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Jonathan Pond, Financial Planner, says that 90% of estates are spent this way: 1) nursing home, 2) IRS, 3) children, 4) grandchildren, 5) charity. More people are worried about the IRS taking their money than about having to spend it on a nursing home.
With only about 10% of those buying long term care insurance (http://www.nationalltc.com/) the rest will spend their estates on paying for care and some will end up on welfare health care (Medicaid) after spending all their money.
The Federal Deficit Reduction Act provided for every state to have a Partnership program to provide asset protection for those who buy qualified long term care insurance policies. http://www.partnershipforlongtermcare.com/Mar 1, 2012