options are. Short answer: none, except to petition the court for a change of trustee.
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