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Ask Dave

Tough Talk With Dad

Ted doesn't know how to approach his father-in-law, a procrastinator, about a sensitive subject.

QUESTION: Ted’s father-in-law is 64 and has a heart condition. They are going to talk to him about long-term care insurance, but they know he’s a procrastinator who won’t do it. Can his family take out the insurance on him? As long as Daddy does one thing, says Dave.

ANSWER: As long as he’ll sign for it. You can’t insure anyone for anything without the signature. The insured will have to sign the document, but you can definitely do that. You ought to do that, because as he gets older, it will be hard for him to get it. We can’t predict how he will go, but assuming that it is the heart is dangerous, because it could be a stroke or Alzheimer’s disease and have a longer stay. Nursing homes can run as much as $50,000 a year, which can crack and scramble a nest egg in a hearbeat. Buy it and make him sign it.