Recent content by Dan A

A). If over 14k, file a gift tax return on excess. https://www.irs.gov/instructions/i709/ch01.html B). He will pay taxes at his marginal rate when he surrenders the policy. At 23, he probably doesn't have a bunch of savings. Even growing 2.5% to 3%, that's not a bad rate for an emergency...

As you stated, you are insuring your legacy. There are similar products that can insure a couple jointly and provide lifetime LTC benefits. Based on the ages you provided, $10,000/month LTC for either of your lives with $250K death benefit if care is not needed (used up first for LTC expenses...

OHJosh, that stinks. The state insurance commissioners try to make it pretty hard to increase rates, but many products were priced so poorly to start, it has left them with no choice. Otherwise, the state ends up with a big block of business with a very financially unstable insurance company...

Some companies do offer long term care insurance with a 365 day elimination period and no waiver for home health care. Unfortunately, there are two drawbacks. One, the coverage is not much cheaper - about 5% less than the typical 90 day elimination period. Two, as you state, they might price...