Hi Terry, My daughter is almost finished with college, and we have started thinking about how to protect our money so she can inherit without us worrying about losing our money due to Long Term Care etc.
Terry Says: The best way to do that is to purchase Long Term Care Insurance. You could purchase a policy that provides for the first of you to need care, but covers both of your lives. Or you could buy a combo policy — where you make a cash deposit of around $100,000 and if you don’t use it for care (the amount available for care is far higher than the amount you deposit) but if you don’t use it for LTC, then your life insurance beneficiary gets the policy proceeds. Contact MAGA LTC at 800-533-6242 for more information.
You said in your headline that you want to establish a “trust” for your daughter. But that won’t protect your assets unless you permanently give them away. And that’s not a good idea!