What's the deal with LTC?

Bruce Williams discusses long-term care insurance and tenants with rights of survivorship.
BY BRUCE WILLIAMS Published: December 8, 2010
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- Ed, via e-mail

DEAR ED: I am not certain I can give you a complete answer, but you do raise an interesting question. It sounds to me that you would like the property to go to two or more tenants. This may be your children or something of that nature. Anytime you are leaving property to more than one person, undivided interest in property can lead to very contentious situations. I was always more comfortable in having the property left in a will whereby the executor of that will is directed in the will to dispose of the property and divide the proceeds rather than have the property put in the names of two or more people however related. Oftentimes, one wants to sell and the other one doesn't. Many times one would like to keep it in the family but doesn't have the assets to buy out the others. I am far more comfortable in leaving it in the will with specific directions to your personal representative or executor as to your thoughts on the matter. It could be you want to leave it in their names, but then there are better ways to do that. One of them could be a trust.

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Copyright 2010, United Feature Syndicate, Inc.