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Should I consider long term care insurance during the estate planning process?

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Should I consider long term care insurance during the estate planning process?

Question: Should I consider long term care insurance during the estate planning process?

Answer: Yes I believe a couple should consider long term care insurance in the estate planning process. If a couple has assets that maybe are in the $500,000 to the $1 million range they may find that if they have to go to the nursing home those assets may be depleted in their elder years and so the purpose of the long term care insurance is to protect the family assets and protect the inheritance for the children. In addition, for purposes for qualifying for Medicaid in the future there is a partnership program to the extent that a couple or an individual purchases long term care insurance they may be able to qualify for Medicaid and not have to use as much of their assets for nursing home care in the future.


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