Inheritance - splitting up your collection in your will

[Exhibitman]

Long term care is crazy-expensive. This last year I've had to deal with it for both parents. Memory care (dementia) will run anywhere from $8,000 a month on up. Skilled nursing (basically for bedridden and completely gonzo mentalities) is even more.

The insurance helps but it won't cover everything. And the waiting period and claims processing can be brutal. Even the best policies have a 30-day deductible and don't start processing payments for 90 days after the start of care, so you are looking at paying OOP for at least three months before the insurer turns on the spigot. I basically had to liquidate my parents' assets to make sure they were covered for the longer term, even with both having long term care insurance.

I just got my long term care insurance coverage approved. All I can say about that is look into a policy while you are relatively young (age 45 is a good time) and do not skimp on the inflation rider. Most policies offer 0%-3%-5% options. In researching facilities for my parents I found that the average cost increase is 4% or more per year. You really have to opt for the 5% to keep up with costs.