Long term care without liquidating assets

The repeal of the CLASS Act as part of the American Taxpayer Relief Act provides an opportunity for a necessary discussion.

The debate over the CLASS Act highlights a powerful truth.

While hiding assets from the government is a criminal offense, you can legally shelter certain assets and avoid using them to pay for the high cost of a nursing home stay.Long-term care can include nursing-home care, home-health, and personal or adult day-care for people over the age of 65, or who have a chronic or disabling condition that needs constant attention.To qualify for benefits, you must be unable to perform two of these six day-to-day activities—bathing, dressing, moving from bed to chair, using the toilet, eating, and maintaining continence—and a medical pro must expect your disability to last at least 90 days.Long term care insurance can protect your savings, preserve your independence, and help you maintain a better quality of life.Since long-term care can be very expensive, insurance is the best way to cover these costs without having to turn to liquidating other assets.

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