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Is long term care a good option

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Reference no: EM133119679

Your uncle Jeff wants your help with his finances. He is 64 with about $1.5 million in an IRA. He also receives $1,500 per month in Social Security. He is comfortable living on $6,000 per month. Now, he is looking for a long-term care policy to cover him if he needs assisted living or nursing care. He would really like to stay somewhere nice and to be close to family. He also wants to make sure each of his 3 grandchildren inherits $200,000 when he dies. He wants a retirement community he could live independently in and then transition into care should the need arise. Address the following:

  1. Is Medicaid a good option for him? Please explain your position with at least 2 reasons 
  2. Is Long Term Care a good option for him? Please explain your position with at least 2 reasons 
  3. Is Paying Cash a good option for him? Please explain your position with at least 2 reasons

Reference no: EM133119679

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