Part two of this article discusses the last five of 10 common misconceptions relating to planning for the payment of long term care.
Misconception #6. The best way to protect my home in the event of a long term stay in a nursing home is to transfer the house to my children, and retain life use.
A common, simple practice is for individuals to transfer their home to their children and retain life use under the mistaken belief that once this is done the home will be protected for that individual’s children should that individual require long term care.