Are my retirement plans, like IRAs or 401Ks, protected against being used up to pay for nursing home care? No. Such assets are “available resources,” meaning that they need to be used up just like your bank accounts and other investments. In addition, retirement plans have a disadvantage in that if you have to draw them out to pay for your care, every dollar is taxable income, thereby leaving less available to pay for your care. This should be discussed with your estate planning attorney.
-Attorney Jack N. Alpern
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