A long-term care insurance policy can preserve your assets if you go into a nursing home. But what happens if you:
- Suffer from a stroke or Alzheimer’s disease or some other form of cognitive impairment;
- Go into a nursing home, or
- Become unable to transfer your assets to a loved one because you’re incapable of managing your affairs?
Answer: In case of a long nursing home stay, all of your assets may be exhausted and there will be no legacy for your family. The solution is to develop a solid incapacity plan to cope with these possibilities, including putting assets in joint name so either co-owner can act individually, if the other becomes incapacitated.