Lakerc wrote: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 (just don't let the information gathering turn into a 4 year process that leaves you uninsurable) for you to make your own determination of what you estimate to be the best approach for your situation (often referred to as a problem, leaving your assets at risk or potentailly stranding your at home spouse with little or no money). Some of the factors to consider have already been brought out by previous posters to this thread (passionately and honestly I might add).LTC insurance can provide some relief (if you can afford it)(most people can by using interest earned off of principal and not affecting monthly income, that is where you will have to get the money anyway if you need care also known as a "funding strategy) and you get it in writing that the policy covers dementia (they have to in order to be admitted by the Department of insurance especially stated in the tq vs. ntq paperwork) (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 (not true LTC coverage will pay what you want it to pay a good policy is designed with your budget, assets and health in mind), so you will still need to have some assets available (this depends on your philosophy of insuring some people have a 0$ deductible on their auto insurance and liked to have a rental car delivered to the scene of the accident). WRT a statement that nobody will want to spend the rest of their life in a nursing home (most people do not it is custodial care that people need), agreed, but the facts are that the great majority of the residents of nursing homes leave with a sheet over their face (this is true however, 40% of all people in under a "plan of care" in a long term care environment are under the age of 65, this is not skilled care only either). With regard to irrevocable trusts, they have their own problems (riddled with problems most importantly loss of control of assets). If considering that approach, do not select a family member, attorney, or any individual (this would eliminate the human race) 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 (never use a Bank, I can refer you to Dr. James M. Bayless if you like he will be more than happy to tell you about the contents of and his mothers home and assets that B of A took upon her death) 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 wehave done plenty of research to see what our options are (your options are simple you buy insurance so you do not have to go through any of this it is that simple). Short answer: none, except to petition the court for achange of trustee.
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