My inlaws (early 70s) have about 1.3 mil in their portfolio which they have stated is our future inheritance since they have other income sources to fund retirement. The only possibility we could think of them needing this money in the future is for long term care.
They are not financially savvy and would like my help in deciding what to do to preserve this money and shield it from long term care costs as they would like to rely mostly on Medicaid for LTC (this alone may be a mistake). They would like to transfer the money to us while still alive with the understanding that it would still be available to them if needed.
We have thought about setting up a Medicaid irrevocable trust, but then this locks up the principal until they pass. Another possibility is for them to gift the money to us in some sort of a trust to hopefully protect from a tiny chance of legal claim above limits of policy. We have thought about buying LTC insurance but the market is so unstable. I would like to preserve this money but at the same time would like my inlaws to have access to the money since they are immigrants and have worked hard and lived frugally. What do you think would be the best option? Thanks!
They are not financially savvy and would like my help in deciding what to do to preserve this money and shield it from long term care costs as they would like to rely mostly on Medicaid for LTC (this alone may be a mistake). They would like to transfer the money to us while still alive with the understanding that it would still be available to them if needed.
We have thought about setting up a Medicaid irrevocable trust, but then this locks up the principal until they pass. Another possibility is for them to gift the money to us in some sort of a trust to hopefully protect from a tiny chance of legal claim above limits of policy. We have thought about buying LTC insurance but the market is so unstable. I would like to preserve this money but at the same time would like my inlaws to have access to the money since they are immigrants and have worked hard and lived frugally. What do you think would be the best option? Thanks!
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