Should I have Safe Harbor Trust ?
This was the question asked by one of the caller during my last week radio show Aging Options. This is a very common & good question, I get from my listeners & clients all the time. Answer to this question is if your estate is worth between 50k -1.5k million dollar, you should take a very good look at the Safe Harbor Trust. These are the estate where people have worked very hard all their life, they have said no to expensive vacations, no to brand new car every year. They have set aside money for the house that is paid for & few hundred thousand dollars in bank. These estates are now venerable to the Long Term Care cost, which is very expensive. Average cost can range anywhere between 8k - 15k per month.
Some of the exceptions to not being serious about Safe Harbor Trust is having a very very good Long Term Care Insurance Policy with life time paid benefits or if your estate is worth more than 1.5K million dollars. Here the issue is not the asset preservation but the care management. You should not ignore the importance of care management, if you are looking for dignity & quality of your life in retirement.
