Unfortunately, your risks are still high. According to the U.S. Department of Health and Human Services, “About 70 percent of people over age 65 need some type of long-term care during their lifetime. More than 40 percent need care in a nursing home for some period of time.” If you do need care, the costs are so high that it would not be over-dramatic to say that your life’s savings could be wiped out very quickly and well before you pass on. You could be left in poverty at the very moment in time when you are most vulnerable.
For effective planning, if you are making any transfers of your assets now, the five-year look back period must be taken into account.
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