Another strategy that we are considering: purchase a 20 year first-to-die term life insurance policy at around age 60 to 65. Choose a whole life product for each if you want lifelong protection, inheritance, etc. though at higher expense. If one enters a NH, you can spend down your assets to cover expenses knowing that the very vast majority who are there for > 4 months pass away there, usually by 3-4 years.
Depleted, the surviving spouse (or family) is the beneficiary of the insurance and has security for life. If neither enters a NH, you can either leave the policy in place for the heirs, or cancel it (or cash in if whole life).
Not for everyone, but makes sense for some.
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.
As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.