Episode 118: Coronavirus and Protection Of Assets For Long Term Care

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Today’s Smart Money Question:

The outbreak and spread of the coronavirus has caused a bit of a panic in the market in recent weeks. We’ll talk about how these events may affect your investments, short-term and long-term. We’ll also take a look into some important strategies for protecting your assets from the state if you were to move into a nursing home.

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(Click the featured times below to jump forward in the episode)

Here Are Just A Handful Of Things You’ll Learn:

The concern around the Coronavirus has left a large impact on the stock market. Anytime there is a global event where there is uncertainty and fear, the market is going to take a hit. There have been large aggressive down days, increased volatility and uneasiness among market participants. However, there are ways to handle these situations. Matt gives examples of similar scenarios and how those outcomes played out. Also, it is very important to not let fear drive financial decisions, diversify your investments and having a plan that is tailored to the individual.

Many retirees work very hard to accumulate assets at retirement. It can be very frustrating and unfair when the state can take these assets to use for nursing home and long term care costs. There are many things to consider and decide on before moving your assets and choosing the right long term care.  Matt breaks down what needs to be done and the professionals that need to be contacted in order to protect your assets.

 

[2:40]– How the market has reacted to the coronavirus and the history behind similar events.

[3:39]– There is going to be increased volatility during this time in the market, Matt explains how your investments are affected.

[6:40]– Markets go down, but it is important to not let fear drive financial decisions.

[9:02]– What needs to be done to protect assets for long term care.

[9:58]– Things to consider before finding care and protecting assets.

[12:15]– Not all financial assets are the same, which means they need to be protected in different ways.

[16:43]– Matt explains the look back period the government uses when you start moving assets to other vehicles of ownership.

 

Resources

The Coronavirus and the Market

How the stock market has performed during past viral outbreaks

 

Additional Podcast Episodes:

 

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