How do l keep my money safe from nursing homes, etc. Should the need arise.
Terry, l am 76 years old and in great health, married but no living family. l have at least one million dollars. Some of it is in stocks and bonds, the rest is in the bank. What should l do to be able to hold on to my funds.
Terry Says
You should purchase long term care insurance, with a death benefit.
Read this recent article.
So the idea is to pay for protection, so you don’t spend all your money on long term care. But I’m thinking that doesn’t actually solve your problem — since you have no one (unless a particular charity) to leave the rest of your money to if your husband does not survive you.
So at this point you need a financial planner, an estate plan, and a trustee to help handle your affairs if you or your spouse cannot do so. Please check back at my website, as next week I will post a column on this exact topic.
