Long-term care poses dilemma
DEAR M.I.: Congratulations on living so well, being in good health and reaching 87.Your agent is suggesting you purchase an annuity to cover the premium costs, but I would not be enthusiastic about putting one-third of my investments into maintaining the policy and incurring the tax problems.
You haven't indicated what assets you have. For example, you mentioned a house that you're thinking of selling, but how much is it worth?
Your accountant is certainly right in bringing to your attention that the premium is a burden for a benefit you may never use. But on the other hand, tomorrow morning you may develop some condition where this insurance could save your assets.
You have indicated that the premium on this long-term-care insurance is $7,000 a year. That is substantial, but the average assisted-living facility can easily run $30,000 to $40,000 a year or even more, depending on what part of the country you live in.
Frankly, if the maintenance of this policy is going to cause you undue financial strain, I would let it drop. If you require the care, your estate might be completely diminished and, at that time, Medicaid would become a source to pay for your continuing care.
Your concern about your family and inheritance is understandable but is of no consequence, in my opinion. If you leave something behind, fine. If you don't, that's fine as well.
With luck, you will never need this type of care, but if you do, your assets should be spent to pay for your care. If they run out, that is the purpose of Medicaid.
DEAR BRUCE: We were among the "lucky" ones who purchased our house during the boom of 2006. We paid $245,000 with 100 percent financing, so we have private mortgage insurance.
Our loan is now down to $229,000, but our house is probably worth $180,000 on a good day, and the neighborhood is diminishing! This house was supposed to be our home for about five years until we started a family. (We're doing in vitro fertilization in June after four years of trying on our own and using other medical interventions.
$250 cash loan - News
My options with my mortgage holder are, 1. refinance to 5.25 percent for a $250 fee; 2. refinance to 4.75 percent for $250 plus one point ($695), for a total of $945; 3. refinance to 4.25 percent for $250 plus two points ($1390), for a total of $1640,
A number of the largest bank holding companies—those with at least $250 billion in US nonbank assets—must submit their initial plans to the Fed and the Federal Deposit Insurance Corp. by July 1, 2012. Smaller US firms have an additional year or more
Ally's money-losing ResCap, which originates and services residential mortgage loans, owes Ally more than $1.2 billion in April. ResCap also must have $250 million of net worth to meet loan covenants, and a debt investor said it would likely fall below
Peter Arellano has reported slightly more at $250. Valiquette has raised $2500. He, along with Bracco and Barron, is endorsed by the Gilroy Firefighters Association Local 2805. Valiquette and Bracco received $250 each from the San Jose chapter of the
No loan amount is too small. If all you need is $250 for some gas and a ticket, you can get $250. "We're such a tightly knitted group," Reed said. "We love the university and the Cats. We're so excited they're going to the Cotton Bowl, and we want to
$ $ $ need $250 cash loan – Looking for $1500 Cash Advance. 99 ...
Often the borrower rights out a cheque for the level of the loan including a fee (not post dated as that is illegal). This fee can range from 10% to 40% of the loan and the borrower normally has two weeks to pay it off in full. Most can’t pay it off in time and end up owing, now and again, more in fees compared to the amount of the original loan.
These statistics resemble generally in most other states. Which means the borrower can pay $400 – $500 in loan fees on a $400 loan. This really is absurd usury and should be illegal because it is not helping anyone except the lender. It is predatory lending at best that just gets borrowers in deeper debt than before.”Some will say, that little man has to have somewhere to go,” said state Rep. Eldridge Emory, “Butif he gets money this way, he’s just digging an opening deeper and deeper, and he isn’t going to get out.”Several states like North Carolina have currently banned this form of predatory lending.