No. of Recommendations: 0
Hopefully I am posting this on the correct board.
I like this board a lot and the information it you all provide.
here goes:

My Widowed Mother- in- Law has a “paid for” home (value $110,000)
An Ira ($65,000) with designated Beneficiaries.
Approx $180,000 in a brokerage acct (in her name alone)
Some variable annuities approx $80,000, with designated beneficiaries.
Some liquid day to day cash $20,000 (not in the brokers hands)
Social Sec income approx $1300/month.

She is investigating Nursing home insurance.
She is 73 yrs old and in pretty good health.

She does not want a Nursing Home to take all of her assets; she wishes to pass everything on to Her daughters (three).

Her home is titled with LIFE USE. It would go to her daughters if she no longer could care for herself.

The broker wants her to look at the home insurance as a way if protecting the acct that has the $180,000 value.

He says that the premiums could be paid from the annuities accumulations since the accumulations would be taxable to heirs anyway. Not sure yet what premiums would be or how much the annuities have accumulated.

Any ideas on this or any better ideas.

Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.